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Mortgage Loans

Whether you want to apply for a home loan or refinance your mortgage, BMO Mortgage Bankers can guide you through the process.

Whether you want to apply for a home loan or refinance your mortgage, BMO Mortgage Bankers can guide you through the process.

Mortgage Loan Types at a Glance

Fixed Rate

If you're looking for consistent monthly payments of principal and interest during the life of your loan, a fixed rate mortgage is easier to budget and plan.

footnote 1
  • Consistent monthly principal and interest paymentsfootnote 1
  • Your interest rate won't change
  • May be ideal if you plan to stay in your home for a long period of time
  • Available for a home purchase or refinance

Adjustable Rate

If you're planning to stay in your home for a relatively short period of time, consider an adjustable rate mortgage.footnote 1

  • Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes
  • May have a lower interest rate and lower monthly principal and interest payments during the initial fixed interest rate periodfootnote 1
  • After the initial fixed interest rate period ends, your payments will change semi-annually when the variable interest rate adjusts
  • May be ideal if you plan to stay in your home for a short period of time
  • Available for a home purchase or refinance

Low Down Payment Mortgages

We offer a variety of specialized mortgage products for first-time homebuyers and low or moderate income customers interested in a lower down payment.

  • Mortgage loans can require as little as 1% down from the borrower’s own funds. footnote 2
  • Down payment and closing cost assistance of up to $9,000 or more for qualified borrowers.
  • Available for a home purchase or refinance

Refinancing

Refinancing your current mortgage may allow you to lower your interest rate and monthly mortgage payment, shorten the term of your mortgage or let you use your home equity to make larger purchases or consolidate debt.

If your mortgage is less than $250,000, you may benefit from refinancing with a home equity line of credit with a Fixed Rate Lock Option. A HELOC offers competitive rates, flexibility, and we pay many closing costs.

To learn about refinancing options, contact a BMO Mortgage Banker.

Jumbo Mortgages

If you're thinking about buying bigger, BMO may have a jumbo mortgage that fits your plans. Jumbo loans are those that are more than $726,200 footnote 3.

For qualifying customersfootnote 4, enjoy a 0.625% interest rate discount on a jumbo mortgage loan.

To find out if a jumbo loan is right for you, contact a BMO Mortgage Banker.

Investment, Condo, and Multi-Family Loans

We can help you find the right loan for you, whether you’re looking to buy an investment property, a condo, or a multi-family dwelling. Give us a call at 1-888-482-3781 to get started.

Benefits of a BMO Mortgage

Get a dedicated BMO Mortgage Banker who will explain the process, breakdown the numbers, and identify mortgage options that may be suitable for you

View account information, make payments and access statements with BMO Digital Banking registered, footnote 7

Get the convenience of automatic mortgage payments with Auto Pay from your BMO checking account.

0.125% rate discount with Auto Pay* from your

Mortgage Calculators footnote 5

Payments

Find out what your payments will be and how you could pay down your principal faster.

Fixed Rate Mortgage Payments

Adjustable Rate Mortgage (ARM) Payments

Extra Payments

Make a one time payment

Shopping for a home

Narrow down your search for a home.

My Budget

Down Payment

Rent or Own

Finance Decisions

Calculate the cost of a new mortgage and look at mortgage options.

Closing Costs

Compare Loans

Refinancing

See if it pays to refinance.

Savings

Costs

  • Apply now
  • Request a prequalification
  • Call 1-888-482-3781 Monday to Thursday 8 a.m. - 7 p.m. Central Time Friday 8 a.m. - 6 p.m. Central Time Saturday 8 a.m. - 1 p.m. Central Time
  • Call 1-888-482-3781 Monday to Thursday 8 a.m. - 7 p.m. Central Time Friday 8 a.m. - 6 p.m. Central Time Saturday 8 a.m. - 1 p.m. Central Time

​​Helpful tips and advice for homebuyers

Specialty Mortgages

We understand the unique needs for this type of financing and offer flexible options to save you time and money, including extended rate lock and a one-step application/closing process.
Construction Loans
Build the home of your dreams with a BMO construction loan.
  • Choose from fixed and adjustable-rate mortgage options
  • Enjoy flexibility, convenience and savings
  • Get the option to lock in the same rate for construction and end loanfootnote 8
Interest-Only Mortgages
Our interest-only mortgages allow you to pay just the interest on your loan for the first 10 years.footnote 9 Since your interest rates and mortgage payments change after it converts to a variable rate mortgage, this can help keep your payment low when you’re first starting out.
First-Time Homebuyer
Get your first home with BMO’s help. Our dedicated Mortgage Bankers will be here to guide you throughout your homebuying journey. Plus, you can enjoy down payments as low as 3.5%.footnote 10
Physicians’ Mortgage Program
This unique program is designed to help eliminate many of the roadblocks to mortgage financing faced by physicians. Learn more
Gateway Mortgages
This program provides cross-border mortgage financing for Canadians looking to buy or refinance a home in the United States
You’ll enjoy the convenience of our integrated banking network and the unmatched cross-border expertise of your dedicated Mortgage Banker. Learn more

S.A.F.E. Act

The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.

