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  BMO Harris Bank - Mortgage Refinance
BMO Harris Bank - Mortgage Refinance
in Mortgage Refinance from BMO Harris Bank
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BMO Harris Bank - Mortgage Refinance

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in Mortgage Refinance from BMO Harris Bank
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Highlights
Loan Amount $100,000 - $2,000,000
Loan Term (Years) Up to 30 years

BMO Harris Bank - Mortgage Refinance Review

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

Key Takeaways
  • No origination fee. BMO Harris Bank - Mortgage Refinance does not charge a fee for processing your application on some loan options.
  • Only offers one mortgage pogram. BMO Harris Bank - Mortgage Refinance only refinances 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 Bank - Mortgage Refinance offers option ARM mortgages, adjustable-rate mortgages, hybrid mortgages, and fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for BMO Harris Bank - Mortgage Refinance.
BMO Harris Bank - Mortgage Refinance Pros & Cons
Pros Cons
  • Loan options with $0 origination fee.
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Available in 48 states.
BMO Harris Bank - Mortgage Refinance FAQ

What range of mortgage balances will BMO Harris Bank - Mortgage Refinance refinance?

Mortgage refinancing loans start at $100,000 and go up to $2,000,000

What is the maximum loan term for a mortgage refinance via BMO Harris Bank - Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. BMO Harris Bank - Mortgage Refinance offers mortgage refinancing with terms of up to 30 years.

How long does BMO Harris Bank - Mortgage Refinance take to refinance?

BMO Harris Mortgage Refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.

Does BMO Harris Bank - Mortgage Refinance charge a mortgage origination fee?

No, BMO Harris Bank - Mortgage Refinance 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 Bank - Mortgage Refinance charge prepayment fees?

No, BMO Harris Bank - Mortgage Refinance 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 does BMO Harris Bank - Mortgage Refinance offer?

BMO Harris Bank - Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.

What property usage types does BMO Harris Bank - Mortgage Refinance allow?

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

  • Primary home
  • Secondary homes and vacation properties
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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

No Origination Fee
No Prepayment Fee
Late Fee Amount $25
Credit Score Range 600 - 850
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
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 ~or~ $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 06/29/2022)
Loan Term Up to 30 years
Loan Amount $100,000 - $2,000,000
Interest Rate Types Offered
  • Hybrid Mortgage
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
  • Option ARM
Mortgage Programs Jumbo
Terms 5/1, 7/1, 10/1, 15, 30 years

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