BMO (Bank of Montreal)
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
BMO (Bank of Montreal): Simplifying Mortgage Solutions for Canadians
BMO (Bank of Montreal): Simplifying Mortgage Solutions for Canadians
History as a Mortgage Lender in Canada
Founded in 1817, the Bank of Montreal (BMO) is Canada's oldest bank and a top-five financial institution with assets exceeding $1.14 trillion (2023). With over two centuries of experience, BMO has been a cornerstone in the development of Canada's financial ecosystem, earning global recognition as a reliable lender.
Types of Mortgage Products & Programs
BMO offers a wide range of mortgage products to suit varying financial needs, all accessible through RateShop Mortgages:
Residential Mortgage Products:
Fixed-Rate Mortgages: Locked-in rates for predictable payments throughout the loan term.
Variable-Rate Mortgages: Adjustable rates based on market conditions, with potential for savings.
Smart Fixed Mortgages: Combines fixed-rate stability with flexible terms and conditions.
Refinancing Solutions: Allows borrowers to access home equity or consolidate debt.
Home Equity Line of Credit (HELOC): A flexible line of credit secured against your home.
Commercial Mortgage Products:
Loans for multi-residential, retail, office, and industrial properties.
Construction financing and land acquisition loans.
Tailored mortgages for business owner-occupied properties.
Specialized Programs:
First-Time Home Buyer Solutions: Flexible down payments and guidance on government incentives like the First-Time Home Buyer Incentive.
New to Canada Mortgages: Offers financing to newcomers with limited credit history.
Self-Employed Mortgages: Options tailored for self-employed borrowers based on bank statements or business income.
Cashback Mortgages: Provides a percentage of the loan amount as a cashback incentive upon closing.
Fixed-Rate Mortgages: Locked-in rates for predictable payments throughout the loan term.
Variable-Rate Mortgages: Adjustable rates based on market conditions, with potential for savings.
Smart Fixed Mortgages: Combines fixed-rate stability with flexible terms and conditions.
Refinancing Solutions: Allows borrowers to access home equity or consolidate debt.
Home Equity Line of Credit (HELOC): A flexible line of credit secured against your home.
Loans for multi-residential, retail, office, and industrial properties.
Construction financing and land acquisition loans.
Tailored mortgages for business owner-occupied properties.
First-Time Home Buyer Solutions: Flexible down payments and guidance on government incentives like the First-Time Home Buyer Incentive.
New to Canada Mortgages: Offers financing to newcomers with limited credit history.
Self-Employed Mortgages: Options tailored for self-employed borrowers based on bank statements or business income.
Cashback Mortgages: Provides a percentage of the loan amount as a cashback incentive upon closing.
BMO caters to a wide range of borrowers with varying credit and income profiles:
Eligibility Criteria by Borrower Type:
First-Time Home Buyers:
Minimum Credit Score: 600-650 for insured mortgages.
Down Payment: Starting at 5% (with mortgage insurance).
Salaried Employees: Stable income verified through pay stubs and T4s.
Contract Employees: Consistent income for at least 12 months, supported by contracts.
Self-Employed Borrowers: Income documentation via business financials or bank statements.
Credit-Challenged Borrowers: Higher down payments or co-signers may improve eligibility.
We'll find great rates like this one from one or our several lending partners across Canada.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Minimum Credit & Income Requirements
Mortgage Underwriting Criteria for Approval
BMO ensures responsible lending through rigorous yet flexible underwriting criteria:
Creditworthiness: Minimum credit score typically set at 600.
Debt Service Ratios (DSR):
GDS: Maximum of 39% for housing costs.
TDS: Maximum of 44% for total debts.
Income Verification: Salaried, self-employed, and contract income accepted with proper documentation.
Down Payment Requirements: Minimum 5% for insured mortgages; 20% for conventional loans.
Property Appraisal: Required to confirm market value and suitability.
Locations Serviced and Branch Presence in Canada
BMO operates an extensive network of over 900 branches and 3,000 ATMs across Canada, complemented by a robust digital platform for online mortgage applications and management. RateShop Mortgages enhances accessibility by connecting borrowers nationwide to BMO’s comprehensive services.
Mortgage Application Checklist
Borrowers should prepare the following documents for a smooth application process:
Valid government-issued identification.
Proof of income: Pay stubs, T4s, or business financials.
Evidence of down payment: Savings statements or gift letters.
Current credit report (optional).
Purchase agreement for the property (if applicable).
