One of the lesser-known types of mortgage is the open fixed rate mortgage, which is simply a fixed rate mortgage that you can pay off in full at any time without additional penalties. These mortgages are primarily for people who are selling another property, or who are expecting a sudden lump sum of money, such as through an inheritance.
Of course, this sort of flexibility isn't free, as you'll be charged significantly higher mortgage rates in the process. Open mortgages also tend to have shorter terms. The BMO open fixed rate mortgage only has 2 term options of 6 months or 1 year.
BMO open fixed mortgage features
Why You Want It
130-day mortgage rate guarantee.
Provinces
ALL
Mortgage
Convertible
6 Months
6.09%
Fixed (Open)
6 Months
9.95%
1 Year
9.95%
Features
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
130
Bank Prime Rate
4.7%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
BMO open fixed mortgage product rating: 4.0 stars
BMO open fixed rate mortgage earned 4.0 stars – this mortgage isn't significantly different than what other banks have on offer. And while it has this extra flexibility in its terms, BMO's rates are higher than others, causing it to lose a few points.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
BMO open fixed mortgage alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Open Fixed Mortgage | nesto | Meridian Closed Fixed Mortgage | CIBC Open Variable Mortgage |
| Genius Rating | ||||
| Why You Want It | 130-day mortgage rate guarantee. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Option to convert to a fixed mortgage + Make additional payments of any size. |
| Mortgage | Convertible
Fixed (Open)
| Fixed Closed
| Fixed Closed
| Convertible
Variable Open
|
| Rate Type | Fixed Open | Fixed Closed | Fixed Closed | Variable Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 130 | 150 | 120 | 120 |
| Bank Prime Rate | 4.7% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | See Issuer for Details | Unlimited | 1 |
Show More | ||||
| See rates & details See more BMO products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more CIBC products Compare |
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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