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Compare current BMO mortgage rates in Ontario with Sunlite Mortgage rates in one simple table. See BMO mortgage rates by term and how Sunlite Mortgage compares.
Rates are shown for comparison purposes only and may change without notice. Actual rates depend on borrower qualifications, mortgage type, amortization, loan-to-value, property type and lender approval.
Compare current BMO mortgage rates with Sunlite Mortgage rates below.
| Terms |
BMO
|
TD
|
RBC
|
Scotiabank
|
CIBC
|
National Bank
|
Sunlite Mortgage |
|---|---|---|---|---|---|---|---|
| 1-Year Fixed | — | From 5.54% | 5.14% | — | — | 5.49% | 4.89% |
| 2-Year Fixed | — | From 5.04% | 5.14% | — | — | 4.99% | 4.39% |
| 3-Year Fixed | 4.74% | From 5.04% | 4.99% | 4.74% | 4.64% | 4.94% | 3.99% |
| 4-Year Fixed | — | From 5.19% | 5.04% | 4.89% | 4.79% | 5.04% | 4.44% |
| 5-Year Fixed | 4.94% | From 5.24% | 5.14% | 4.94% | 4.84% | 4.24% | 4.24% |
| 3-Year Variable | — | — | — | — | 4.05% | — | 4.05% |
| 5-Year Variable | 4.12% | From 4.09% | 4.15% | 3.90% | 3.95% | 4.10% | 3.60% |
| Prime Rate | 4.45% | 4.60% TDMP | 4.45% | 4.45% | 4.45% | 4.45% | 4.45% |
When comparing rates from banks like BMO and the other Canadian Big Five banks, you’re generally talking about conventional lenders, who have some of the lowest rates available compared to private and other alternative lenders. (There are a range of different lender types in Canada).
When you’re looking for the best rate, A-lenders like Sunlite Mortgage and the Big Five update their rates regularly based on changes in the Bank of Canada’s key interest rate. Ultimately, you want to go for the lowest rate possible since a lower interest rate could save you thousands over the lifetime of your mortgage. The best way to compare rates is to check out multiple lenders and see what’s available. You also want to make sure you find a mortgage solution that works for your situation, and here, it helps to know the pros and cons of fixed versus variable rate mortgages and other different types of mortgages in Canada.
Finally, if you’ve found a rate from a lender other than Sunlite Mortgage, we guarantee that we’ll match or beat it, or you could get $500. Learn more about Sunlite Mortgage’s low-rate guarantee.
The Bank of Montreal was founded in 1817 and was Canada’s first bank. Today, the bank serves over 10 million individuals, institutions, and corporations worldwide, with its primary customer base in North America. BMO is a popular choice for Canadian residential mortgages as one of the Big Five Banks. Listed on the stock exchange as BMO, shares in the company have traded roughly between $125.00 and $150.00 Canadian for the last year, with share value trending gradually and steadily downwards since last year. The company’s CEO has been Darryl White since November 2017.
BMO is one of the largest banks in Canada and has consistently had competitive mortgage rates in both the fixed and variable rate categories. BMO’s fixed rate 5-year mortgage is 5.24%, and the variable rate 5-year mortgage is 4.24%. Historically, BMO’s 5-year fixed and variable rate mortgages have generally followed national trends related to rising and falling interest rates, as set by the Bank of Canada. BMO’s variable rate mortgages can be converted to a fixed rate at any time, although if you are converting your mortgage to a fixed rate, you may not be able to get the best rate automatically.
BMO offers various mortgage solutions, from fixed to variable and convertible mortgages. They have a fairly conventional offering of residential mortgages, with competitive rates and decent prepayment flexibility. Here’s a breakdown of BMO’s main residential mortgage products.
BMO offers fixed-rate closed mortgages, which lock in your interest rates for the duration of your term, making your monthly payments the same regardless of fluctuations in interest rates. BMO offers 1 to 10-year terms, with Smart Fixed options available for 5 and 10-year terms. Rates vary depending on whether you get an amortization period of less or more than 25 years.
Open fixed-rate mortgages from BMO are useful if you plan to make prepayments of more than 20% of your original mortgage principal or if you plan to sell your home shortly. Interest rates with open fixed-rate mortgages are generally higher to allow this additional flexibility.
With a variable-rate mortgage, while your payments remain the same, the amount applied to your principal can fluctuate with BMO’s prime lending rate. Variable-rate mortgages historically perform better than fixed-rate mortgages in terms of total repayments. However, if interest rates fluctuate significantly, your payments may increase by comparatively more. BMO offers 3-year open and 5-year closed variable rate mortgages.
Allows you to buy a home with a down payment of 5%.
