Last Updated: 04/18/2025
SuperMoney User Recommendation Score +25
Mostly recommended12 total votes
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Highlights
Community Rating
Mostly recommended
Credit Score Range
600 - 850
Amount Range
$100,000 - $2,000,000
No Origination Fee
Loan Term (Years)
Up to 30
Number of Reviews
BMO Harris - Mortgage Purchase Review
BMO Harris - Mortgage Purchase is offered by BMO , 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 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.
- Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- No origination fees. BMO Harris - Mortgage Purchase does not charge fees for processing your application.
- 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
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BMO Harris FAQ
How much can you borrow via BMO?
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 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.
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.
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.
How do people rate the customer service and user experience?
Overall, this business is mostly recommended based on community reviews that rate customer service and user experience.
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