BMO's renewal experience is defined by two things: a well-designed 130-day rate hold (longer than RBC's 120), and an aggressive Homeowner ReadiLine readvanceable product that shows up on many customer files.
How BMO delivers your renewal offer
BMO mails a renewal package 21–30 days before maturity, and posts it in BMO Online Banking under My Accounts → Mortgage → Documents. First mailed offers are usually 30–60 bps above the retention floor — a smaller gap than TD but wider than CIBC.
BMO Homeowner ReadiLine
If your BMO mortgage was originated with the Homeowner ReadiLine, it is registered as a collateral charge — usually at 80% of your home's value. Switching at renewal requires discharge and re-registration ($700–$1,000 legal). If you did not need the line of credit, ask BMO at renewal to collapse to a standard amortizing mortgage; while the underlying collateral registration remains until discharged, it simplifies your file for the next renewal.
The BMO 130-day rate hold
BMO's 130-day rate hold is the longest among the Big 6. Use it. Call the mortgage line at 1-877-225-5266 at 130 days out and lock a rate — with the standard 'if rates drop, will you honour the lower rate?' clarifier confirmed in writing (email a summary to the agent).
Negotiation questions that work at BMO
BMO retention is at 1-877-225-5266. Openers that work: 'What is the best rate BMO can offer me today on a 5-year fixed?' — get a number. Then produce a broker quote and ask for a match. BMO's retention discretion is real — many agents can move 30–60 bps without escalation.
Jay Klair — FSRA Level 2 mortgage agent — will personally review your offer for free. One business day reply.
Where to find your BMO mortgage details
In BMO Online Banking, open your mortgage → Documents → Annual Mortgage Statement. This lists balance, rate, maturity, amortization, and payment. Charge type and registered amount are on the original Charge/Mortgage of Land — request from BMO at 1-877-225-5266 if not on file.
Real example
Hamilton homeowner, $482,000 balance, BMO 5-year fixed with Homeowner ReadiLine, maturing September 2026. First BMO offer: 4.94%. Broker quote at Strive: 4.29%. Discharge legal: $825. Five-year savings from the 0.65% improvement: approximately $15,650. Net after legal: $14,825. BMO retention matched to 4.44%; homeowner switched anyway to eliminate the collateral charge and to access Strive's better prepayment terms.
Official BMO renewal resources
BMO's renewal information lives at bmo.com/main/personal/mortgages/renewals and the retention line is 1-877-225-5266.
Frequently asked
Does BMO waive the appraisal for a renewal switch?
For internal renewals, no appraisal is required. For switches into BMO from another lender, BMO typically covers the appraisal under their switch program. For switches out of BMO, the destination lender's program applies.