Our guide to BMO Financial Group mortgages
When it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?
There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"
Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at BMO Financial Group mortgages and their current rates.
About BMO Financial Group
Founded in 1817, BMO is one of the leading banks in Canada. They serve more than 12 million customers globally, with 8 million personal and commercial customers in Canada. BMO has been recognized by Forbes for being one of the World's Best Banks. Including mortgages,their products include: credit cards, loans and lines of credit, financial planning and insurance.
Our review of BMO Financial Group
BMO offers easy access to mortgage experts, helping you get pre-approved online in an instant. We like the options available, being able to choose from 3 different plans. Their website is easy to navigate, whether you are buying a home, switching your mortgage or renewing/refinancing your mortgage. BMO also offers a mortgage affordability and payment calculator, allowing you to pre-determine your mortgage plans.
BMO Financial Group mortgage pros and cons
Here are some of the advantages and disadvantages of BMO Financial Group mortgages:
Why BMO Financial Group might be right for you:
Long standing, strong reputation
BMO is able to negotiate mortgage rates on a case-by-case basis
Face-to-face meetings
Why BMO Financial Group might not be right for you:
Strict lending requirements
Working with a major banks can mean less personal service.
Be mindful of cross selling
To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!
Compare mortgage rates now
What types of mortgages does BMO Financial Group offer?
Below is a table showing some details about the different mortgage plans BMO Financial Group offers. Most providers will offer a variety of mortgage options.
| Coverage type | Fixed-rate | Variable-rate |
|---|---|---|
| Cash back | Up to $3,300 | Up to $3,300 |
| Pre-approval | ||
| Rate guarantee | 130 days | 130 day |
| Mortgage calculator |
What mortgage rates does BMO Financial Group offer?
There are two main types of mortgage rates in Canada: fixed and variable rates.
Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.
Below are some of the mortgage rates BMO Financial Group offers:
Rate Type | Term Length | Rate |
|---|---|---|
Closed-fixed | 1 year | 2.79% |
Closed-fixed | 2 year | 2.94% |
Closed-fixed | 3 year | 3.49% |
Closed-fixed | 4 year | 4.09% |
Closed-fixed | 5 year | 4.79% |
Closed-fixed | 5 year Smart Fixed | 3.99% |
Closed-fixed | 6 year | 5.24% |
Closed-fixed | 7 year | 5.40% |
Closed-fixed | 10 year | 5.80% |
Closed-fixed | 10 year Smart Fixed | 4.49% |
Variable | 3 year (open) | 4.40% |
Variable | 5 year (closed) | 2.70% |
Convertible-fixed | 6 month | 3.04% |
Open-fixed | 6 month | 7.25% |
Open-fixed | 1 year | 7.25% |
Open-fixed | 18 year | 8.50% |
Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.
Compare mortgage rates now
How do I contact BMO Financial Group?
To reach BMO's customer care team, call:
1-877-225-5266
You can also send an email, however you must first log into your BMO Online Banking account.
Our BMO Financial Group mortgage calculator
Want to calculate what your BMO Financial Group mortgage will look like? We have some tools right here on our website that can help:
Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.
Our mortgage affordability calculator will help you determine how large a mortgage you can get.
Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance