Your payments stay the same over the course of your term so you can budget with predictability. Choose from an open, closed or convertible mortgage depending on your needs.
While the interest rate changes with BMO's prime rate your mortgage payments remain the same throughout the term . The amount applied to the principal versus interest may change with fluctuations in BMO's prime rate. Your amortization period (number of years to repay the mortgage) may vary and be longer if rates have risen or be shorter if rates have fallen since the start of the term.
Residential Fixed Rate Mortgages†
Choose this mortgage if you believe interest rates will go down, if you plan to make prepayments of more than 20% of your original mortgage principle, or if you plan to sell your home in the near future.
Take advantage of lower interest rates than an open mortgage when you lock-in your rate for the duration of the term.
Offers the same benefits of a closed mortgage with the flexibility of changing to a longer fixed rate term of 1 year or longer without a prepayment charge.2
|Rates for residential mortgages1||Posted rates||APR|
|5-year Low Rate||%||3.01%*|
|5 year BMO Eco Smart Mortgage®||%||Call for details|
|10-year Low Rate||%|
Residential Variable Rate Mortgages†
|Rate for residential mortgages1||Posted Rates|
|3 year (open mortgage)||%|
|5 year (closed mortgage)||%|
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These terms are effective and subject to change without notice.
†Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.