Mortgages
Looking for your first home, buying another property, or refinancing your mortgage? You’re in the right place. We’ve got the tools to help you reach your financial goals faster.
Save up to $500 in closing costs and enjoy exclusive rate discounts as a BMO Customer.1
What are you looking to do?
Buy a home
Buying a home can be both exciting and a lot to process. We’ve broken this down into five steps to help you navigate your journey:
- Pre-qualification - Thinking about buying a home? Find out how much you can potentially afford and start exploring your mortgage options.
- Application - Ready to put a bid on your dream home? Fill out a mortgage application providing your financial information.
- Processing - Work with your Mortgage Specialist to gather all documentation needed to process your application.
- Underwriting - Your financial information is reviewed to determine your credit worthiness.
- Closing - You’ve been approved! Get ready to fund your mortgage and prepare for closing costs.
Refinance your mortgage
Refinancing a mortgage is when you take out a new loan to pay off your existing one. This may allow you to:
- Lower your interest rate and monthly mortgage payment
- Shorten the term of your mortgage
- Use the equity in your home to make larger purchases or consolidate debt2
Tip: If your mortgage is less than $250,000, you may benefit from refinancing with a Home Equity Line of Credit. We offer fixed and variable rate options along with competitive rates, flexibility, and low to no closing costs.3
Explore our rates
Find a competitive mortgage rate that's best for you by getting in touch with one of our Mortgage Specialists. Plus, save up to $500 in closing costs1 and take advantage of special BMO rate discounts.
Get more with a BMO mortgage
Competitive ratesSave up to $500 in closing costs1 and get special relationship pricing discounts as a qualifying BMO Customer.- The convenience of Auto PayReceive a 0.125% rate discount with Auto Pay from a BMO Checking account.6
- BMO's On-Time Mortgage Closing CommitmentClose on time or get $5,000 back on your closing costs.7
- Easy and secureManage all your mortgage needs on the go through BMO Online Banking or Mobile Banking.8
Mortgage loan types at a glance
Fixed rate
Take advantage of a stable mortgage rate that may make it easier to plan and budget for the long term.
Adjustable rate
Planning on living in your home for a relatively short time? Consider a mortgage rate that may help you save in the short term.5
Low down payment mortgages
Our low down payment options work with your budget – a great choice for those looking to put down a smaller deposit.10
Jumbo mortgages
Buying big? If you’re looking to get a home worth over $766,550, a jumbo mortgage9 may be for you.
Investment and multi-family loans
Secure the right loan for you, whether it’s for an investment property or multi-family home.
Specialty mortgages
Whether you're looking to purchase a home or refinance your mortgage, our unique Physicians' program12 is designed to help licensed medical doctors in their home financing journey.
Get seamless cross-border mortgage financing if you’re a Canadian looking to buy or refinance a home in the United States13 Plus, enjoy the convenience of our integrated banking network and the unmatched cross-border expertise of your dedicated Mortgage Specialist.
Your mortgage resource playlist
Learn everything you’ll need to get ahead, no matter where you are in your home buying journey. Plus, explore our dedicated resource hub for more guidance related to your goals.
When to refinance your mortgage: How to know when the time is right
There can be a lot of benefits to refinancing your mortgage — but you have to get the timing right. Here’s how you can tell if it’s the right time to refinance.
Fixed vs adjustable rate mortgages: Which is right for you?
What’s the difference between a fixed and adjustable rate5 mortgage? And which is better for you? We’ve got those answers and more.
Applying for a mortgage? Here are 5 ways to prepare
Feeling intimidated by a mortgage application? Follow these five simple steps to boost your confidence and maybe improve your chances of getting approved.
Ready to get started?
Apply online
Start your homebuying journey in just a few clicks.
Find a Mortgage Specialist
Get in touch with one of our expert specialists nearby.
Call us
Get expert insight from our team.
FAQs
A mortgage is a loan that a financial institution (like BMO) lends you to purchase or refinance a home. You then pay this amount back, with interest and any fees applicable, over a certain period. The specific amount and time will depend on what you and your lender agree to when applying for a mortgage.
Getting pre-qualified may help you get a sense of how much home you can afford4. Learn how you can get pre-qualified right now by getting in touch with a Mortgage Specialist.
Mortgage rates are influenced by interest rates, which can fluctuate depending on the economy. This is determined by the U.S. Federal Reserve.
This will depend on everyone’s situation, but generally the mortgage approval process can take from 18 to 40 days. Being as prepared as you can be, whether it’s doing your homework or having the necessary paperwork ready, can help speed up the process.
Fixed and adjustable-rate5 mortgages both have their advantages and depend on your unique situation.
