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Renewing Your Mortgage



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Renew your love for your home

Is it time to renew your mortgage soon? Before you do anything, check out these tips that can help you save money and become mortgage-free faster.

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Call to renew 1-877-594-0082
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Before you renew

Chances are things have changed since you first got your mortgage. Maybe you got a big promotion at work (if so, congrats!) or your kid has outgrown daycare costs (they grow up so fast!). Any of these things can impact your finances and budgets and making sure you take them into consideration before you renew your mortgage isn’t only important, it may even open the door to savings.
  • Tailor your mortgage to your life

    The type of mortgage you may want will depend on your specific needs, such as how quickly and often you can pay your mortgage down. The options below can help you decide which path is the right one for you:

  • Fixed vs. variable rate mortgage

    Fixed rates give you the security of knowing your exact monthly payments, regardless of changes to the prime rate. If you’re concerned interest rates will increase, a fixed rate mortgage may be up your alley. On the other hand, if you’re comfortable with rates fluctuating, variable rates offer flexibility.

  • Closed vs. open mortgage

    Closed mortgages usually have a lower interest rate but your prepayment options are limited. Open mortgages have a higher interest rate but your prepayment options are flexible, allowing you to pay off your mortgage at any time.

  • Change your amortization

    When it’s time to renew, you also have the opportunity to change the length of your amortization. A shortened amortization can help you become mortgage-free faster.

  • Increase/decrease payments

    Be realistic about your finances and whether you can pay more or if you’ll need money for new expenses. When you renew your mortgage, look for options and opportunities to pay it down faster – or take advantage of mortgage vacations.

  • Frequency of payments

    When it comes to how often you make payments, there’s no shortage of choices— from monthly to semi-monthly, bi-weekly, weekly, accelerated bi-weekly or accelerated weekly. Keep in mind that an accelerated option allows you to make the equivalent of one extra monthly payment per year and shave years off the length of your mortgage.

It’s not a bad idea to start thinking about mortgage renewal before it’s time to renew. Here are a few helpful tips and strategies to get a head start on the renewal process to make it go smoothly.

Start early

It’s a good idea to begin looking into your options four to six months before your renewal date. Take this opportunity to assess your finances, research rates and speak with us to make sure your options meet your lending needs. Plus, if you think rates will be going up soon, why not secure a good rate with an early renewal.

What to consider at renewal time

Renewing your BMO mortgage is quick and easy. It’s a time that offers you a variety of options and opportunities to:
  • Increase your mortgage payments to reduce your total interest cost and be mortgage-free sooner
  • Select a mortgage with a longer term than you originally had to lock in a rate for a longer period of time
  • Select a mortgage with a shorter term to give you the flexibility to change your choices sooner
  • Switch from a variable to fixed rate mortgage (or vice versa), or switch from an open to a closed mortgage (or vice versa)
  • Pay down your principal without a prepayment charge

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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.
†† The 5-year variable rate (closed) term is equal to our Prime Rate + 0.15%. Rate is subject to change without notice. The interest rate for a variable rate mortgage is calculated monthly, not in advance.
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%. The 5-year variable special rate (closed) term is equal to our Prime Rate – 0.05%. 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 7-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®. This offer is not available for renewals of existing BMO mortgages.
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.