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Mortgage Basics

  • How Does a Mortgage Work?
    A mortgage is nothing more than a loan to buy a home. Like any loan, your payments consist of a combination of the repayment of the principal (borrowed amount), and your interest payments.
  • Mortgage Options
    When it comes to getting a mortgage, you’ve got a lot of options. The choices you make will depend solely on your personal situation.
  • Interest Rate Options
    There is no right or wrong answer when it comes to choosing between a fixed or variable interest rate. Your choice will depend solely on your personal situation and how much risk you can tolerate.
  • Amortization Period
    The amortization period is the actual number of years it will take you to pay off your mortgage.
  • Mortgage Term
    Your mortgage term is the amount of time your mortgage contract is in effect. Most mortgage terms are between 6 months and 5 years, however some lenders may offer longer terms.