If you're looking for consistent monthly payments of principal and interest during the life of your loan, a fixed rate mortgage is easier to budget and plan. It also may be ideal if you plan to stay in your home for a long period of time.
An adjustable-rate mortgage may be a good option for you if you plan to stay in your home for a relatively short period of time.
You can learn more about the difference between fixed and adjustable-rate mortgages.
What’s the difference between a mortgage pre-qualification and pre-approval?
The main difference between the two involve how thoroughly you are reviewed overall for your financial stability and credit worthiness. A pre-qualification is generally the very first step in your mortgage homebuying journey and is a high-level preview of your potential affordability. A pre-approval is a more thorough review. We’ve broken this down for you:
- Pre-qualification: If you’re interested in buying a home down the road, this is a quick way of giving you a first look at what you can afford without a detailed review of your financial information or a hard credit check. Once you get one, these normally last between 60-90 days.
- Pre-approval: When you’re ready to start house hunting, a mortgage pre-approval provides a clear picture of how much you can borrow based on your credit report and the information you provide.
You can learn more about the difference between a mortgage pre-qualification and a pre-approval.
Are there any mortgage assistance programs available to homebuyers?
Yes, there are! We’ve listed some programs that’ll help provide various forms of assistance such as lowered down payments, reduced interest rates, grants and increased flexibility in the application process to help make homeownership more accessible for you:
- FHA loans14: Popular with first-time homebuyers and those with lower credit score or limited down payment funds.
- HFA loans10: Housing Finance Agency loans are state-specific mortgage programs that offer down payment assistance and competitive interest rates to first-time and low-income homebuyers.
- VA loans15: A great option catered specifically to veterans, active-duty service members and their families. This comes with competitive rates and no downpayment or private mortgage insurance (PMI).
- USDA loans: If you’re looking to buy a home in a more rural area, this option offers low interest rates and waives the down payment requirement.
Does my credit score affect my mortgage interest rate?
Yes, your credit score plays an important role in determining your interest rate. Since lenders (like BMO) use your credit score to assess your creditworthiness, a higher score means you’re a more reliable borrower and can translate into lower interest rates – this means smaller monthly payments and less interest over the duration of your loan.
A lower credit score might result in higher interest rates, increasing the overall cost of your mortgage. Improving your credit score prior to filing a mortgage application can benefit your financial savings in the long term.
Can I automate my mortgage payments?
Yes, you can! Using Auto Pay, you can set up automatic monthly payments from any eligible BMO checking account. Enjoy a 0.125% interest rate discount for setting this up when applying for a BMO mortgage and peace of mind knowing that you won’t miss a payment.6
How does debt affect my mortgage affordability?
When you have more debt, this can reduce how much mortgage you qualify for because lenders need to consider your debt-to-income (DTI) ratio when determining affordability. The higher your DTI, the less room you’ll have for additional debt, like a mortgage, making you a riskier borrower. On the other hand, a lower DTI makes you more eligible for a larger mortgage and better interest rates.
Paying down any existing debt before you apply for a mortgage can increase your affordability and improve your chances of approval.
Special offers are subject to change.
Footnote 1 details. The closing cost discount offer is available on applications received from September 1, 2024, through November 30, 2024. The closing cost discount offer consists of a $500 closing cost discount depending on loan amount. This offer is available subject to the following:
Closing Cost Discount:
The closing cost discount may be applied to the purchase or refinance mortgage at closing. It is available for conforming (loans up to $766,550) secured by 1-4 unit homes used as primary residences, second homes, or investment properties.
Footnote 2 details. Please consult with your financial advisor for the benefits and drawbacks between unsecured debt and secured debt and the protections each provide the consumer.
Footnote 3 details. Closing Cost and Fee Information: BMO will pay closing costs for loans secured by a owner-occupied 1 to 4 family residence. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees and mortgage and government taxes. You will be assessed a $75 annual fee on your first monthly billing statement. Thereafter, this $75 fee will be assessed annually on the anniversary of your closing date through the ninth anniversary of your loan opening. A fee waiver may be available based on your relationship balances, contact your banker for details. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount if greater than $500,000, you are responsible for mortgage and government taxes as well as title fees in Alabama, Arkansas, Connecticut, Florida, Kansas, Hawaii, Idaho, Minnesota, Mississippi, New Jersey, New Mexico, Oklahoma, Pennsylvania, Tennessee & District of Columbia. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs we paid on your behalf.
Insurance Information: You must obtain property insurance and may be required to obtain flood insurance.
Footnote 4 details. Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.
