Mortgages
Looking for your first home, buying another property, or refinancing your mortgage? You’re in the right place. We’ve got the tools to help you reach your financial goals faster.
Save up to $500 in closing costs and enjoy exclusive rate discounts as a BMO Customer.†
What are you looking to do?
Buy a home
Buying a home can be both exciting and a lot to process. We’ve broken this down into five steps to help you navigate your journey:
- Pre-qualification - Thinking about buying a home? Find out how much you can potentially afford and start exploring your mortgage options.
- Application - Ready to put a bid on your dream home? Fill out a mortgage application providing your financial information.
- Processing - Work with your Mortgage Specialist to gather all documentation needed to process your application.
- Underwriting - Your financial information is reviewed to determine your credit worthiness.
- Closing - You’ve been approved! Get ready to fund your mortgage and prepare for closing costs.
Refinance your mortgage
Refinancing a mortgage is when you take out a new loan to pay off your existing one. This may allow you to:
- Lower your interest rate and monthly mortgage payment
- Shorten the term of your mortgage
- Use the equity in your home to make larger purchases or consolidate debt1
Tip: If your mortgage is less than $250,000, you may benefit from refinancing with a Home Equity Line of Credit. We offer fixed and variable rate options along with competitive rates, flexibility, and low to no closing costs.2
Explore our rates
Find a competitive mortgage rate that's best for you by getting in touch with one of our Mortgage Specialists. Plus, save up to $500 in closing costs† and take advantage of special BMO rate discounts.
Get more with a BMO mortgage
Competitive ratesSave up to $500 in closing costs† and get special relationship pricing discounts as a qualifying BMO Customer.- The convenience of Auto PayReceive a 0.125% rate discount with Auto Pay from a BMO Checking account.5
- BMO's On-Time Mortgage Closing CommitmentClose on time or get $5,000 back on your closing costs.‡
- Easy and secureManage all your mortgage needs on the go through BMO Online Banking or Mobile Banking.6
Mortgage loan types at a glance
Fixed rate
Take advantage of a stable mortgage rate that may make it easier to plan and budget for the long term.
Adjustable rate
Planning on living in your home for a relatively short time? Consider a mortgage rate that may help you save in the short term.4
Low down payment mortgages
Our low down payment options work with your budget – a great choice for those looking to put down a smaller deposit.8
Jumbo mortgages
Buying big? If you’re looking to get a home worth over $766,550, a jumbo mortgage7 may be for you.
Investment and multi-family loans
Secure the right loan for you, whether it’s for an investment property or multi-family home.
Specialty mortgages
Whether you're looking to purchase a home or refinance your mortgage, our unique Physicians' program10 is designed to help licensed medical doctors in their home financing journey.
Get seamless cross-border mortgage financing if you’re a Canadian looking to buy or refinance a home in the United States11 Plus, enjoy the convenience of our integrated banking network and the unmatched cross-border expertise of your dedicated Mortgage Specialist.
Your mortgage resource playlist
Learn everything you’ll need to get ahead, no matter where you are in your home buying journey. Plus, explore our dedicated resource hub for more guidance related to your goals.
When to refinance your mortgage: How to know when the time is right
There can be a lot of benefits to refinancing your mortgage — but you have to get the timing right. Here’s how you can tell if it’s the right time to refinance.
Fixed vs adjustable rate mortgages: Which is right for you?
What’s the difference between a fixed and adjustable rate4 mortgage? And which is better for you? We’ve got those answers and more.
Applying for a mortgage? Here are 5 ways to prepare
Feeling intimidated by a mortgage application? Follow these five simple steps to boost your confidence and maybe improve your chances of getting approved.
Ready to get started?
Apply online
Start your homebuying journey in just a few clicks.
Find a Mortgage Specialist
Get in touch with one of our expert specialists nearby.
Call us
Get expert insight from our team.
FAQs
A mortgage is a loan that a financial institution (like BMO) lends you to purchase or refinance a home. You then pay this amount back, with interest and any fees applicable, over a certain period. The specific amount and time will depend on what you and your lender agree to when applying for a mortgage.
Getting pre-qualified may help you get a sense of how much home you can afford3. Learn how you can get pre-qualified right now by getting in touch with a Mortgage Specialist.
Mortgage rates are influenced by interest rates, which can fluctuate depending on the economy. This is determined by the U.S. Federal Reserve.