BMO Mortgage review

BMO mortgage rates: special, posted and insured

BMO lists specials on its 3-year and 5-year fixed terms and its 5-year variable, high-ratio pricing for insured buyers, and posted rates on other terms. We read these figures on October 14, 2026, from the rates feeds that power BMO’s rates page. Rates change often.

• 5-year Smart Fixed special: 5.14% (APR 5.16%) with a 25-year amortization or less; not for renewals, refinances or rentals, and funds must be advanced within 130 days
• 5-year Smart Fixed high ratio: 4.99% (APR 5.01%) for owner-occupied purchases under $1,000,000 with under 20% down
• 3-year fixed special: 4.94%, or 5.04% with an amortization over 25 years; not for BMO renewals
• Posted closed fixed: 1-year 5.49%, 2-year 4.94%, 3-year 6.05%, 4-year 5.99%, 5-year 6.09%, 7-year 6.40%, 10-year 6.80%
• Posted Smart Fixed: 5-year 5.99% and 10-year 6.70%

Variable rates and BMO Prime

BMO Prime was 4.45% when we checked. The 5-year variable special is 4.10%, or prime minus 0.35%, with a 25-year amortization or less, and 4.20% (prime minus 0.25%) above that. It isn’t offered on BMO renewals or refinances. The posted 5-year variable equals prime. BMO lists a 3-year open variable at 7.75%, but the page’s footnote gives a spread of prime plus 1.70%, which doesn’t match the displayed rate, so confirm that pricing with BMO.

BMO also posts 6-month and 1-year open fixed terms at 9.95%, and a 6-month convertible term at 5.49% that converts to a 1-year or longer fixed term without charge.

Prepayment privileges

Most BMO closed mortgages let you prepay a lump sum of up to 20% of the original amount (minimum $100) and raise your payment by up to 20% once per calendar year. BMO says you can use both together without one eating into the other. The 5-year Smart Fixed is the exception: its limits are 10% for the lump sum and 10% for the payment increase. BMO mentions flexible payment options, but we didn’t confirm a skip-a-payment feature.

Penalties and portability

Breaking a closed fixed mortgage costs the higher of three months’ interest or an interest rate differential based on the posted rate for the remaining term, adjusted for your discount. On terms longer than five years, only three months’ interest applies after year 5. Closed variable mortgages cost three months’ interest.

Fixed-rate closed mortgages can move to a new home without prepayment charges under BMO’s Simple Portable feature, with Blend and Extend or Blended options if you need more money. Porting is subject to BMO’s lending criteria.

Features and how to apply

BMO advertises a 130-day rate guarantee and describes it as the longest of any major Canadian bank. Its cash-back offer pays up to $4,100 on a new or switched closed mortgage of 3 years or longer, plus up to $900 for opening chequing and savings accounts, for up to $5,000 in total, until November 2, 2026. The Homeowner ReadiLine combines a mortgage with a line of credit of up to 80% of your home’s value.

BMO allows a 30-year amortization for first-time buyers and newly built homes, but it doesn’t state an overall maximum, so confirm yours when you apply.