Save up to $1,000 in closing costs and enjoy exclusive rate discounts as a BMO Customer. footnote dagger
What is a fixed rate mortgage?
If you plan to live in your home for many years, a fixed rate mortgage footnote 1 may be best for you. The stability of a fixed rate makes it easier to plan and budget for the long term.
Purchase or refinance options
Purchase or refinance a primary residence, second home or investment property.
Get consistent payments
Consistent monthly principal and interest payment, footnote 2 that does not change over the course of the loan.
Choose your term
Various term option (10, 15, 20 and 30-years) available.
Long term stability
A fixed rate mortgage will suit you if you plan to stay in your home for many years, or if you prefer the stability of a fixed principal and interest payment, footnote 2 that does not change.
Apply in 3 easy steps
Apply
Apply online or at a branch.
Proceed
Collect and submit necessary documentation.
Close
Close on your loan by reviewing and signing your loan documents.
Save more on mortgage costs
You worked hard to save money to purchase your house. We'll help you save even more on mortgage footnote 1 costs.
Limited Time Offer
Save up to $1,000 in closing costs. footnote dagger
Relationship Discount
Starting at 0.125% on your mortgage with qualifying balances in BMO deposit accounts. footnote 3
Save with Auto Pay
Receive a 0.125% rate discount with Auto Pay from a BMO Checking account. footnote 4
Low down payment assistance
BMO provides low down payment assistance to qualified home buyers. Learn how to get a mortgage with a low down payment.
Calculators
Our calculators footnote 5 help you compare loans and crunch your numbers.
Calculate how much you’d spend each month on your home with a fixed rate mortgage.
Know your budget before you start house hunting.
Find out whether a fixed or adjustable rate mortgage is better for you.
Helpful tips and advice for homebuyers
Fixed vs adjustable rate mortgages: Which is right for you?
What’s the difference between a fixed and adjustable rate mortgage? And which is better for you? We’ve got those answers and more.
How does mortgage interest work?
Here’s everything you need to know about mortgage interest rates, including factors that impact your rate. Plus, get tips on how to score a lower interest rate.
Mortgage pre-approval vs. pre-qualification: What's the difference?
Should you get pre-approved or pre-qualified for a mortgage? Learn the difference between the two to make your house-shopping journey easier.
Frequently asked questions
Yes. Ensure your extra payment is applied toward your principal balance and you’ll pay down your mortgage faster, saving you money in interest.
Yes. You can pay off a fixed rate mortgage early by making sure that the extra payments are applied to the principal balance.
The main difference between fixed and adjustable rate mortgages is whether your interest rate changes during the life of your loan. Adjustable rate mortgages have a locked-in rate for a pre-determined period, but once this period is over, it will change regularly based on the market (which means your payments will change too). A fixed rate mortgage comes with a locked-in rate, so your monthly principal and interest payments won’t change (unless you decide to refinance).
In a fixed rate mortgage, the monthly payment and interest rate stay the same throughout the loan term so your monthly payments remain stable and predictable. This type of mortgage also allows for a flexible down payment which can be as low as 3% of the loan.
You will need to refinance your fixed rate mortgage if you want to change your loan type.
Private Mortgage Insurance (PMI) protects lenders (i.e. the bank) if you stop making payments on your loan, and may be required if your down payment is less than 20% of the purchase price. Occasionally, lenders offer loans with small down payments that don’t require PMI if you pay a higher interest rate for these loans. A higher interest rate without the insurance might be less expensive than the PMI depending on how long you plan on staying in your home.
Contact us
Apply online
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Find a Mortgage Specialist
Get in touch with one of our expert specialists nearby.
Call us
Get expert insight from our team.
S.A.F.E. Act
The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.
BMO Bank N.A. fully complies with the S.A.F.E. Act. Learn more about how the S.A.F.E. Act (PDF, 409 KB) protects you.
For further information regarding your Mortgage Loan Originator or BMO Bank N.A., please visit www.nmlsconsumeraccess.org.
- Special offers are subject to change.
