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First-Time Home Buyers



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Where are you in your home buying journey?

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Know what you want

Find the right home

Why you should have a pre-approval

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Why you should have a pre-approval

Tell me more - Why you should have a pre-approval

Review your options

Budgeting

Closing costs

Why you should have a pre-approval

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Why you should have a pre-approval

Tell me more - Why you should have a pre-approval

Smart borrowing

Do you need an agent?

Your lawyer or notary

Home buying experts

Conditional offers

Negotiating

Making an offer

Your home inspection

Your down payment

Closing costs

Moving day

Closing costs

Pay your mortgage faster

Flexible payments

Mortgage insurance

Home insurance


Discover affordability and monthly payments

See what you can afford (based on a 25 year fixed amortization)

Monthly payment
  • Rate
  • Your home price
    $0
  • Legal disclaimer
    Calculations are based on the BMO Bank of Montreal posted 5 year fixed rate with a 25 year amortization and assumes no change in the interest rate for the life of the mortgage. These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Loan applications are based on the applicable qualifying rate at time of application and subject to approval. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.
    A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
    A home purchase price of greater than $1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%.

Monthly payment (based on a 25-year amortization)

Mortgage amount
  • Rate
    5 year Smart Fixed
  • APR
  • Your monthly payment
    $0

  • Legal disclaimer
    These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.
    A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
    A home purchase price of greater than $1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%.

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Terms & Conditions

†* Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. These interest rates and terms are subject to change without notice.
* APR. Available on the 5-year BMO Smart Fixed Mortgage (closed). The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for the regular 5-year fixed rate mortgage (closed) or the Homeowner ReadiLine®.
** APR. Available on the 10-year BMO Smart Fixed Mortgage (closed). The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for the regular 10-year fixed rate mortgage (closed) or the Homeowner ReadiLine®.
† The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application.
1. The interest rate for a fixed rate mortgage is calculated half-yearly, not in advance. The interest rate for a variable rate mortgage is calculated monthly, not in advance. The 3-year variable rate (open) term is equal to our Prime Rate + 1.20%, the 5-year variable posted rate (closed) term is equal to our Prime Rate + 0.15%. Interest rates are provided for informational purposes only and can change at any time without notice. The 3-year variable (open) interest rate is not applicable to the Homeowner ReadiLine. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
2. Prepayment charges will apply if changing from a fixed rate mortgage to a variable rate mortgage.
3. A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. A home purchase price of greater than $1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%.
4. The standard premium charged for a 90% and 95% loan-to-value ratio mortgage (as at March 17, 2017)
6. APR. Available on the 6-year BMO Fixed Mortgage (closed). The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for renewals of existing BMO mortgages.
7. APR. Available on the 5-year BMO Smart Fixed Mortgage (closed). The Annual Percentage Rate (APR) is based on a $350,000 mortgage, 25-year amortization and an appraisal fee of $300, which may be required to complete your lending application. Mortgage funds must be advanced within 130 days from the date of application. Appraisal fees are subject to change. An increase in the appraisal fee may result in an increase to the APR. This offer may be changed, withdrawn or extended at any time without notice. Applications are subject to meeting BMO's usual credit criteria. Some conditions may apply. This offer is not available for the regular 5-year fixed rate mortgage (closed) or the Homeowner ReadiLine®.
Note: The cost of default insurance is subject to change if the purchase price or appraised value, the amount of down payment or the amortization changes. The final premium and the cost of your mortgage default insurance will be disclosed in your mortgage commitment/loan document. ® Registered trade-marks of Bank of Montreal.
Personal lending products and residential mortgages are offered by the Bank of Montreal and are subject to its standard lending criteria. Some conditions apply. Special Offers are discounted rates and are not the posted rates of the Bank of Montreal. Specials Offers may be changed, withdrawn or extended at any time, without notice.