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First-Time Home Buyer Welcome Cash Offer.
Get up to $1,000.

 

Add to your new home celebration with a little extra cash from BMO. Enjoy up to $1,000 when you get a BMO mortgage requiring mortgage default insurance and use your chequing account to make your mortgage payments‎1.

How would you like to start your pre-approval?

For general mortgage inquires call 1-877-225-5266


How it works

Step 1

 

Apply for, and be approved and advanced a new BMO fixed or variable rate mortgage with a closed term of 4 years or longer and a maximum 25 year amortization period on or after January 16, 20171:

  • Get $500 with a mortgage valued between $100,000 - $249,999
  • Get $1,000 with a mortgage valued at over $250,000
  • The mortgage must require mortgage default insurance and the default insurance must have been obtained

Step 2

 

Make your mortgage payments from a BMO chequing account that has a Practical, Plus, Performance, AIR MILES®†, Premium or Bank Unlimited Plan1:

  • If you already have a BMO chequing account and a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan, you’re ready to go
  • If you don’t yet have a BMO chequing account and a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan, open one to get started

Mortgage basics for first-time home buyers


How do I get a mortgage with BMO?

 

Step 1: Start the conversation

 

Step 2: Secure your BMO Mortgage PRE-APPROVAL

  • A pre-approval lets you shop for a house confidently, knowing how much you can borrow and what your mortgage payments will be.
  • Check out this list of things you need to bring to your first meeting for a pre-approval.

 

Step 3: Find your dream home

  • When you find your home, make an offer!

 

Step 4: Secure your BMO Mortgage APPROVAL

  • Once the offer is accepted, connect back with us and we will send an appraiser to confirm the property value matches the selling price and can be financed with your mortgage.
  • You may have to provide additional documents related to your income and property at this stage.

 

Step 5: Get a real estate lawyer or notary as soon as your mortgage is approved

  • On the closing day, your lawyer or notary will ensure the balance of the purchase price is transferred to the seller’s lawyer.

 

Congratulations, you have a mortgage; and your new home!


What is Mortgage Default Insurance?

 

  • Mortgage Default Insurance, commonly known as Mortgage Insurance, allows home buyers to achieve the dream of home ownership. 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.

What are the benefits of the Mortgage Default Insurance?

 

  • Home buyers may have the opportunity to start building equity earlier as opposed to waiting until they have saved 20% down.
  • Home buyers with smaller down payments are still able to secure a competitive interest rate.
  • Mortgage Default Insurance provides a portability feature, reducing or eliminating premium charges for your insured loan when purchasing another property. Prepayment charges related to the mortgage itself, may apply.

How do I get mortgage default insurance?

 

  • We will arrange the purchase of mortgage default insurance at the time of your mortgage application.
  • Mortgage default insurance premiums are based on the mortgage amount and can be paid in lump sum or amortized over the length of the mortgage.

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"First-Time Home Buyer Welcome Cash Offer" Terms and Conditions

 

 

1a. $500.00 Offer: Apply for, and be approved and advanced a new BMO fixed or variable rate mortgage of $100,000 - $249,999 with a closed term of four (4) years or longer and a maximum twenty-five (25) year amortization period (“BMO Mortgage”) on or after January 16, 2017;

 

OR

 

1b. $1,000.00 Offer: Apply for, and be approved and advanced a new BMO fixed or variable rate mortgage of at least $250,000 with a closed term of four (4) years or longer and a maximum twenty-five (25) year amortization period (“BMO Mortgage”) on or after January 16th, 2017;

 

AND

 

2. The BMO Mortgage must require mortgage default insurance and default insurance must have been obtained.

 

AND

 

3a. Open a BMO Canadian Dollar Primary Chequing Account (a “Chequing Account”) with a Practical, Plus, Performance, AIR MILES®†, Premium or Bank Unlimited Plan (each an “Eligible Plan”) and set up the Chequing Account as the funding account for the BMO Mortgage;

 

OR

 

3b. Set up an existing Chequing Account with an Eligible Plan as the funding account for the BMO Mortgage.

 

Exclusions:

 

1. The following customers are not eligible for the offers:

 

  • Customers who have an existing mortgage with BMO
  • Customers who are transferring a mortgage from another financial institution
  • Customers who have previously held a mortgage
  • Employees of Bank of Montreal and those with whom such employees are domiciled
  • Customers who receive non-standard pricing or have appraisal, title insurance, or legal fees reversed will not be eligible for the cash offer

 

All applications are subject to meeting Bank of Montreal’s usual credit criteria.

 

Limit of one (1) $500.00 or $1,000.00 cash payment per customer. Customers who obtain a joint BMO Mortgage will only qualify to receive one (1) $500.00 or $1,000.00 cash payment between them. The Chequing Account must be in the same name(s) as the BMO Mortgage. The cash payment will be deposited to the Chequing Account approximately sixty (60) days after the mortgage funds have been advanced. Your Chequing Account and BMO Mortgage must remain open and in good standing for at least 30 days after funding of the BMO Mortgage, to remain eligible.

 

This offer cannot be combined with any other mortgage or Everyday Banking offer or promotion or Kids, Teens, and Students/Recent Graduates discounted banking programs.

 

This offer may be changed, withdrawn or extended at any time without notice.

 

®* Trademarks of AIR MILES International Trading B.V. Used under license by LoyaltyOne, Co. and Bank of Montreal

 

 

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