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
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.