With interest rates changing as often as they have been lately, variable rate mortgages aren't getting a whole lot of attention. Most people are looking to lock in their rates with longer term fixed rate mortgages, so options like open variable mortgages – with their shorter terms and unpredictable rates – are being chosen only by people with very specific mortgage requirements.
That said, if you do need a short term mortgage that you can pay off at any time with no added penalty, the BMO open variable mortgage might be right for you. However, variable rate mortgages run the risk of rates that can rise unpredictably, so you'll want to make sure you know exactly what you're getting into before signing on the dotted line.
BMO Open Variable Mortgage features
Why You Want It
Convert to fixed mortgage at any time + Flexible prepayment options.
Variable Rate
Variable Open
3 Years
7.75%
Features
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
130
Bank Prime Rate
4.45%
# 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
See Issuer for Details
Promotion Available
N/A
Promotion End Date
N/A
BMO open variable mortgage product rating: 4.0 stars
We've given the BMO open variable mortgage a rating of 4.0 stars. Aside from the potentially valuable cash back promo offer ,there's not a whole lot to get excited about with this mortgage. There's only one term option of (3 years) to choose from and the interest rate falls solidly in the middle of the pack.
If you're in a situation where an open variable mortgage makes sense, this should be on your comparison list, otherwise, there's not a whole lot of reason to even consider this option.
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 Variable Mortgage alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Open Variable Mortgage | nesto | Meridian Closed Fixed Mortgage | Scotiabank Closed Variable Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Convert to fixed mortgage at any time + Flexible prepayment options. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Enjoy flexible payment options + Included mortgage insurance. |
| Variable Rate | Variable Open
| Fixed Closed
| Fixed Closed
| Variable (Closed)
|
| Rate Type | Variable Open | Fixed Closed | Fixed Closed | Variable Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 130 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 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 Scotiabank 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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