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  BMO Harris - Mortgage Purchase
BMO Harris - Mortgage Purchase
in Home Loans from BMO Harris Bank
Claimed

BMO Harris - Mortgage Purchase

Claimed
in Home Loans from BMO Harris Bank
SuperMoney Net Recommendation Score +25  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +25, equating to 3.5 on a 5 point rating scale.

+25

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly recommended

6 users recommend
3 users are unsure
3 users don't recommend
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Highlights
Community Rating Mostly recommended
Loan Amount $100,000 - $2,000,000
Loan Term (Years) Up to 30 years
Credit Score Range 600 - 850
No Origination Fee
Number of Reviews 12

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 - Mortgage Purchase is 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

Pros Cons
  • $0 prepayment fee.
  • Loan options with $0 origination fee.
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in 48 states.

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 ($548,250 as of 2021).

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 this business credit card 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 48 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Late Fee Amount $25
No Origination Fee
No Prepayment Fee
Credit Score Range 600 - 850
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Individual Applications
Minimum Age 18
Minimum Down Payment 10%
Property Type
  • Single Family Home
  • Townhome
  • Multi-Family Home
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Identity
  • Government Issued Photo ID
  • Social Security Number
Bonus Offer $100 closing cost discount with Auto Pay from your BMO Harris Smart Money™ Account, BMO Harris Smart Advantage™ Account or BMO Harris Select Checking registered trademark Account, footnote 5or BMO Harris Select Checking® Account5. $200 closing cost discount with Auto Pay from your BMO Harris Premier™ Account or BMO Harris Portfolio Checking registered Account, footnote 5or BMO Harris Portfolio Checking® Account5
APR Starting at 3.632%
(Verified 06/30/2022)
Loan Amount $100,000 - $2,000,000
Loan Term Up to 30 years
Interest Rate Types Offered
  • Hybrid Mortgage
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
  • Option ARM
Mortgage Programs Jumbo

BMO Harris - Mortgage Purchase Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +25, equating to 3.5 on a 5 point rating scale.

+25

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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