Smarter Loans
3.85
Updated
Sep, 2026
Our Score
Cost
8.4/10
Experience
6.3/10
Flexibility
8.1/10
Support
7.9/10
BMO
4.6
Updated
Sep, 2026
Our Score
Cost
9.4/10
Experience
8.7/10
Flexibility
9.0/10
Support
9.5/10
Mortgage Details
Mortgage Amount Minimum
The minimum mortgage amount is the lowest loan size available for home financing.
$50,000
$50,000
Mortgage Amount Maximum
The maximum mortgage amount is the highest loan size offered by the lender for property purchases.
$10,000,000
$10,000,000
Mortgage Term Minimum
The minimum mortgage term is the shortest period available for repaying a mortgage loan.
1 year
6 months
Mortgage Term Maximum
The maximum mortgage term is the longest repayment period offered for a mortgage loan.
10 years
10 years
Downpayment Percentage Minimum
The minimum downpayment percentage is the smallest portion of the property’s price required upfront.
5%
5%
Downpayment Percentage Maximum
The maximum downpayment percentage is the highest portion of the property’s price a borrower can contribute.
50%
50%
APR Minimum
The minimum APR represents the lowest possible interest rate available to qualified applicants.
4.29%
4.74%
APR Maximum
The maximum APR represents the highest potential interest rate a borrower could receive.
10%
10%
Processing Time Minimum
The minimum processing time is the fastest period in which a lender can review and approve a loan.
1 week
1 week
Processing Time Maximum
The maximum processing time is the longest duration a lender may take to finalize a loan decision.
2 weeks
2 weeks
Same-Day Approval
Same-day approval means the lender can review and approve your loan application within the same day.
No
No
Same-Day Funding
Same-day funding means approved funds are deposited into your account on the same day as approval.
No
No
Missed Payment Fee
A missed payment fee is charged when a scheduled loan payment is not made on time.
$0
$0
Membership Fee
A membership fee is a one-time or recurring charge required to access the lender’s services.
$0
$0
Flexible Repayment
Flexible repayment allows borrowers to choose or adjust repayment schedules to fit their budget.
No
No
Rate Lock Period
The rate lock period is the time during which your mortgage interest rate is guaranteed and protected from changes.
60 days
60 days
Mortgage Requirements
Credit Score Minimum
The minimum credit score is the baseline score required to qualify for a loan.
560
600
Credit Score Maximum
The maximum credit score typically accepted or considered for the best loan terms.
900
900
Minimum Employment Time
The minimum employment time is the required period you must have earned a stable income before applying.
2 years
2 years
Minimum Age
The minimum age is the youngest age at which an applicant is eligible to apply for a loan.
18
18
Property Type
First Time Homebuyer
First-time homebuyer indicates eligibility for special programs or loans designed for those purchasing their first home.
Yes
Yes
Investment Property
Investment property loans are available for purchasing properties intended to generate rental income or profit.
Yes
Yes
Commercial Property
Commercial property loans are designed for financing business-related real estate such as offices, retail, or industrial spaces.
Yes
Yes
Rental Property
Rental property loans are for purchasing or refinancing properties that will be rented to tenants.
Yes
Yes
Condo
Condo loans are specifically tailored for purchasing condominium units and may include unique qualification criteria.
Yes
Yes
Platform
Broker
A broker connects borrowers with multiple lenders to find suitable loan options.
Yes
No
Direct Lender
A direct lender provides loan funds directly without involving third-party brokers.
No
Yes
Website
The website is the lender’s online platform for applying, managing, or learning about loans.
Yes
Yes
Mobile App
The mobile app allows borrowers to apply for and manage their loans conveniently from a phone.
No
Yes
24/7 Support
24/7 support ensures customer assistance is available at any time, day or night.
No
No
Chat Support
Chat support lets borrowers communicate with customer service through live or automated online chat.
No
No
Online Application
An online application allows you to apply for a loan digitally from any device.
Yes
Yes
Online Service
In-person service means borrowers can manage and apply for mortgages, and consult with representatives online.
Yes
Yes
In Person Service
In-person service means borrowers can meet with lender representatives face-to-face for support or consultation.
No
Yes
Overview of Smarter Loans vs BMO mortgage
Smarter Loans and BMO both provide mortgage quotes in Canada. Smarter Loans is an online comparison site for financial services. They can provide you with a connection to a lender. BMO is a major Canadian bank that provides bank accounts, credit cards and loans including mortgages
Is Smarter Loans better than BMO for mortgages?
Smarter Loans might provide a better experience than BMO for mortgages because you can compare multiple lenders.
Is Smarter Loans cheaper than BMO?
Smarter Loans doesn’t charge for their service of referring users to a qualified lender.
Pros and cons of Smarter Loans mortgage vs BMO mortgage
Here are some pros for Smarter Loans mortgage vs BMO mortgage:
- Compare online quotes
- Online experience
Here are some cons for Smarter Loans mortgage vs BMO mortgage:
- BMO may have high qualification requirements
Key differences between Smarter Loans and BMO
The key difference between Smarter Loans and BMO is that the former can provide you with comparisons of different lenders and connect you with a lender while the latter is a mortgage lender.
