Terms & Conditions

,footnote dagger *, Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. These interest rates and terms are subject to change without notice.
,footnote dagger, The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application.
1. The interest rate for a fixed rate mortgage is calculated half-yearly, not in advance. The interest rate for a variable rate mortgage is calculated monthly, not in advance. The 3-year variable rate (open) term is equal to our Prime Rate + 1.70%, the 5-year variable posted rate (closed) term is equal to our Prime Rate + 0.00%. Interest rates are provided for informational purposes only and can change at any time without notice. The 3-year variable (open) interest rate is not applicable to the Homeowner ReadiLine. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
2. Prepayment charges will apply if changing from a fixed rate mortgage to a variable rate mortgage.
3. A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. A home purchase price of greater than $1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%.
4. The standard premium charged for a 90% and 95% loan-to-value ratio mortgage (as at March 17, 2017)
5.Some conditions apply. See Payment Options for more details.
6. 4.61% APR. Available on the 5-year BMO Smart Fixed Mortgage (closed). The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for the regular 5-year fixed rate mortgage (closed) or the Homeowner ReadiLine^®. This offer is not available for renewals or refinances of existing BMO mortgages. Rental properties are not eligible.
7. 4.47% APR. Available on the 3-year BMO Fixed Mortgage (closed). The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for renewals of existing BMO mortgages.
8. 4.57% APR. The 5-year variable special rate (closed) term is equal to our Prime Rate – 0.40%. The Annual Percentage (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. The interest rate for a variable rate mortgage is calculated monthly, not in advance. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for renewals and refinances of existing BMO mortgages.
9. 4.26% APR. Available on the 5-year BMO Smart Fixed Default Insured Mortgage (closed). This rate is only available for customers with less than 20% down payment on the property, purchasing a residential owner-occupied property with purchase price under $1,000,000, who are required to purchase mortgage default insurance.The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for the regular 5-year fixed rate mortgage (closed) or the Homeowner ReadiLine^®. This offer is not available for renewals or refinances of existing BMO mortgages. Rental properties are not eligible.
Note: The cost of default insurance is subject to change if the purchase price or appraised value, the amount of down payment or the amortization changes. The final premium and the cost of your mortgage default insurance will be disclosed in your mortgage commitment/loan document. ^® Registered trade-marks of Bank of Montreal.
Personal lending products and residential mortgages are offered by the Bank of Montreal and are subject to its standard lending criteria. Some conditions apply. Special Offers are discounted rates and are not the posted rates of the Bank of Montreal. Specials Offers may be changed, withdrawn or extended at any time, without notice.