BMO Harris - Mortgage Purchase

BMO Harris - Mortgage Purchase Review

BMO Harris - Mortgage Purchase is offered by BMO Harris Bank, a bank founded in 1882 and based in Chicago, IL. BMO Harris are available in 48 states (and Washington, DC).

Key Takeaways

• Only offers one mortgage pogram. BMO Harris - Mortgage Purchase only provides jumbo mortgages.
• Financing for single-family and multi-family properties. However, BMO Harris Bank does not offer financing for manufactured homes.
• Non-standard interest rates available. BMO Harris - Mortgage Purchase offers option ARM mortgages, adjustable-rate mortgages, hybrid mortgages, and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• No origination fee. BMO Harris - Mortgage Purchase does not charge a fee for processing your application on some loan options.
• Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for BMO Harris - Mortgage Purchase.

BMO Harris - Mortgage Purchase Pros & Cons

BMO Harris FAQ

How much can you borrow via BMO Harris Bank?

BMO Harris allows borrowers to apply for loan amounts of up to $2,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with BMO Harris?

BMO Harris offers mortgages with a maximum term of 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does BMO Harris Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

BMO Harris offers home loans with APRs starting at 3.632% .

Do they charge mortgage origination fees?

No, BMO Harris does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does BMO Harris charge prepayment fees?

No, BMO Harris does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, BMO Harris offers the following mortgage types:

• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).

What property usage types does BMO Harris allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. BMO Harris allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for BMO Harris - Mortgage Purchase is (888) 340-2265.

What is the support contact email?

The support contact email for is servicemembers@bmo.com.

How do people rate the customer service and user experience?

Overall, this business credit card is mostly recommended based on community reviews that rate customer service and user experience.