BMO Mortgage Review 2025
BMO: Our quick take
BMO, a Big Six bank, has many types of mortgages and a large national footprint. It's a good choice if you want a traditional mortgage with a familiar brand.
Who is a BMO mortgage best for?
Home buyers with good credit interested in working with a well-known brand may be a good fit for a mortgage from BMO.
Who's eligible for a BMO mortgage?
As with any lender or brokerage, you’ll need to meet certain eligibility requirements. To qualify for a prime mortgage with BMO you'll need:
Minimum credit score: Typically 680.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
What type of mortgages does BMO offer?
Like all Big Six banks, BMO has a mortgage for nearly every need:
Convertible mortgages.
Renewals and refinances.
Mortgages for newcomers to Canada.
Investment property, vacation and second home mortgages.
Farm mortgages.
Mortgages for self-employed individuals.
You may have trouble finding a bad credit mortgage at BMO. If you have a lower credit score and need a mortgage, you'll want to see if B Lenders can help.
How do BMO's mortgage rates compare?
Review of BMO mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
STANDARD
BMO advertises four special rates — that's middle of the road for Big Six banks.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
BMO advertises special rates for:
5 year closed fixed
5 year closed variable
5 year fixed high ratio
Term length options
EXCELLENT
BMO advertises more than a dozen terms online.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
RBC advertises the following terms on its website:
6 months (open)
1 year
1 year (open)
2 year
3 year
4 year
5 year
6 year
7 year
10 year
3 year (open) variable
5 year variable
5 year fixed high ratio
Prepayment limit
EXCELLENT
BMO's lump-sum prepayment max on most mortgages is 20%. No Big Six has better terms, though a few others have the same 20% limit. If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply for a mortgage at BMO
BMO has online tools for pre-qualification and pre-approval.
Expand to preview online application
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.
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
DIVE EVEN DEEPER
Clay Jarvis
Kurt Woock
Kurt Woock
Clay Jarvis