The Bank of Montreal is Canada’s oldest bank — and mortgage lender. Here’s what you need to know about getting a BMO mortgage, including rates and special offers.
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BMO is one of Canada’s Big 6 banks. It is a direct lender that offers a variety of mortgages, as well as other financial products like credit cards, bank accounts, investment services and wealth management.
BMO mortgage key features BMO mortgage loan typesThe Bank of Montreal (more commonly known as BMO) was founded in 1817, and it is Canada’s oldest bank. BMO is now the eighth largest bank in North America and reported total assets of more than $1 trillion in 2022. BMO is one of Canada’s Big Six banks and offers a large variety of financial services, including credit cards, bank accounts, investment services, insurance and wealth management.
BMO is a direct lender that offers numerous kinds of mortgages, including fixed- and variable-rate options, as well as open and closed mortgages. Mortgages are available for new homeowners and those looking to refinance or renew their mortgages. In addition to offering mortgages for primary residences, BMO also has options for investment properties and second homes. BMO has a mortgage transfer service to help smooth the process of transferring a mortgage over from a different provider.
Two features of BMO’s mortgage offerings worth highlighting are the Homeowner ReadiLine and the 130-day mortgage rate guarantee. The Homeowner ReadiLine has both a secured line of credit and a mortgage, and allows you to allocate your borrowing between the two. As you pay down what you owe on your mortgage, your available line credit increases. BMO’s 130-day mortgage rate guarantee locks in your rate for a fixed-rate mortgage for a residential property for just over four months, 10 days longer than any other big bank in Canada.
Once on CIBC’s website, tap or hover over the tab titled “Mortgages.”
On the menu that appears, look for “Apply for a Mortgage” under the “Tools and Resources” section; navigate there to find the online pre-approval form as well as the online mortgage application form.
Directly above that link you’ll find the link to the online pre-qualification form.
Find BMO’s online pre-qualification form via the Mortgages tab at the top of the page.
You won’t need to gather any documentation before you get started. Like most lenders, BMO requires a soft credit check before processing your pre-qualification. This check won’t affect your credit score.
You must meet a few basic requirements to submit the online form. If you don’t meet these, you’ll need to contact someone at BMO.
BMO lists a few conditions you’ll need to meet and information you should gather before beginning.
Expect to provide information about your employment and income when filling out the online pre-approval.
BMO is just one of many Canadian mortgage lenders. If the product you need isn’t available at Home Trust, you can check other Big Six banks, credit unions and B lenders.
You can also consider reaching out to a mortgage broker and asking for help in finding a better deal on your home loan.
| True North Mortgage | RBC Mortgage | First National Financial | |
|---|---|---|---|
| Lender type | Mortgage brokerage | Big Bank lender | Non-bank lender |
| Service area | National | National | National |
| In-person service? | Yes | Yes | Yes |
| Ease of application | Easy (online, phone, in-person) | Easy (online, phone, in-person) | Difficult (online, phone, in-person) |
| Mortgage variety | Above average | Average | Above average |
Selecting the right mortgage provider is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. You’ll need to do some research, make a list of what’s important to you, and spend some comparing offers from the different types of providers. You can start by following these steps:
» LEARN MORE: Read our guide to choosing a mortgage lender
Sandra MacGregor is a freelance writer who has been covering personal finance, investing and credit cards for over a decade. Her work has appeared in a variety of publications like…
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