BMO – Bank of Montreal Mortgage Rates
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BMO Bank of Montreal was started in 1817 as the first bank in Canada. Other than providing the first widely recognized currency in Canada, the bank has also played a crucial part in the development of the country.
Best BMO Mortgage Rates
Comparemyrates.ca finds you the best mortgage rates by BMO Bank of Montreal. BMO offers low-interest mortgage rates for short or long term mortgages. Compare the best variable or fixed rate mortgages by BMO. A right mortgage rate in can help you save thousands of dollars over the term of your mortgage. Calculate your down payment and monthly mortgage payments with our mortgage payment calculators.
With a presence in Canada and the rest of North America, the bank carries the name BMO Financial Group but retains BMO Bank of Montreal for its Canadian clients. The bank offers a wide range of financial services to its clients. The services are categorized as personal & commercial banking, wealth management, and BMO capital markets.
A board of directors, whose mandate is to fulfill the interests of stakeholders by maintaining corporate governance standards and best practices, heads BMO Bank of Montreal. The head office of BMO Bank of Montreal is on saint Jacques Street in Montreal. However, the bank’s President, Chairman and several other executives are based at First Canadian place in Toronto.
BMO Bank of Montreal started in Canada but has spread beyond borders over the years. Today, the bank is present in the following Canadian provinces:
- British Columbia
- Newfoundland and Labrador
- Nova Scotia
BMO Bank of Montreal Mortgages
BMO Bank of Montreal offers a wide range of mortgage options, which are available long-term or short-term, open or closed, and fixed rate or variable rate categories. Going by the fixed and variable rate categorization, here are the options of mortgages available plus their rates.
Use the BMO Mortgage calculator to find the lowest rate Bank of Montreal has to offer for your mortgage. To begin, drag the slide to your corresponding mortgage amount. Press Start. Edit the fields such as Amortization Period, Payment Frequency, Term (of the fixed mortgage), and Interest Rate. Under the Payment Period, you can change the frequency of the repayment or identify your payment increase. Press Calculate
How much interest can you save on your mortgage? The Mortgage Payment Calculator helps you determine how much interest you save or how much of a mortgage payment you can afford with just a slide or a dropdown. Our side by side comparison scenarios allow you to compare various options without having to write anything down or remember to assist you in making an informed decision. Immediately view your results in Chart or Graph format.
Can I estimate my mortgage payment options?
Yes, you can estimate your payment by using the Bank of Montreal Mortgage Calculator. You will just need to calculate the following details and input in the calculator found on the website: (1) purchase price when purchasing a new property or renewal amount of mortgage when only renewing, (2) down payment when purchasing a new property, (3) amortization period, and (4) your mortgage rate.
BMO’s Mortgage Rates
Whether it’s your first time to buy a house, new in Canada, planning to purchase a second property, finding ways to renew or refinance your current mortgage, Bank of Montreal has the solution for you. You can choose between its 5-year BMO Smart Fixed Mortgage or its BMO Eco Smart Mortgage.
BMO Smart Fixed Mortgage
This provides one of the bank’s special offers in terms of mortgage plan. It has a lower posted rate and amortization period may last up to 25 years. This plan may also be an option if you are looking to renew or refinance your other BMO mortgages.
BMO Eco Smart Mortgage
If you are considering to make your house eco-friendly, then this plan is for you. This is made for houses with energy-saving features. If you are interested and want to know the mortgage rate, you may contact BMO for details as your house will need to be assessed first to qualify for the ECO Smart Mortgage. There are also other institutions that offer this plan but BMO may provide you with a lower rate.
Is there a way to get lower payments?
Yes, there is, even if Bank of Montreal already offers lower rates than other major banks. You may still achieve a lower interest rate with the help of a mortgage broker. The mortgage broker may present you with several mortgage terms from different institutions to help you decide. Another way to lower your payment is to increase the amount of your down payment or lengthen your amortization period.
In 2017, a new Canadian mortgage law specified that every Canadian who was applying for an unsecured mortgage at a federally regulated financial institution had to pass a mortgage stress test. Even a hefty down payment was not a sufficient reason for waiving the test....
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