Switch your mortgage
Looking to save on your mortgage? You’re in the right place. Get a great rate by switching your mortgage to BMO today.
Cash Back offer
Get up to $4,100 cash back† when you switch your mortgage to BMO. Offer ends June 27, 2025.
Learn more
How to get your cash back
Switch your mortgage
Get up to $4,100 cash back† when you switch your existing mortgage to a qualifying Fixed or Variable Rate Closed Term Mortgage or Homeowner ReadiLine® with a term of 3 years or longer. Offer is valid from March 3, 2025, to June 27, 2025.
Get your mortgage funded
Have your mortgage funded within 130 days from the rate guarantee date.
Make your payments from a BMO account
Use your new or existing BMO chequing account as a funding account to make your mortgage payments.
Enjoy your cash back
You’ll get your cash back within five days after the funding date for your mortgage or Homeowner ReadiLine®.
How much will your cash back be?
Your mortgage value: $100,000 to $499,999Your cash back: $1,100
Your mortgage value: $500,000 to $749,999Your cash back: $2,100
Your mortgage value: $750,000 to $999,999Your cash back: $3,100
Your mortgage value: more than $1,000,000Your cash back: $4,100
Why transfer your mortgage to us?
Open or closed, fixed or variable, long-term or short-term – we offer rates that can help reduce your interest payments.
Become mortgage-free faster
Pay off your mortgage faster by increasing your monthly payments by up to 20% or by making a lump sum payment of up to 20% of your mortgage.**
Talk to an expertTalk to an expert today to get your custom rate.
Refinance at a great rate
Talk to an expertBorrow money using the equity in your home by refinancing your mortgage.
Mortgage switching tips
Start early:
You should start thinking about switching your mortgage six to eight months before your current term ends.
Decide what’s most important to you:
Do you want lower payments, the ability to access the equity in your home, or to pay your mortgage faster? Choose a fixed vs variable rate mortgage, open or closed term and how much of a prepayment you want to make based on the mortgage product you choose.
Do your research and talk to an expert:
Explore your mortgage options online, visit your nearest branch or talk to a Mortgage Specialist to help make sense of your options.
Switching your mortgage Frequently asked questions
We won’t charge you any additional fees to switch your mortgage, but there may be some associated costs you should be aware of before making the switch, including:
- Mortgage discharge fee: Paid to your current lender to discharge your mortgage
- Mortgage registration fee: Charged by the provincial or territorial government to update your property title
- Mortgage prepayment penalty: Paid to your current lender if you choose to switch your mortgage before your term ends
- Appraisal fee (property valuation): Charged by your new lender to assess the value of your home
If you want to refinance your mortgage when you switch, or if you want to switch to a collateral mortgage (like a Homeowners ReadiLine®) then you’ll also need to cover the associated legal fees.
Switching your mortgage can take a bit longer than renewing your mortgage with the same lender, so it’s a good idea to start thinking about switching six to eight months before your term ends. The best time to switch is close to the end of your mortgage term to avoid (or reduce) a mortgage prepayment penalty from your current lender (depending on your mortgage contract details).
Yes, you can refinance your mortgage with a new bank. If you want to keep your current mortgage but still want to tap into the equity in your home, you can also take out a homeowner's line of credit (HOLC).
Helpful resources for switching your mortgage
Mortgage Payment Calculator
See how increasing your mortgage payments can help you pay off your mortgage faster.
How to pay off your mortgage faster
Learn how to pay your mortgage faster with these flexible payment options.
Cash Flow Calculator
Start thinking about how much you spend each month, create a budget, and start saving up for your home.
Get in touch to learn more or get started
Visit us
Book an appointment at your nearest branch to chat about your mortgage options.
Talk to an expert
Schedule a time to talk about switching your mortgage.
Call us today
Get expert insight from one of our Home Advisors.
Footnote star star details Increase your regular payments by 20% or prepay up to 20% of your mortgage balance each year. For Smart Fixed Mortgage only, increase your regular payments by 10% or prepay up to 10% of your mortgage balance each year.