- Footnote dagger details The closing cost discount offer is available on applications received from April 1, 2026, through July 31, 2026. The closing cost discount consists of a $500 or $1,000 discount on closing costs, depending on loan amount, relationship segment, and eligible loan products. This offer is available subject to the following:
- Closing Cost Discount: A $500 closing cost discount may be applied at closing to eligible purchase or refinance mortgage loans. The discount is available for conforming loans (up to $832,750) secured by 1–4 unit properties used as primary residences, second homes, or investment properties. Premier Services and Private Bank (PB) clients may qualify for an additional $500 discount, for a total of up to $1,000.For purchase transactions, a $500 discount is available across all products; however, the additional $500 for Premier/PB clients is not available for Portfolio Conforming, Physicians, Gateway, One Close, or Interest-Only loan products.For refinance transactions, the $500 discount and any additional Premier/PB discount is not available for Portfolio Conforming, Physicians, Gateway, One Close, or Interest-Only loan products.
- Footnote 1 details Relationship Requirement: If the property is not located in the following locations; Arizona, California, Colorado, Florida, Idaho, Illinois, Indiana, IA, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, Wyoming, and EL Paso County, Texas (BMO does not offer Home Equity Products in Texas) in order to be eligible for our real estate secured lending products, you must be a pre-existing BMO customer for at least six months at the time of application; contact a Banker for details. A BMO customer relationship includes any consumer or small business deposit account, secured or unsecured loan, or investment account; Alto accounts are excluded. Not applicable to Physicians loans, Private Bank clients or BMO employees.
- Footnote 2 details The escrow portion of your monthly mortgage payment may change periodically during the term of your loan depending on changes to your property taxes and hazard, flood or other required insurance.
- Footnote 3 details Footnote 3 details Relationship Pricing Discount
Applicant must meet the eligibility requirements to receive the relationship discount. The relationship discount is available to new or existing BMO clients with eligible loan products (Jumbo, Physicians, Gateway, or One Close loan programs) and is based on the loan amount and the balances in BMO deposit accounts (including trust accounts titled in the name of the Applicant) at the time of closing after all related closing costs have been applied. Physician Loans secured by properties located outside BMO’s footprint states (Arizona, California, Colorado, Florida, Idaho, Illinois, Indiana, IA, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, Wyoming, and EL Paso County, Texas) are not eligible.
Clients with an eligible conforming loan product (loan amounts up to $832,750) and at least $250,000 in BMO deposit accounts are eligible to receive the relationship discount of 0.125%.
Clients with a Jumbo loan (loan amounts over $832,750) and with $250,000 to $499,999 in BMO deposit accounts are eligible to receive the relationship discount of 0.250%.
Clients with a Jumbo loan (loan amounts over $832,750) and with $500,000 to $999,999 in BMO deposit accounts are eligible to receive the relationship discount of 0.375%.
Clients with a Jumbo loan (loan amounts over $832,750) and with at least $1,000,000 in BMO deposit accounts are eligible to receive the relationship discount of 0.500%.
Private Bank Clients with a Jumbo loan (loan amounts over $832,750) and with at least $2,000,000 in BMO deposit accounts are eligible to receive the relationship discount of 0.625%.
Eligible balances include all BMO Personal, Investment, Trust, Business Banking, and BMO Financial Group employee 401(k) accounts. Eligible balances exclude Alto Accounts and BMO Self-Directed Investment Accounts. For Business accounts, applicant must be an owner of, and an authorized signer on, the associated business account. Assets used for mortgage discount eligibility purposes must exclude any funds needed to close.Self-Directed Investment Accounts. For Business accounts, applicant must be an owner of, and an authorized signer on, the associated business account. Assets used for mortgage discount eligibility purposes must exclude any funds needed to close.
- Footnote 4 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 a BMO consumer checking account. Housing Finance Agency, Federal Housing Administration, Department of Veterans Affairs, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible. Physician Loans secured by properties located outside BMO’s footprint states (Arizona, California, Colorado, Florida, Idaho, Illinois, Indiana, IA, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, Wyoming, and EL Paso County, Texas) are not eligible.
- Footnote 5 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.
- Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC. Footnote 10 details
Footnote 10 details