FAQs – BMO Eco Smart Mortgage™

How can I be sure if the energy saving features I have in my home or the home I will be buying meets the requirements of the checklist?

Step 1: Download the detailed checklist available here

Step 2: Do a self assessment of the home to determine if it already has these features or if there are features you will be installing or purchasing soon.

Step 3: Speak with one of our mortgage experts to discuss the details of the BMO Eco Smart Mortgage to determine if this mortgage is right for you. Just visit us at a nearby branch or meet with one our mobile Mortgage Specialists.

How will BMO confirm if my home meets the criteria?
Once you decide this mortgage is right for you, our mortgage expert will arrange to have one of our approved appraisers (or energy auditors) visit your home to confirm your home has the features required as part of the BMO Eco Smart Mortgage checklist.

Our mortgage expert will contact you to ensure you have the results from the appraisal and discuss further.

Are the mortgage savings going to offset the cost of getting these features?
The BMO Eco Smart Mortgage offers a best-in-market rate on a full featured 5-year fixed closed mortgage. The cost savings will depend on the amount of your mortgage, so visit a local branch or contact one of our mobile Mortgage Specialists – our mortgage experts can help you determine your overall mortgage savings. Or, if you would like to estimate your cost savings, use our mortgage payment calculator.

Are there any extra costs to get this mortgage?
If an appraisal is required to confirm your house or condo value for a new mortgage or if you are refinancing, the appraiser you will be using will also be asked to confirm that your home has the energy savings features required to qualify for this mortgage. Typically, this will add an extra $50 to your appraisal cost.

If you are renewing your mortgage, or for cases where an appraisal is not required for your mortgage, confirmation of the checklist features is really the only thing required. BMO will arrange to have an approved appraiser (or energy auditor) come in to do the confirmation, which typically costs between $125-150.

Why should I have to pay for the checklist review?
The fee for the checklist review is a one-time fee. Once your home has been confirmed to meet the requirements of the checklist, you will not need to reconfirm these requirements for BMO for as long as you own the home. This means that your home is automatically eligible for the great BMO Eco Smart Mortgage five-year fixed rate at time of renewal or refinance.

I would like to make my home more energy efficient. How can BMO help?
BMO has a number of solutions that can help you finance renovations or upgrades to make your home more energy efficient. For more information on mortgage options, lines of credit or how to save for home renovations, visit your local branch or call 1-877-CALL-BMO.

Do the ENERGY STAR^® qualified appliances need to be new?
ENERGY STAR is an international symbol of premium energy efficiency. Whether they are new or a number of years old, having the ENERGY STAR qualified appliances will meet the requirements of the BMO Eco Smart Mortgage checklist.

If I get the BMO Eco Smart Mortgage. What happens when my mortgage is up for renewal next time?
Once an appraiser has confirmed that your home has met the requirements of the BMO Eco Smart Mortgage, you will not need to reconfirm these requirements for BMO for as long as you own the home.

Besides the BMO Eco Smart Mortgage, how is BMO involved with improving our environment?
Our BMO Clear Blue Skies strategy is a key element in our practices. You can read more details and see a list of our achievements on our Corporate Responsibility site.

What is ENERGY STAR^®?
ENERGY STAR is the international symbol of premium energy efficiency. Products that display the ENERGY STAR symbol have been tested according to prescribed procedures and have been found to meet or exceed higher energy efficiency levels without compromising performance.

The ENERGY STAR symbol helps consumers quickly and easily identify major appliances and other energy-using equipment that save energy. ENERGY STAR identifies products as the top high efficiency performer in their category.

Visit the ENERGY STAR Initiative in Canada to learn more on how a product earns the ENERGY STAR label.

For more information on how to save energy by choosing energy efficient features, visit Natural Resources Canada.