A convertible fixed-rate mortgage offers similar benefits to a closed mortgage but with the added flexibility of changing to a longer fixed rate term of 1 year without a prepayment charge. Convertible mortgages are useful if you want to change your term shortly after buying your house or if your financial situation evolves.
BMO Homeowner ReadiLine® is essentially a mortgage and a line of credit. With this product, you can borrow up to 80% of your home’s value, with the option to split between a mortgage and a line of credit. As you pay off the mortgage, the principal you repay will increase the limit available on your line of credit. This option is great if you’re looking to use your equity to make further improvements on your house or to consolidate other debts at a lower interest rate by paying them off with your credit line.
In mortgage terms, prepayment describes when a borrower pays off some or all of their mortgage early, with a lump sum payment, or by increasing their monthly payments. Each major bank has different amounts you can pay off yearly on your mortgage. Some mortgages come with more attractive prepayment options, so it’s worth looking into if you want the flexibility of being able to pay back your mortgage early. BMO offers generous repayment terms, up to 15%, on many mortgage products. This means you can increase your monthly repayments by up to 20% yearly to help pay down your mortgage faster. BMO offers a range of mortgage payment increase options, including:
With BMO, you can increase your mortgage payment once per calendar year (depending on your type of mortgage) by up to 10%, with a BMO Smart Fixed Mortgage, or 20% for any other kind of BMO closed mortgage.
Alternatively, you can make lump-sum prepayments each year without a prepayment charge, up to 10% of the original mortgage amount for a BMO Smart Fixed Mortgage or 20% of the original mortgage amount for any other BMO closed mortgage
BMO customers can switch from monthly mortgage payments to an accelerated weekly or bi-weekly schedule to help save money in the long run.
You can choose to increase the amount of your regular mortgage payment (principal and interest) by up to 20% (10% with a BMO Smart Fixed Mortgage) without any additional charge. BMO customers can do this once in every calendar year. Paying more each month will shorten your amortization period and can reduce your interest costs over time.
Here’s a breakdown of the Big Six banks and their prepayment amounts. As you can see, BMO offers one of the highest prepayment amounts of any of the other major banks, at 15%. However, the setup of BMO’s prepayment amounts varies depending on the type and term of your mortgage. For example, a BMO Smart Fixed Mortgage has a 10% prepayment amount rather than 15%.
| Canadian Bank Closed Mortgage Prepayment Amounts | |
| RBC Royal Bank | 10% |
| TD Bank | 15% |
| Scotiabank | 15% |
| BMO | 20% |
| CIBC | 20% |
| National Bank | 10% |
With BMO, if you’re renewing with the same lender, the process involves contacting the bank directly to explore your renewal options. However, the renewal process often raises questions like whether you must renew your current bank’s mortgage. The answer is no; you can renew with any bank or mortgage provider at the end of your term. If you want to renew your current BMO mortgage with another lender, shop around for better rates and terms that suit your situation before you renew with the same lender.
At Sunlite Mortgage, we help you find the best rates available on your mortgage and lend directly. Our simple renewal process guide explains in more detail how to renew your mortgage with a new lender. To get started and renew your mortgage with Sunlite Mortgage, start by finding the best rate available near you at least a couple of months before your current term is due to expire. Once you’ve found a solution you’re interested in, contact us, and a mortgage advisor will help you. Renewing with Sunlite Mortgage is a simple, hassle-free process that could save you thousands over the lifetime of your mortgage compared to the Big Banks.
BMO fixed and variable mortgage rates can be competitive with other major Canadian banks, but the lowest option depends on the term, mortgage type and borrower profile. Sunlite Mortgage compares current BMO mortgage rates with rates available through other lenders so borrowers can review more than one option before deciding.
Some smaller lenders like credit unions and other alternative lenders may be able to offer lower rates than the big banks like BMO. However, big banks and other A-lenders typically have more stringent lending criteria that allow them to offer lower rates than you can find elsewhere because they opt for less risky borrowers. Smaller lenders may be able to offer mortgages to people with unique employment situations or poor credit, but they may charge higher interest rates as a consequence.
BMO suggests getting in touch with one of their mortgage advisors to talk about your loan. The bank offers quick online pre-qualification tools and you can start the process of applying for a mortgage with BMO online. At Sunlite Mortgage, we can help you compare the best rates from BMO and other big banks to find the best rate possible, plus, we also lend directly.
BMO is one of Canada’s oldest and largest banks, and makes up one of the Big Five, or Big Six Canadian banking institutions. The bank offers a range of conventional mortgage products for residential customers, and offers rates that are in line with other big banks and A-lenders. BMO offer decent prepayment options for many of their mortgage products and some flexibility in the form of convertible mortgages and open mortgages. Ultimately, if you’re looking to find the best rate possible with the big banks, look at multiple lenders first to see who offers the lowest rate possible.
*Applicable with an accepted offer to purchase or renew. Conditions apply
