1. Switch your mortgage to BMO and get up to $1500 cash
Step 1
Apply for a BMO fixed or variable rate mortgage with a minimum four-year term and a maximum 25 year amortization on or after June 1, 2017:
- Receive $500 when you switch to a mortgage with BMO valued between $100,000.00 – $249,999.99
- Receive $1,000 when you switch to a mortgage with BMO valued between $250,000.00 – $499,999.99
- Receive $1,500 when you switch to a mortgage with BMO valued at over $500,000.00
Step 2
Make your mortgage payments from a BMO Chequing Account that has a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan:
- If you already have a BMO chequing account and a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan, you’re ready to go
- If you don’t yet have a BMO chequing account and a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan, open one to get started
2. First-time home buyers get up to $1,500 cash
Step 1
Apply for, be approved and be funded a new BMO mortgage with a closed term of 4 years or longer and a maximum 25 year amortization period. Apply on or after January 16, 2017:
- Get $500 with a mortgage valued between $100,000.00 – $249,999.99
- Get $1,000 with a mortgage valued between $250,000.00 – $499,999.99
- Get $1,500 with a mortgage valued at $500,000.00 and above
- The mortgage must require mortgage default insurance and the default insurance must have been obtained
Step 2
Make your mortgage payments from a BMO chequing account that has a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan:
- If you already have a BMO chequing account and a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan, you’re ready to go
- If you don’t yet have a BMO chequing account and a Practical, Plus, Performance, AIR MILES, Premium or Bank Unlimited Plan, open one to get started
3. Smart Fixed Mortgage Rate of 3.19%
To qualify for a Smart Fixed Mortgage, you must live at the home you want the mortgage for (we call this ‘owner-occupied’). In addition, you’ll need:
- A credit score of at least 600. You can find your credit score by visiting either Equifax or TransUnion, and paying a small fee. Or check out the Government of Canada site for more information and to see how to get your credit score for free.
- A Gross Debt Service Ratio of less than 39%
- A Total Debt Service Ratio of less than 45%
- The Smart Fixed Mortgage is not available for mortgage refinancing
