The Smart Fixed Mortgage
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The Smart Fixed footnote 1 Advantage
5-year Smart fixed
APR6
Frequently Asked Questions
To qualify for a Smart Fixed Mortgage, you must live at the home you want the mortgage for (we call this 'owner-occupied'). In addition, you'll need:
- A credit score of at least 600. You can find your credit score by visiting either Equifax or TransUnion, and paying a small fee. Or check out the Government of Canada site for more information and to see how to get your credit score for free.
- A Gross Debt Service Ratio of less than 39%
- A Total Debt Service Ratio of less than 44%
- When you're looking for a low rate at an amortization period of 25 years (or less), having stability with your payments can help with those home-buying jitters.With the Smart Fixed Mortgage, you can:
- Lock in a low rate guaranteed for 5 or 10 years
- Enjoy the comfort of knowing exactly what your monthly mortgage payments will be
- Pay off your mortgage faster by once a year increasing your payments up to 10% and making a lump sum payment of up to 10%.
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- Footnote 1 details Available for new BMO owner-occupied mortgages only. Residential owner occupied property with one to four units; rental properties are not eligible. At least one borrower (or guarantor) must have a minimum credit score of 600. For new purchases and switches, your Gross Debt Service Ratio must be less than 39% and your Total Debt Service Ratio cannot be higher than 44% based on the higher of the Bank of Canada qualifying rate or the customer’s mortgage rate.