How to Start a Mortgage Pre-Approval
Starting a pre-approval with RateShop Mortgages and BMO is straightforward:
Online Application: Submit your financial details via RateShop’s secure portal.
Document Submission: Upload proof of income, credit details, and down payment.
Consultation: Work with a RateShop broker to identify the best BMO mortgage product for your needs.
Receive Pre-Approval: Valid for 90-120 days, locking in your interest rate.
How to Get Mortgage Rates
Borrowers can access competitive mortgage rates through RateShop Mortgages by:
Using RateShop’s rate comparison tool to explore real-time rates from BMO and other lenders.
Contacting a RateShop broker for personalized recommendations and rate negotiation.
Mortgage Pre-Payment Options
BMO provides borrowers with flexible pre-payment options to help reduce interest costs and pay off their mortgage faster:
Annual Lump Sum Payments: Pay up to 20% of the original mortgage balance yearly.
Double-Up Payments: Make additional payments equal to your regular installment.
Payment Increases: Boost regular payment amounts by up to 20%.
By combining BMO’s financial strength and RateShop Mortgages’ brokerage expertise, borrowers gain:
Access to competitive mortgage rates and products.
Tailored solutions for various financial situations.
Nationwide support through both in-branch and online services.
Let RateShop Mortgages and BMO help you navigate the path to homeownership or investment success. Start your journey today!
Minimum Credit & Income Requirements
BMO caters to a wide range of borrowers with varying credit and income profiles:
Eligibility Criteria by Borrower Type:
First-Time Home Buyers:
Minimum Credit Score: 600-650 for insured mortgages.
Down Payment: Starting at 5% (with mortgage insurance).
Salaried Employees: Stable income verified through pay stubs and T4s.
Contract Employees: Consistent income for at least 12 months, supported by contracts.
Self-Employed Borrowers: Income documentation via business financials or bank statements.
Credit-Challenged Borrowers: Higher down payments or co-signers may improve eligibility.
Mortgage Underwriting Criteria for Approval
BMO ensures responsible lending through rigorous yet flexible underwriting criteria:
Creditworthiness: Minimum credit score typically set at 600.
Debt Service Ratios (DSR):
GDS: Maximum of 39% for housing costs.
TDS: Maximum of 44% for total debts.
Income Verification: Salaried, self-employed, and contract income accepted with proper documentation.
Down Payment Requirements: Minimum 5% for insured mortgages; 20% for conventional loans.
Property Appraisal: Required to confirm market value and suitability.
Locations Serviced and Branch Presence in Canada
BMO operates an extensive network of over 900 branches and 3,000 ATMs across Canada, complemented by a robust digital platform for online mortgage applications and management. RateShop Mortgages enhances accessibility by connecting borrowers nationwide to BMO’s comprehensive services.
Mortgage Application Checklist
Borrowers should prepare the following documents for a smooth application process:
Valid government-issued identification.
Proof of income: Pay stubs, T4s, or business financials.
Evidence of down payment: Savings statements or gift letters.
Current credit report (optional).
Purchase agreement for the property (if applicable).
How to Start a Mortgage Pre-Approval
Starting a pre-approval with RateShop Mortgages and BMO is straightforward:
Online Application: Submit your financial details via RateShop’s secure portal.
Document Submission: Upload proof of income, credit details, and down payment.
Consultation: Work with a RateShop broker to identify the best BMO mortgage product for your needs.
Receive Pre-Approval: Valid for 90-120 days, locking in your interest rate.
How to Get Mortgage Rates
Borrowers can access competitive mortgage rates through RateShop Mortgages by:
Using RateShop’s rate comparison tool to explore real-time rates from BMO and other lenders.
Contacting a RateShop broker for personalized recommendations and rate negotiation.
Mortgage Pre-Payment Options
BMO provides borrowers with flexible pre-payment options to help reduce interest costs and pay off their mortgage faster:
Annual Lump Sum Payments: Pay up to 20% of the original mortgage balance yearly.
Double-Up Payments: Make additional payments equal to your regular installment.
Payment Increases: Boost regular payment amounts by up to 20%.
By combining BMO’s financial strength and RateShop Mortgages’ brokerage expertise, borrowers gain:
Access to competitive mortgage rates and products.
Tailored solutions for various financial situations.
Nationwide support through both in-branch and online services.
Let RateShop Mortgages and BMO help you navigate the path to homeownership or investment success. Start your journey today!
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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