Lender History:
The Bank of Montreal (BMO), founded in 1817 in Montreal, is Canada's oldest bank. It was the first to issue banknotes in the country and expanded into the U.S. by 1847. BMO played a key role in financing infrastructure after Canada's Confederation in 1867. Through the 20th century, it grew via mergers and acquisitions. Today, BMO is recognized as one of the “Big 5 Banks”, offering banking, wealth management, mortgages and investment services.
Client Niches
BMO offers several advantages that make them a strong lending partner. Their rental property program is flexible and investor-friendly, making it easier to qualify for financing on income-generating properties. For clients with strong financial standing, BMO’s net worth program provides added flexibility, even if traditional income doesn’t meet standard guidelines. Plus, BMO often offers better rates than advertised, giving qualified borrowers access to highly competitive mortgage solutions.
Factors to consider:
Bank of Montreal offers excellent refinance options and some of the best rental programs in the industry—ideal for both homeowners and real estate investors. However, it’s important to note that mortgage penalties with BMO can be higher, as they often calculate them using the posted rate rather than the discounted rate. Understanding these factors can help you make a more informed decision when choosing BMO as your lender.
Contact Information and Links for Bank of Montreal:
Contact Information:
Phone: 1-877-225-5266
Head Office Location:
129 rue Saint Jacques, Montreal, Quebec, H2Y 1L6