Footnote 5 details. Your initial interest rate is fixed for a short period of time, and then converts to a variable rate that adjusts during the life of your loan. The amount of your payments will change when the interest rate changes. Historical performance of Adjustable Rate Mortgage (ARM) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.
Footnote 6 details. Auto Pay Interest Rate Discount
To receive a 0.125% rate discount, you must authorize BMO at origination to withdraw your loan payment each month from your BMO consumer checking account. Housing Finance Agency, Federal Housing Administration, Veteran Affairs, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.
Footnote 7 details. The On-Time Closing Guarantee is available on applications received from 9/1/2024 through 11/30/2024. The On-Time Closing Guarantee offer consists of a closing cost discount of $5,000 paid out only if the closing is not completed within the eligible timeframe.
This offer is available subject to the following:
On-Time Closing Guarantee: The On-Time Closing Guarantee offers assurance to customers purchasing a 1st lien owner occupied home that the loan will close by the Contract Closing Date, or the customer will receive up to $5,000 as a closing cost discount. Eligibility requirements: (1) Applications must be submitted through Blend, BMO’s online loan application platform. (2) Provide a fully executed purchase contract along with all required documentation to make a loan decision (income, assets, disclosures). (3) Loan must meet BMO’s standard underwriting guidelines. (4) Conventional Loans: the closing date must be a minimum of 21 calendar days from the date the Application Deposit is received. (5) For Federal Housing Administration, Physicians, Bond Program Financing: the closing date must be a minimum of 45 calendar days from the date the Application Deposit is received. Program exclusions: (1) Changes to the original closing date documented in the purchase agreement resulting in moving the date forward. (2) Customer or seller-initiated changes within 10 calendar days of closing. (3) Delay due to customer’s failure to provide all requested documentation (income documents, letter of explanation, credit documentation, etc.) within 2 business days of the date of the request. (4) Delays caused by third parties (Appraisals, Title issues, etc.). (5) Delay due to Valuation Disputes. (6) Delays due to force majeure events, including weather or natural disaster. (7) Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property. (8) Products Excluded: One Close Construction, Construction to Perm, Gateway Loans, Co-ops, New Condo projects, Leaseholds require additional Legal review. Addition of ReadyLine or Tandem financing after initial submission, Refinance loans, Second home and Investment properties.
BMO reserves the right to amend, terminate, or withdraw the On-Time Closing Guarantee at any time without prior notice. Closing guarantees and other awards (“awards”) transferred to you under the terms of the program will by considered a discount of underwriting fees paid at mortgage closing. Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income and may be reportable on Form 1099-MISC (Miscellaneous Information) or Form 1042- S (Foreign Person’s U.S. Source Income Subject to Withholding) to you and the Internal Revenue Service for the year in which you participate and receive the awards. You are responsible for any tax liability related to participating in the program. Please consult your personal tax advisor for questions about the impact to your personal income tax returns.
Footnote 8 details. Message and data rates may apply. Contact your wireless carrier for details.
Footnote 9 details. Jumbo loans are loans greater than $766,550. Loan limits are subject to change.
Footnote 10 details. BMO offers affordable mortgage programs and works with government and community organizations that offer down payment and closing cost assistance. The availability and amount of down payment and closing cost assistance varies based on income and property location.
Footnote 11 details. The rate lock offers interest rate protection to protect the pricing of your loan. Unless you lock in your interest rate, the rate will “float” up and down depending on market conditions and is subject to change without prior notice. In the case of adjustable-rate loans, the lock-in rate will be the initial interest rate effective until the first interest rate change date of your loan. Thereafter, your rate may vary in accordance with the terms provided in the note and mortgage.
Footnote 12 details. Only available to qualified licensed medical doctors (including MD - Doctors of Medicine, DDS - Doctor of Dental Science, DMD - Doctors of Dental Medicine, and DO - Doctors of Osteopathic Medicine), residents and fellows for the purchase or rate/term refinance of primary residence (1-2 unit, single family, condominium and townhomes) located in all states except New York. Investment properties and second homes are excluded.
Footnote 13 details. Applicant must meet one of the following eligibility requirements: New or existing Private Bank (U.S.) or Private Banking (Canada) client; new or existing Premier Services client; new or existing depository client (including trust accounts titled in the name of the Applicant) at BMO Bank North America or deposit account(s) at Bank of Montreal.
Footnote 14 details. FHA mortgage loans are available for owner-occupied 1-4 unit primary residences located nationwide except refinances Texas.
Footnote 15 details. Veterans, Servicemembers, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veteran Affairs (VA). A Certificate of Eligibility (COE) from the VA is required to document eligibility. Restrictions and limitations apply. Accounts are subject to approval.
Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC.