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All posted rates
A fixed rate closed mortgage allows you to budget with certainty, because your interest rate is locked in. Even if interest rates were to rise, your interest rate and your fixed monthly payments would stay the same.
Amortization under 25 years | ||
|---|---|---|
| Term | Rate1 | APR† |
| 1 year | ||
| 2 year | ||
| 3 year | ||
| 4 year | ||
| 5 year | ||
| 5 year Smart Fixed | ||
| 6 year | ||
| 7 year | ||
| 10 year | ||
| 10 year Smart Fixed | ||
With a variable rate mortgage you can save on costs. While your payments remain the same, the amount applied to your principal can fluctuate with BMO’s prime lending rate.
A convertible fixed rate mortgage 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.
Choose this mortgage if you plan to make prepayments of more than 20% of your original mortgage principal, or if you plan to sell your home in the near future.
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What does it all mean?
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