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Bank of Montreal (BMO) mortgage rates

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Bank of Montreal (BMO) mortgage information

Bank of Montreal (BMO on TSX) was founded in 1817 and is Canada’s oldest bank. They are a Canadian multinational investment bank and financial services company. Based on market capitalization, they are the fourth largest bank in Canada. Their head office is located in Toronto, Canada and they serve clients in Canada and globally.

Some of their services include:
  • Personal and commercial
  • Banking
  • Credit cards
  • Loans
  • Investing

A financial institution number is a unique 3 digit number assigned to each specific bank or financial institution. This number is used during interbank transactions and can help identify the institution, branch location, and customer account. The BMO financial institution number is 001.
BMO offers its mortgage products through their mortgage specialists and bank branches. However, they are not a part of the mortgage broker channel like some of the other big banks. They offer a range of mortgage options which include variable and fixed rates, along with open, closed and convertible terms. They also offer an ‘all in one’ mortgage and HELOC product called the BMO HomeOwner ReadiLine.

Here are several different mortgage products from BMO you can choose from:

Fixed rate Closed Mortgage

The BMO fixed rate closed mortgage will allow you to budget accurately since your interest rate will be locked in, so if interest rates were to rise, you’ll have the comfort of knowing that your interest rate and monthly payments will stay the same.

Variable rate Mortgage

The BMO variable rate mortgage can potentially help you save on costs. Your payments will remain the same but the amount applied to your principal can change with BMO’s prime lending rate.

Convertible Fixed Rate Mortgage

The BMO convertible fixed rate mortgage has the same benefits as a closed mortgage, however, you have the flexibility to change to a longer fixed rate term of 1 year or longer without having to pay penalty fees.

Open Fixed Rate Mortgage

The BMO open fixed rate mortgage is for you if you plan to sell your home in the near future or plan to make prepayments of more than 20% of your original mortgage principal.

HomeOwner ReadiLine

The BMO HomeOwner ReadiLine provides you with a lending option that gives you both a mortgage and a line of credit. You can borrow up to 80% of your home’s value which you can split between a mortgage and line of credit if you have a 20% down payment or 20% equity in your current home. You also have the ability to choose your repayment options, where you can choose monthly, semi-monthly, bi-weekly or weekly installments over a period of up to 30 years for your mortgage. For the line of credit, you get flexible interest-only payments and can pay back at a pace that is comfortable for you as long as you meet the minimum payment requirements. Lastly, you can keep accessing your line of credit funds for as long as you own your home.

BMO mortgage rates are competitive when compared to other banks, but not necessarily other lenders. Rates tend to vary depending on a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than bank to bank. It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.
BMO fixed rate mortgages

BMO offers fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. The pros of a fixed rate mortgage is the predictability. Your monthly mortgage payments will be consistent for the duration of your term regardless of which way rates move, offering stability when it comes to budgeting. BMO offers one to 10 year fixed mortgage rates. Talk to your mortgage advisor to learn whether a BMO fixed rate mortgage is for you. 

BMO variable rate mortgages

BMO offers variable rate mortgages which have historically been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. BMO offers 3-year and 5-year variable rates which can be converted to a fixed rate at any time. With a BMO variable rate mortgage, your payment amount stays fixed for the term, but the interest rate will fluctuate based on the BMO prime interest rate. Talk to your mortgage advisor to learn whether a BMO variable rate mortgage is for you. 
A change in the prime rate will only affect your mortgage if you have a variable rate, which is quoted to you as prime +/- a percentage.

With a BMO variable rate mortgage, when the prime rate falls, more of your mortgage payment goes to the principal. If they rise, then more of the payment goes to the interest. The payment remains the same.

The payment remains the same until it hits the trigger rate, which typically would be by the time there are several increases. In this instance, a letter would be sent to you stating that you will need to increase your payment, as the bank foresees the amortization exceeding the original limit. This can be prolonged if you have made lump sum pre-payments and there is some wiggle room available.
A mortgage rate hold is when your lender locks in your quoted rate for a specific length of time. It’s similar to a ‘guarantee’ of that rate if you qualify for it. BMO has a rate hold of 130 days.
Factors that can affect the rate you obtain would include:
  • The type of transaction (purchase/transfer/refinance)
  • Occupancy of the property (owner living there or rental/investment)
  • The down payment amount (insured vs conventional) which also affects the mortgage amortization.
You can view BMO mortgage rates through our mortgage rates page which will always provide you with the most up to date published BMO rates.
BMO allows you to start the renewal process closer to the end of your mortgage term without any penalty. It’s advised that you start looking at your renewal options six months before the end of your term, that way you can determine whether you will need to make any changes, such as your term length, payment frequency or rate options. Don’t be afraid to look at other options if your mortgage isn’t working for you anymore. You might be able to negotiate for a lower rate, however you will need to be well qualified and have a solid repayment history on all debts, and a strong credit score. It’s best to speak with your mortgage advisor for help and get their opinion on which mortgage renewal option is best for you.

You can get a mortgage from BMO by contacting the bank directly or work with one of their mortgage advisors.

A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available.

You can review the details of your mortgage, along with your bank loans and credit lines from your BMO online banking profile. When you log in, choose “My accounts” on the left and click on the mortgage you want details on, then click “view eStatements.”

Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. BMO offers portable mortgages, but it’s best to speak with your mortgage advisor to learn more.

In the process of buying a home? Check out Perch’s Guide to Buying a Home at any step of your home buying process to get access to free tools and resources that will help you before and after your closing date. You can also sign up today for a Perch profile to connect with a real estate agent or mortgage advisor today.

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