BMO Harris Mortgage Report 2022

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Overall Lender Rating

Advantages and disadvantages

BMO Harris Mortgage Interest Rates and Fees

BMO Harris has some sample purchase and refinance rates for its mortgages online. You can see rates for conforming and jumbo loans.

Your interest rate isn’t the only thing you need to think about when taking out a mortgage. While your rate impacts what you pay each month, lender fees can make a big difference in what you pay in closing costs.

BMO Harris charges borrowers an underwriting fee of $1,150.

Compare with other mortgage lenders

BMO Harris vs. Chase Mortgages

BMO Harris and Chase are two solid options for borrowers looking for affordable mortgage products. Chase’s DreaMaker Mortgage is aimed at low-income borrowers and allows for low down payments with lower mortgage insurance costs. It can also be combined with its Chase Homebuyer Grant, which offers up to $5,000 in closing costs or down payment assistance.

BMO’s affordable offering, its neighborhood home loan product, offers low down payments with no mortgage insurance and includes up to $7,500 in down payment and closing cost assistance.

Which of these lenders is right for you depends on your needs and finances. Because they have similar offers, it can be worth getting pre-approved with both to see who can get you the best deal.

BMO Harris Mortgages vs. Bank of America

Bank of America also offers an affordable mortgage product, called Community Affordable Loan Solution. For those who qualify, this mortgage is a great deal, with no down payment required, no minimum credit score, and no mortgage insurance. However, this mortgage is currently only available in a handful of cities.

If you’re not in an area eligible for Bank of America’s Affordable Mortgage or if BMO’s offerings are a better fit for you, you may prefer BMO over Bank of America. But both are solid lenders.

How BMO Harris Mortgages Work

BMO Harris is available in all 50 states and Washington, DC. If you are ready to submit an application, you can start online or by phone. But if you’re just looking to get an idea of ​​what you can afford, you’ll need to speak with a loan officer about prequalifying.

BMO Harris offers basic and more unique types of mortgages. Its core offerings include conforming, FHA, and jumbo mortgages. It also offers early-career physician mortgages, construction loans, a cross-border mortgage for Canadians buying a home in the United States, and a neighborhood home loan product.

The neighborhood home loan product requires borrowers to contribute at least 1% of the purchase price from their own funds and offers between $1,000 and $7,500 as a down payment or closing cost assistance. No mortgage insurance is required. You will need a credit score of 640 to qualify.

BMO also offers a 3% conforming mortgage with down payment assistance of up to $9,000 and a minimum credit score of 620. This lender also works with public housing finance agencies to provide affordable mortgages. in the states that offer them.

If you are looking for home equity options, you can get a home equity loan or HELOC from this lender.

Current BMO Harris clients can potentially get a $100 or $200 rebate on their closing costs if they set up automatic payment from an eligible BMO Harris checking account.

Is BMO Harris a trustworthy lender?

BMO Harris earned an A+ rating from the Better Business Bureau. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency in business practices.

On WalletHub, BMO Harris currently has a rating of 3.7 out of 5 stars, based on 695 customer reviews.

BMO Harris Mortgage FAQs

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