Last Updated: 04/18/2025
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Highlights
Credit Score Range
600 - 850
Amount Range
$100,000 - $2,000,000
Loan Term (Years)
Up to 30
BMO Harris Bank - Mortgage Refinance Review
BMO Harris Bank - Mortgage Refinance 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
- No origination fees. BMO Harris Bank - Mortgage Refinance does not charge fees for processing your application.
- Only offers one mortgage program. BMO Harris Bank - Mortgage Refinance only refinances 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 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 residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- 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
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BMO Harris Bank - Mortgage Refinance FAQ
What range of mortgage balances will BMO Harris 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?
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 take to refinance?
BMO Harris 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 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 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 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 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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