The Smart Fixed Mortgage
Get started today and lock in your rate with 130-day mortgage rate guarantee – the longest of any major bank in Canada.
Limited time offer
Earn $300 when you get a Smart Fixed Mortgage and a Homeowner’s Line of Credit.
The Smart Fixed Advantage
Save on interest
Pay off your mortgage faster and save on interest with an amortization of 25 years or less- Get a 5-year or 10-year rate which won’t rise during the term
Pay off your mortgage sooner
Increase your payments by 10% and make a lump sum payment of 10% each year to get to the finish line sooner.
Have questions or want to get started?
How to get your cash bonus
- Apply for a Smart Fixed MortgageGet a Smart Fixed Mortgage by January 31st, 2022, whether you’re a first-time home buyer or switching your mortgage to BMO.
- Get a Homeowner’s Line of CreditCombine your Smart Fixed Mortgage with a Homeowner’s Line of Credit to qualify for the cash bonus.
- Enjoy your cash bonus!You’ll get your $300 cash bonus in your Homeowner’s Line of Credit account within 90 days of setup.
FAQsF A Qs
- To qualify for a Smart Fixed Mortgage, you must live at the home you want the mortgage for (we call this 'owner-occupied'). In addition, you'll need:
- A credit score of at least 600. You can find your credit score by visiting either Equifax or Transunion, and paying a small fee. Or check out the Government of Canada site for more information and to see how to get your credit score for free.
- A Gross Debt Service Ratio of less than 39%
- A Total Debt Service Ratio of less than 44%
- When you're looking for a low rate at an amortization period of 25 years (or less), having stability with your payments can help with those home-buying jitters.With the Smart Fixed Mortgage, you can:
- Lock in a low rate guaranteed for 5 or 10 years
- Enjoy the comfort of knowing exactly what your monthly mortgage payments will be
- Pay off your mortgage faster by once a year increasing your payments up to 10% and making a lump sum payment of up to 10%.
- You may qualify for the Smart Fixed mortgage offer if you’re a first-time home buyer or are switching your mortgage to BMO, plus get a Homeowner’s Line of Credit. You must also be financing less than 80% of the value of your home to be eligible.
- It depends! The main difference between a Homeowner’s Line of Credit and Personal Line of Credit is the interest rate. If you need to borrow a big amount of money for a long-term goal (like owning a house), a Homeowner’s Line of Credit is a good option. However, if you need quick approval on a small loan for short-term use (like unexpected expenses or emergencies), a Personal Line of Credit might be a better option.For example, if you need to borrow $40,000 to renovate your home then repay it over the course of a year, the Interest rate for a Homeowner’s Line of Credit would be around Prime Rate +1%, whereas the interest rate for a Personal Line of Credit for the same amount would be around Prime Rate +4%. That’s savings of nearly $700 in the year.
Ready to get started?
Call us today
Get expert insight from one of our Home Advisors.
Get expert insight from one of our Home Advisors.
Visit us
Book an appointment at your nearest branch to chat about your mortgage options.
Give us a call if you have any questions or if you’re ready to get started. 1-877-225-5266
Helpful information
- ** We guarantee your interest rate for the selected fixed rate mortgage type and term for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Bank of Montreal standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of March 1, 2022.
- 1 Available for new BMO owner-occupied mortgages only. Residential owner occupied property with one to four units; rental properties are not eligible. At least one borrower (or guarantor) must have a minimum credit score of 600. For new purchases and switches, your Gross Debt Service Ratio must be less than 39% and your Total Debt Service Ratio cannot be higher than 44% based on the higher of the Bank of Canada qualifying rate or the customer’s mortgage rate.
- From January 27th, 2021 to January 31st, 2022, get Credit of $300 when you obtain a new BMO Smart Fixed Mortgage or switch your existing mortgage from another financial institution to a BMO Smart Fixed Mortgage and set up a Homeowner Line of Credit with minimum $50,000 limit.
- To qualify for the $300 Credit, the Homeowner Line of Credit should have a limit of at least $50,000.
- Other:
- The Homeowner Line of Credit can be set-up at the same time as the Smart Fixed Mortgage or within 30 days of setting up the Mortgage.
- Your Homeowner Line of Credit application must be submitted between January 27th, 2021 and January 31st, 2022.
- Loan is secured by an owner-occupied property.
- The Credit amount is added on your Homeowner Line of Credit within 90 days of opening the Smart Fixed Mortgage and Homeowner Line of Credit.
- The $300 Credit is per Homeowner Line of Credit booked and not per applicant.
- You have until February 25th, 2022 to notify us if you have not received your Credit. Any notice received after this date will not be accepted and you will be deemed not to have qualified for this promotion.
- This offer cannot be combined with any other mortgage offer or promotion unless specified. This offer may be changed, withdrawn or extended at any time without notice.
- All applications remain subject to satisfaction of Bank of Montreal’s standard lending criteria.
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** We guarantee your interest rate for the selected fixed rate mortgage type and term for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Bank of Montreal standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of March 1, 2022.
1 Available for new BMO owner-occupied mortgages only. Residential owner occupied property with one to four units; rental properties are not eligible. At least one borrower (or guarantor) must have a minimum credit score of 600. For new purchases and switches, your Gross Debt Service Ratio must be less than 39% and your Total Debt Service Ratio cannot be higher than 44% based on the higher of the Bank of Canada qualifying rate or the customer’s mortgage rate.