BMO Bank of Montreal Mortgage Rates 2026
BMO Bank of Montreal is Canada's oldest bank and offers one of the most generous prepayment packages among the Big 5, with up to 20% lump-sum and payment increase privileges. BMO also offers cash-back mortgages and has a dedicated Self-Employed mortgage program that uses flexible income verification. BMO Smart Fixed is their flagship mortgage product with no frills and competitive pricing.
Current BMO Mortgage Rates
Rates are indicative and change frequently. Contact BMO or a broker for a current rate quote with your specific details.
Fixed Rate Mortgages
Variable Rate Mortgages
Pros & Cons
Pros
- Best prepayment privileges among Big 5 — 20% lump-sum + 20% payment increase
- Cash-back mortgage option available
- Self-Employed mortgage program with flexible income documentation
- BMO Smart Fixed — competitive no-frills fixed rate product
- Strong in-person service at branches
Cons
- —Assumability not available on most products
- —Some posted rates are not as competitive as RBC or TD
- —Digital tools lag behind RBC and TD
BMO Mortgage FAQs
What is BMO's prepayment privilege?
BMO offers the most generous prepayment privileges among the Big 5: you can pay up to 20% of the original principal annually as a lump sum and increase regular payments by up to 20% per year.
Does BMO offer a cash-back mortgage?
Yes. BMO cash-back mortgages give you a lump sum (usually 1%–5% of the mortgage amount) at closing. However, cash-back comes at a higher interest rate, so calculate the total cost carefully before choosing this option.
Is BMO good for self-employed buyers?
BMO has a dedicated program for self-employed borrowers that uses more flexible income documentation compared to traditional T4-based qualification. This makes it a good option for business owners and freelancers.