Renew your mortgage
We’re here to make your mortgage renewal experience easy. We’ll guide you through the process with tailored options, personalized rates and expert advice.
Already have a mortgage with BMO?You can renew 180 days before the end of your term. Sign in to renew online.
Why should I renew my mortgage with BMO?
Here’s what makes renewing with BMO simple and flexible:
Renew in minutes
It’s fast, easy and you can lock in your personalized rate in just a few clicks when you renew through BMO Online Banking.
Customize your payments
Choose from weekly, biweekly or monthly payments to match your budget. Or use our Take a Break® option* when life gets busy.
Renew your mortgage in 3 simple steps
Prepare for your mortgage renewalMark your renewal date and consider your financial goals. Think about whether you want to change your term, adjust your payments or your amortization period. Exploring your options early can help you tailor your next mortgage term to suit your needs.
View your personalized renewal rates If you’re within 180 days of your mortgage term ending, you can access your personalized renewal rates by signing in to BMO Online Banking or the BMO Mobile Banking App.
- Renew in minutesOnce you’ve considered your options, renew your mortgage through BMO Online Banking or the BMO Mobile Banking App. You can also give us a call to renew your mortgage in minutes.Need help? Follow our interactive demo to learn how you can renew your BMO mortgage online.
Mortgage renewal tips
Don’t put your mortgage renewal on autopilot. Learn how to get the most out of your next mortgage term. We’ll show you how to save on interest, how to become mortgage-free faster and how to use BMO’s flexible payment option as a safety net.
Mortgage calculators
Our easy-to-use calculators help you plan payments, compare rates and find the perfect renewal strategy.
Get a quick estimate of your mortgage payment at renewal. See how prepayment options can create long-term savings, too.
Calculate how much your mortgage payment would be whether you are buying a home, renewing or refinancing.
Variable or fixed rate? Open or closed mortgage? Compare interest rates and terms to find a mortgage option that is right for you.
Explore our rates
Finding the right mortgage starts with the right rate. Whether you want the security of a fixed rate or the flexibility of a variable rate for your renewal, we’ve got you covered.
If you are a current BMO customer, you’ll receive a personalized rate when you renew your mortgage online or by calling us at 1-877-594-0082.
Homeowner ReadiLine® - a mortgage and line of credit in one
Explore Homeowner ReadiLineThis lending option combines a mortgage with the flexibility of a revolving line of credit, so that you can have access to funds whenever you need them2. Borrow up to 80% of your home’s value3 and choose how you want to allocate your borrowing amount between your mortgage and revolving line of credit portion4.
Already have a Homeowner ReadiLine®? Your installment mortgage portion still needs to be renewed. Keep your line of credit while renewing your mortgage portion, and explore adjusting your payments or terms to fit your needs.
Not a BMO customer yet?
SWITCH TO BMOLooking to save on your mortgage? You’re in the right place. Get a great rate and unlock better mortgage solutions.
Mortgage renewal Frequently Asked Questions
You can renew your mortgage anytime near the end of your term. If you’re planning to renew with BMO, you can do so as early as 180 days before the end of your term without penalty. If you want to renew earlier, then you’ll have to pay a prepayment fee. To learn more about preparing for your renewal, explore some of our helpful mortgage renewal tips.
If you already have a mortgage with us, you can renew your mortgage online by signing in to BMO Online Banking. You can also give us a call at 1-877-594-0082 to renew your mortgage over the phone within minutes. Remember, it’s best to start planning for your renewal a few months before your current term ends.
You can renew your mortgage online through the BMO mobile app or by signing in to BMO Online Banking. Follow along with our demo to learn how quickly and conveniently you can renew your mortgage in the app.
Yes, you can renew your mortgage within 180 days of your term ending, giving you the opportunity to secure your personalized rate and term in advance. You can renew early through BMO Online Banking or by giving us a call at 1-877-594-0082.
When your term is up, you can choose to switch your mortgage to a different lender at renewal. If you’d like to switch your mortgage to BMO, visit our switch page to get more information about what we can offer and how to get started. Depending on your unique situation, you may also qualify for one of our special mortgage offers.
Choosing whether you should renew or refinance depends on your unique situation and what you have planned for the future. Explore the "Make your mortgage work for your goals" page to find the right option for you. You can also connect with a mortgage expert today to explore your options.
Helpful articles, tips and advice
Make your mortgage work for your goals
Explore ways your mortgage can support your evolving goals and needs as a homeowner.
How to pay off your mortgage faster
Learn how to pay your mortgage faster with these flexible payment options.
Tips for your mortgage renewal
Learn how to get the most out of your next mortgage term.
Resources and contact us
Renew your mortgage online
Renew your mortgage online in minutes by signing into BMO Online Banking.
Talk to a mortgage expert
Schedule a time to talk about renewing your mortgage.
Visit us
Explore your renewal options with a mortgage expert at your local BMO branch.
Give us a call if you have any questions or if you're ready to get started: 1-877-594-0082
For conventional uninsured mortgages, the balance of your current mortgage plus the skipped payment must not exceed 80% of the lesser of a) your home's present value or b) the original amount of your mortgage with us.
For mortgages insured against default, customers must have prepaid principal at least equal to the amount of payment(s) to be skipped. Any mortgage insurance premiums and tax payments cannot be skipped. Interest for the skipped payment is added to the principal. The balance of your current mortgage plus the skipped payment must not exceed the original amount of your mortgage with us.
Your current mortgage must not be more than one month in arrears at the time of the requested skip. Any payment(s) in arrears will be included in those to be skipped.
footnote 1. Accelerated payment details vary for a BMO Smart Fixed Mortgage, please consult your lending agreement(s) or contact a BMO representative.
footnote 2. Conditions apply. Account needs to be in good standing for customers to access line of credit. Convenient access to funds, anytime, up to your credit limit through online banking, a BMO branch, or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
footnote 3. Any amount you borrow under a Homeowner ReadiLine® in excess of 65% of the value of your property must be in an amortizing installment. The Homeowner ReadiLine® must be registered in first priority on title on your property.
footnote 4. You can allocate the amount you borrow between a mortgage portion and a line of credit portion. The amount you allocate to your line of credit portion cannot exceed 65% of the value of your property.