If you’re looking for BMO mortgage rates, one of their variable rate offers may have caught your attention. The rate is decent, there's a valuable cash back promotion available, and you can get pre-approved for your BMO mortgage online in just a few minutes.
But with not much else in the way of special offers or features, the major thing BMO mortgages have going for them is the reputable brand behind BMO – a giant among Canadian banks. Let’s take a look at everything BMO variable mortgage ratescan offer you – and how they stack up against your other Canadian options.
BMO closed variable mortgage features
Here are your options when it comes to variable mortgage rates at BMO.
Why You Want It
Get a longer 130-day rate guarantee + Online pre-approval with a reputable big bank.
Provinces
ALL
Mortgage Rates
VariableClosed
5 Years
4.45%
Features
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
130
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
* Please note that mortgage rates change often and these numbers are included for demonstration only. Refer to the websites themselves for the most up-to-date information.
BMO closed variable mortgage product rating: 5.0 stars
BMO variable mortgage rates give you the opportunity to get a rate that’s exactly equal to Canada’s prime rate. Plus, its cash back offer means you can get up to $4,100 in cash back – which can offer sweet relief after shelling out realtor fees, legal fees, closing costs, etc.
The downside is BMO’s variable mortgage rates aren’t the lowest you can get in Canada, and there are no special features to go alongside the rates to entice you. The biggest perk may be getting a mortgage with one of the biggest banks in Canada.
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.
The pros of BMO closed variable mortgages
Here’s what there is to like about BMO’s variable mortgage rates.
Pros
Get your mortgage at a reputable company
One of the perks of getting your mortgage at a big Canadian bank is the fact that they invite a certain level of trust that’s hard to come by just on low rates alone. This is especially true if you already bank at BMO, or if you have a BMO branch near by where you can talk to a mortgage specialist one-on-one.
One of the longest rate guarantees on the market
If you’re interested in a rate you see today, but aren’t quite ready to apply for a mortgage…BMO offers one of the longest rate guarantees in Canada. You could lock the rate in for 130 days, giving you plenty of time to continue your house search.
Convenient online pre-approval
BMO mortgage hopefuls can also get pre-approved online, which makes it even easier to lock in your rate for those 130 days. The BMO site claims you'll hear back about pre-approval within 10 minutes no matter where or when you apply – now that's convenience.
The cons of BMO closed variable mortgages
And here are a few things to keep your eye on.
Cons
Neither the best or worst on the market
When compared to the 3 other banks in our alternatives table below, BMO doesn't offer the best mortgage rates on the market, but they're not the worst, either. Many people focus on getting the best rate as their #1 priority, so BMO doesn't exactly stand out here.
Mortgage payment calculator
Check out what your monthly mortgage payments would be with our quick and easy calculator:
Mortgage Information
BMO closed variable mortgage alternatives
Here’s how BMO compares to variable rate mortgages at 3 other Canadian banks.
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Closed Variable Rate Mortgage | Coast Capital Closed Fixed Rate Mortgage | nesto | CIBC Open Fixed Mortgage |
| Genius Rating | ||||
| Why You Want It | Get a longer 130-day rate guarantee + Online pre-approval with a reputable big bank. | Rates as low as 3.96%* APR on a high-ratio 5-year fixed mortgage | Get the lowest rate guaranteed + 150 day rate lock | Pay off as much as you want + Flexibility to change terms without fees. |
| Mortgage Rates | VariableClosed
| Fixed Closed
High-Ratio Closed
| Fixed Closed
| Fixed Open
|
| Rate Type | Variable Closed | Fixed Closed | Fixed Closed | Fixed Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 130 | 120 | 150 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.7% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | 1 | See Issuer for Details | 1 |
Show More | ||||
| See rates & details See more BMO products Compare | See rates & details See more Coast Capital Savings products Compare | See rates & details See more nesto products Compare | Learn More See more CIBC products Compare |
* Please note that mortgage rates change often and these numbers are included for demonstration only. Refer to the websites themselves for the most up-to-date information.
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FAQ
What are the benefits of getting a mortgage with BMO?
The major benefit of getting a mortgage with BMO is being backed by one of the biggest banks in Canada. This can add a level of security that may be worth the sub-par mortgage rates to some people.
Does BMO have the best mortgage rates in Canada?
No, BMO doesn’t have the best mortgage rates in Canada. That title is usually reserved for online banks, but BMO also doesn’t have the best rates among big banks either. Check out a comparison of BMO’s variable rates to RBC, TD, and Tangerine.
What's special about BMO's mortgage rates?
The most unique feature of BMO's mortgage rates is the fact that they have one of the longest rate guarantees on the market. That means the price you see can be locked in for 10 days longer than usual.
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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