BMO Mortgage Review 2025
BMO Mortgage at a glance
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.
BMO offers a 130-day mortgage rate guarantee, which is the longest pre-approval rate guarantee of any major bank in Canada.
It offers a Homeowner ReadiLine, which combines a mortgage with a secured line of credit. It’s similar to a HELOC.
BMO has a wide variety of mortgage options to help you purchase or refinance a first or second home.
Fixed- and variable-rate mortgages.
New home mortgages.
Second home and investment property mortgages.
Refinanced mortgages.
Mortgage renewals.
Open and closed mortgages.
Convertible mortgages.
Mortgages for newcomers to Canada.
BMO Homeowner ReadiLine (a mortgage that comes with a secured line of credit).
Pros
- Allows borrowers to miss up to four monthly payments under certain circumstances.
- Credit history flexibility for newcomers to Canada.
- BMO’s 130-day rate-hold is the longest offered by any Big Six bank.
Cons
- No online mortgage application.
- No online portal for managing your mortgage.
- No options for borrowers with low credit scores.
BMO mortgage review
The Bank of Montreal (more commonly known as BMO) was founded in 1817 and is Canada’s oldest bank. BMO is now the eighth largest bank in North America and had a Canadian residential mortgage portfolio of almost $156 billion in the third quarter of 2024.
BMO offers numerous kinds of mortgages, including fixed- and variable-rate loans that come 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.
Who is a BMO mortgage best for?
A BMO mortgage may be a good choice for home buyers with good credit who might need access to their home equity to make other purchases.
Feature overview
Mortgage variety
Convertible Mortgages
Renewals and refinances.
Home equity lines of credit.
Home equity loans.
Check out today's BMO mortgage rates.
See BMO's current fixed and variable mortgage rate offers.
Ease of application
Overall, BMO makes it fairly easy to start the mortgage process. Here’s what it does and doesn’t offer:
Online pre-qualification: Yes. You can get pre-qualified in minutes.
Online pre-approval: Yes. BMO’s online pre-approval process is relatively quick and straightforward.
Online mortgage application: No. You’ll need to contact the bank to start an official mortgage application.
In-person application: Yes. BMO has branches all over the country. Call your nearest branch to be put in contact with a local mortgage specialist.
Mortgage rate transparency
BMO posts a full range of mortgage rates, including:
Posted rates: Like most Big Six banks, BMO publishes posted rates for every mortgage product it offers.
Special rates: BMO also offers a modest number of discounted rates, which change periodically.
APR: BMO includes APR in its rate offers, which gives you a better idea of the overall cost.
On the BMO website, be sure to scroll far enough down the mortgage rates page so that you see both its special and posted rates. Knowing both can help prepare you in case you’re not able to take advantage of a discounted rate.
Other BMO mortgage details
Range of terms: BMO offers mortgage terms ranging from six months to 10 years.
Lump-sum payments: Depending on your loan type, you can make a lump-sum payment worth up to 20% of your original mortgage amount once a year.
Increased payment capability: Increase your regular mortgage payment by up to 20% once per calendar year.
Prepayment penalties: Three months’ interest for variable-rate, closed mortgages; either three months’ interest or the amount calculated using BMO’s interest rate differential, whichever is greater.
Portability: If you have a fixed-rate, closed mortgage, you can transfer your existing mortgage to a new home loan of the same type.
Programs for newcomers. BMO offers flexibility for borrowers with short Canadian credit histories and guidance in their preferred language.
Options for non-payment. BMO offers a few different paths forward if life throws you a curveball and you have to miss a mortgage payment.
Homeowner ReadiLine: A combination mortgage/secured line of credit that allows you to shift your borrowing between the two. As you pay down what you owe on your mortgage, your available line of credit increases.
130-day mortgage rate guarantee: Locks in your rate for a residential fixed-rate mortgage for 10 days longer than any other big bank in Canada.
Customer satisfaction rating
Customer review websites can be helpful, but keep in mind that online reviews aren’t verified and may not reflect the average opinion of BMO customers. Unhappy customers may be overrepresented, or their experience may not be mortgage-related. Nevertheless, these sites are one way to learn about possible downsides to consider.
BMO Financial Group had a Trustpilot rating of 1.3 out of 5 possible stars based on more than 1,000 customer reviews at the time of this writing.
BMO had 1.14 out of a possible 5 stars, according to more than 200 customer reviews on the Better Business Bureau (BBB) website, at the time of this writing. BMO is not accredited by the BBB and has an F rating from the BBB itself.
BMO mortgage eligibility requirements
To apply for pre-approval for a BMO mortgage, you must:
Be a Canadian resident with a Social Insurance Number (SIN)
Be the age of majority in your province or territory
Plan to live in the home for which you’re applying for a mortgage
Have been employed for a minimum of two years and have documentation showing your gross income (such as tax returns)
For most mortgage types, BMO does not publish specific eligibility criteria. However, for the BMO Smart Fixed Mortgage, you must:
Plan to live in the home.
Have a credit score of at least 600.
Have a gross debt service ratio below 39%.
Have a total debt service ratio of less than 44%.
Use a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.
How to apply for a mortgage with BMO
Once on BMO's website, tap or hover over the tab titled “Mortgages.”
On the menu that appears, look for “Mortgage Pre-qualification" or "Mortgage pre-approval." If you're just starting your mortgage shopping journey, choose "pre-qualification."
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.
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Clay Jarvis
Kurt Woock
Kurt Woock
Clay Jarvis