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Low-Rate Mortgage

(current as of October 4, 2014)

Take advantage of our low-rate fixed closed mortgages which offer a great 5 or 10 year fixed rate. With an amortization of 25 years or less you'll pay your mortgage off faster and save in interest.

Choose this mortgage if you

  • Want a simple, easy to understand mortgage with a great rate
  • Would like to become mortgage free within 25 years
  • Enjoy peace of mind knowing your rate will not rise during the term
  • Are interested in 10+10 pre-payment options that let you pay down your mortgage faster
  • Like to budget with certainty, knowing that your mortgage payments won't change
3.290%*

5 years

(fixed rate mortgage)
4.690%

10 years

(fixed rate mortgage)

BMO Eco Smart Mortgage®

(current as of )

A 5-year fixed closed mortgage that rewards you for making smart choices for your home and the environment. If you've bought, plan to buy, or already own a home with energy efficient features, you can qualify for a great rate.

%

5 years

(fixed closed rate mortgage)
See all mortgages and rates

Choose this mortgage if you

  • Have or are looking for a home with energy saving features
  • Want a great rate that will help you save on your overall mortgage costs
  • Want prepayment options that will let you pay down your mortgage faster and reduce your interest costs
  • Want peace of mind knowing your rate will not rise during the mortgage term

Requirements

To qualify, your home must meet the requirements outlined in the BMO Eco Smart Mortgage® checklist as confirmed by a third party appraiser (or energy auditor) arranged by BMO®.

Single family homes

For Single Family Homes including townhouses (condo or freehold), your home will need six out of seven features to qualify:


  • High efficiency heating system
  • High efficiency air cooling system or no air cooling system
  • Good quality attic insulation
  • ENERGY STAR®‡# qualified windows with no cracks or air gaps
  • ENERGY STAR qualified hot water system or solar or tankless hot water system
  • ENERGY STAR qualified doors with no cracks or air gaps
  • At least three ENERGY STAR qualified major appliances

High-rise condominiums

For High-Rise Condominiums, your home will need to have all five of the following features to qualify:


  • Energy efficient windows with no cracks or air gaps
  • Energy efficient doors or no doors separating heated from unheated spaces
  • ENERGY STAR qualified hot water system or tankless hot water system controlled within the individual unit
  • ENERGY STAR qualified lighting
  • At least three ENERGY STAR qualified major appliances

Have more questions?

Read our FAQ 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.

A BMO Mortgage Specialist or in-branch mortgage representative can help you choose the right mortgage for you.

How will BMO® confirm if my home meets the criteria?

Once you decide this mortgage is right for you, we 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. We 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 competitive rate on a full-featured 5-year fixed closed mortgage. The cost savings will depend on the amount of your mortgage, so a BMO Mortgage Specialist or in-branch mortgage representative can help you determine your overall mortgage savings. Or, if you would like to estimate your cost savings, use our Mortgage Payment & Amortization 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. We 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 5-year fixed rate at time of renewal or refinance.

I would like to make my home more energy efficient. How can BMO help?

We have 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 1-877-225-5266.

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 us for as long as you own the home.

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.

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.

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