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Home Financing Basics

  • How Does a Mortgage Work?
    A mortgage is nothing more than a loan to buy a home. Like any loan, your payments consist of a combination of the repayment of the principal (borrowed amount), and your interest payments.
  • Mortgage Options
    When it comes to getting a mortgage, you’ve got a lot of options. The choices you make will depend solely on your personal situation.
  • My Home Equity
    • Homeowner ReadiLine
    • Home Equity Loan Plan
    • Homeowner’s Line of Credit
    • Mortgage Cash Account
  • Interest Rate Options
    There is no right or wrong answer when it comes to choosing between a fixed or variable interest rate. Your choice will depend solely on your personal situation and how much risk you can tolerate.
  • Amortization Period
    The amortization period is the number of years it will take you to pay off your mortgage.
  • Mortgage Term
    Your mortgage term is the amount of time your contract is in effect. The average mortgage term is 5 years however can range from 6 months up to 10 years.
  • Down Payment
    For an owner occupied home you will need to have saved at least 5% of the cost of your home for a down payment. If you are able to make a down payment of at least 20%, you’ll avoid having to pay default insurance on your mortgage.