Bank of Montreal Mortgage Rates

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 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	2.14%	$1,723
4-Year Fixed	4.09%	$2,131
5-Year Fixed	1.93%	$1,682
6-Year Fixed	5.24%	$2,395
7-Year Fixed	5.40%	$2,433
10-Year Fixed	5.80%	$2,529
18-Year Fixed	8.50%	$3,221

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

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	1.89%	$1,674

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

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 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
1-Year Fixed	3.09%
2-Year Fixed	2.94%
3-Year Fixed	3.49%
4-Year Fixed	4.09%
5-Year Fixed	3.99%
6-Year Fixed	5.24%
7-Year Fixed	5.40%
10-Year Fixed	4.49%
18-Year Fixed	8.50%

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	3.09%
BMO Homeowner ReadiLine®	2-Year Fixed	Fixed	3.29%
BMO Homeowner ReadiLine®	3-Year Fixed	Fixed	3.75%
BMO Homeowner ReadiLine®	4-Year Fixed	Fixed	4.24%
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%