Switch your mortgage
Thinking about switching your mortgage? Make the move to BMO and enjoy a simple and seamless experience. Plus, lock in your rate for 130 days.‡
Why transfer your mortgage to BMO?
130-day mortgage rate guarantee
Have peace of mind knowing that we’ll hold your rate up to 130 days, the longest guarantee among major Canadian banks.‡
Make your switch seamless
We’ll work with your current lender, handle the paperwork and keep you informed every step of the way.
Expert advice tailored to your needs
Our mortgage experts are here to provide you with mortgage solutions that meet your unique needs and financial goals.
How to switch your mortgage to BMO
Speak with a mortgage expert
We’ll work with you to provide tailored mortgage options based on your needs and financial goals, and guide you through the documents required to begin the process.
Get started with the necessary documents
Once you’ve collected and provided the required documents, we’ll work with your current lender to manage the switch process from start to finish.
Enjoy your BMO mortgage
With BMO, you can easily manage your mortgage online and take advantage of our accelerated payment options.
Ready to switch? Here’s what you’ll need
Government-issued photo identification
A valid piece of identification with your photo, such as your driver’s license, passport or health card.
Confirmation of income and employment
Proof of your current job status and income, such as your income tax return, pay stubs or a letter from your employer.
Latest annual mortgage statement
A document from your current lender summarizing your mortgage details, including your payment history, interest rate and remaining term.
Property tax statement
A document from your local municipality that includes the annual property taxes on your home.
Mortgage switching tips
Get started early
Switching your mortgage typically takes longer than renewing, so it’s smart to plan ahead. It’s a good idea to start thinking about your switch six to eight months before your current term ends.
Reflect on your needs and goals
Take a moment to review your current mortgage and consider whether your financial needs or future goals have changed. Whether you’re renewing or switching, it’s important to understand how your amortization period, mortgage payments and rates could affect your finances – both now and in the long run. Learn more about how you can make your mortgage work for your goals.
Discuss your mortgage options with an expert
Whether you’re looking to refinance or simply switch your mortgage to BMO, our experts are here to help. Connect with us to explore your options and see how you can tailor your mortgage to fit your needs.
Explore our rates
View mortgage ratesFinding the right mortgage starts with the right rate. Whether you want the security of a fixed rate or the flexibility of a variable rate, we’ve got you covered. Plus, with BMO you can lock in your rate for 130 days.‡
Switching your mortgage Frequently asked questions
Switching fees can vary depending on your lender. When you bring your mortgage to BMO without changing the existing mortgage amount and/or amortization, we’ll cover legal and appraisal fees on eligible mortgage switches.1
Typically, the best time to switch is close to the end of your mortgage term. This helps you avoid or reduce any prepayment penalties from your current lender (depending on your mortgage contract).
That said, based on factors like your existing rate, mortgage type, and payments, switching before the end of your term may work in your favour. Speak to a BMO mortgage expert to find out what option makes sense for you.
Yes, you can. If you’re looking to change your mortgage terms, like adjusting the loan amount or amortization, you can easily refinance your mortgage with BMO.
If you prefer to keep your current mortgage but still want to tap into the equity in your home, a Homeowner’s Line of Credit may be a good option. Learn more about a Homeowner’s Line of Credit with BMO.
If you switch before your current mortgage term ends, you’ll likely have to pay a prepayment penalty. However, you can avoid or reduce this cost by switching near the end of your term. Please consult with your current lender for details on your prepayment penalty.
Helpful mortgage tips and insights
Make your mortgage work for your goals
Explore ways your mortgage can support your evolving goals and needs as a homeowner.
Mortgage Payment Calculator
See how increasing your mortgage payments can help you pay off your mortgage faster.
Compare mortgage rates
Compare interest rates and terms to find a mortgage that’s right for you.
Ready to 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 1 details. Under the switch program, for eligible mortgage switches when no material changes are made to the mortgage, BMO covers the First Canadian Title (FCT) legal and appraisal fees. If the borrower decides to process the transaction using a notary instead of FCT, the borrower is responsible for paying legal fees. Terms and conditions apply, please speak to a BMO Mortgage Expert for more information.