Bank of Montreal Mortgage Rates
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Bank of Montreal Background
The Bank of Montreal (TSE: BMO) is one of the largest banks in Canada in terms of assets and market capitalization, and is recognized as one of Canada’s Big 5 banks. BMO was founded in Montreal, Quebec in 1817 and was previously known as Montreal Bank. BMO operates on a global scale with some of its locations including England, Switzerland, Germany, China, Singapore and India. They provide a diversified portfolio of financial services to customers with retail banking, commercial banking, wealth management, capital markets and insurance products being sold globally. Through BMO’s 900 Canadian branches, they serve 7 million customers.
BMO Bank of Montreal Prime Rate
BMO Bank of Montreal's Prime Rate is used as the basis for many of BMO Bank of Montreal's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current BMO Bank of Montreal Prime Rate: 2.45%
BMO Fixed-Rate Mortgages
BMO Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 2.79% | $1,853 |
2-Year Fixed | 2.94% | $1,884 |
3-Year Fixed | 2.24% | $1,743 |
4-Year Fixed | 4.09% | $2,131 |
5-Year Fixed | 2.04% | $1,703 |
6-Year Fixed | 5.24% | $2,395 |
7-Year Fixed | 5.40% | $2,433 |
10-Year Fixed | 4.49% | $2,221 |
18-Year Fixed | 8.50% | $3,221 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
BMO Variable-Rate Mortgages
BMO Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
| Term | Rate | Monthly Payment |
|---|---|---|
3-Year Variable | 4.15% | $2,145 |
5-Year Variable | 1.55% | $1,609 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
BMO Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |
BMO Mortgage Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home and purchasing a new home, in which a mortgage transfer will apply. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.
What is the remaining balance on your mortgage?
What is the term-length and type of your current mortgage?
What is your current mortgage interest rate?
If applicable, what was the rate discount you received when you signed your current mortgage agreement?
When did your current mortgage start?
Who is your current mortgage lender?
What is TD Bank's current interest rate for a 3-year fixed rate mortgage?
How is my mortgage penalty calculated?
BMO Posted Rates
BMO Posted Rates are the official rates used when calculating your mortgage break penalty, the fee you pay if you want to break or refinance your mortgage early. Your mortgage payment, interest, and stress test will be based on a different rate which is usually lower than the posted rate.
| Term Length | BMO Posted Rate |
|---|
BMO Readiline®
The BMO Homeowner ReadiLine® is BMO's combination mortgage and HELOC product. If you have 20% down-payment or equity in your home, you can borrow up to 80% of your home's value between a mortgage and line of credit. One of the features of Homeowner ReadiLine® is that your HELOC's credit limit increases as you make mortgage payments, allowing you to quickly tap into your extra home equity. For terms and eligibility, talk to your local BMO branch advisor.
| Program | Term Length | Type | Rate |
|---|---|---|---|
BMO Homeowner ReadiLine® | 1-Year Fixed | Fixed | 2.79% |
BMO Homeowner ReadiLine® | 2-Year Fixed | Fixed | 2.94% |
BMO Homeowner ReadiLine® | 3-Year Fixed | Fixed | 3.49% |
BMO Homeowner ReadiLine® | 4-Year Fixed | Fixed | 4.09% |
BMO Homeowner ReadiLine® | 5-Year Fixed | Fixed | 4.79% |
BMO Homeowner ReadiLine® | 5-Year Variable | Variable | 2.45% |
BMO Homeowner ReadiLine® | 6-Year Fixed | Fixed | 5.24% |
BMO Homeowner ReadiLine® | 7-Year Fixed | Fixed | 5.40% |
BMO Homeowner ReadiLine® | 10-Year Fixed | Fixed | 5.80% |