BMO Bank N.A. fully complies with the S.A.F.E. Act. Learn more about how the S.A.F.E. Act protects you.

For further information regarding your Mortgage Loan Originator or BMO Bank N.A., please visit www.nmlsconsumeraccess.org blue BMO icon

  • Apply now
  • Request a prequalification
  • Call 1-888-482-3781

    Monday to Thursday 8 a.m. - 7 p.m. Central Time Friday 8 a.m. - 6 p.m. Central Time Saturday 8 a.m. - 1 p.m. Central Time
    Call 1-888-482-3781 Monday to Thursday 8 a.m. - 7 p.m. Central Time Friday 8 a.m. - 6 p.m. Central Time Saturday 8 a.m. - 1 p.m. Central Time

Bank Owned Properties footnote 6

Bank Owned Properties footnote 6

We have a selection of bank-owned homes and properties that are for sale. To arrange a showing, contact the listing agent directly.

Interested in purchasing a bank-owned property? A Mortgage Banker can help you find the right mortgage loan.

  • Call 1-888-482-3781

    Monday to Thursday 8 a.m. - 7 p.m. Central Time
    Friday 8 a.m. - 6 p.m. Central Time
    Saturday 8 a.m. - 1 p.m. Central Time
    Call 1-888-482-3781 Monday to Thursday 8 a.m. - 7 p.m. Central Time Friday 8 a.m. - 6 p.m. Central Time Saturday 8 a.m. - 1 p.m. Central Time

Agent contact information is listed for each bank-owned property. For detailed property information, including the list price, or to make an offer, please contact the agent assigned to the property. Nothing listed on this page shall be deemed the extension of an offer and/or contract and is for informational purposes only. BMO does not negotiate or accept any offers directly.

Employees of BMO or its affiliates interested in buying a bank-owned property listed on this website: You are required to disclose your employment with BMO or any of its affiliates when first contacting an agent and before making an offer to purchase a property listed on this website.

footnote * details, Auto Pay and Rate Discount: To receive a 0.125% rate discount, you must authorize BMO to withdraw your loan payment each month from an eligible BMO checking account using Auto Pay. Rate discount of 0.125% with Auto Pay from your BMO Smart Money Checking account, BMO Smart Advantage Checking account, BMO Select Checking account, BMO Relationship Checking or BMO Portfolio Checking account. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.

  • footnote 1 details,The escrow portion of your monthly mortgage payment may change periodically during the term of your loan depending on changes to your property taxes and hazard, flood or other required insurance. Historical performance of Adjustable Rate Mortgage (ARM) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.
  • footnote 2 details,Program availability varies by location and is subject to eligibility criteria. BMO offers affordable mortgage programs and works with various government and community organizations that offer down payment and closing cost assistance. Affordable mortgage programs may be subject to income limitations and other application restrictions. The amount of down payment and closing cost assistance available varies based on income and property location.
  • footnote 3 details,Jumbo loans are loans greater than $726,200. Loan limits are subject to change.
  • footnote 4 details,Applicant must meet one of the eligibility requirements in to order to receive the relationship pricing discount: New or existing BMO client with at least $100,000 in BMO deposit accounts discount of up to 0.625% (including trust accounts titled in the name of the Applicant) at the time of closing after all related closing costs have been applied. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount.
  • 5. footnote 5 details, Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.
  • footnote 7 details,Certain conditions and limitations apply. Digital Banking Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Digital Banking Agreement found at bmo.com/en-us/legal for full details.
  • footnote 8 details,Extended interest rate lock periods vary by loan type and loan amount.
  • footnote 9 details,Interest Only Loans: With an interest-only mortgage, your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes. Once the loan converts to a variable rate, interest rates and payments may vary. Changes to your property taxes and hazard, flood, or other required insurance may cause your total monthly mortgage payment to change periodically during the term of your loan. The minimum monthly interest-only payment can only be made in the first 10 years of your interest-only mortgage. Historical performance of interest-only mortgage indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Interest-only loans provide for the payment of interest only for a set period of time, and payments of principal and interest thereafter for the remainder of the loan term. While making interest-only payments, principal is not reduced. At the end of this period, your monthly payment will increase, possibly substantially, because you will be required to pay down the outstanding principal plus any remaining interest. Always consider paying more than the minimum payment to pay down the principal. Your monthly payment amount may differ from this example based on your actual loan amount and repayment terms. Loan approval, certain restrictions and fees may apply.
  • footnote 10 details,Subject to applicable restrictions.