- Auto Pay, footnote 2 from your BMO checking account
- BMO Digital Banking®, 6
- BMO Bank by Phone 7
Save on your mortgage with up to $500 off closing costs., footnote *
Learn more
Take advantage of lower rates and payments early on
Welcome to BMO Mortgage solutions.Our Mortgage Bankers can help answer your questions.
Adjustable Rate Mortgage
An adjustable rate mortgage (A R M) may help you save money in the short term. Generally, an A R M has lower monthly principal and interest payments during the initial fixed interest rate period. , footnote 1 Later, your interest rate will be variable and will adjust semi-annually if the index changes. An A R M may be the best way to go if you don't plan to live in your home for a long time.
- Your monthly principal and interest payment may be less during the initial fixed interest rate period for an A R M versus a fixed rate mortgage
- Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes, footnote 1
- Once the loan converts to a variable rate, interest rates and payments may vary, footnote 1
- Get the convenience of automatic mortgage payments with Auto Pay, footnote 2 from your BMO checking account
Five Steps to a Smoother Mortgage Process, footnote 4
Prequalification
You need to:-
Speak with a BMO Mortgage Banker
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Share information about your income, savings, investments, credit history and debts
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Inform you of the amount of the loan for which you prequalify and provide you a prequalification letter
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Discuss products, interest rate options and closing costs
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Identify the product(s) that best fits your financial needs and goals
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Schedule an appointment for the application interview
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Identify required documentation and the amount of the deposit needed to process your application
When you choose BMO for your mortgage financing needs, you'll have the resources of an experienced financial lender, as well as the assistance of a professional Mortgage Banker who will walk you through each step and help you understand the process.
Discover how easy it is to apply online
Our online application is a quick and easy way to apply for a mortgage. You can access your application from any device, upload documents and check your loan status, getting notifications throughout the process. Watch this video to learn how fast, simple and secure your application can be.
Helpful tips and advice for homebuyers
Payment Methods
We offer a range of payment options to help you conveniently make your payment on time, every month.Each is safe and securefootnote 5 just choose what's easiest for you:
- In person at any of more than 600 B M O locations
- By mail
- BMO Digital Banking®, 7
- BMO Bank by Phone 8
- Auto Pay, footnote 2 from your BMO checking account
- In person at any of more than 600 BMO locations
- By mail
Have questions?
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Call 1-888-482-3781
Mon - Thu 8a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT) Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Calculators
Our calculators, footnote 8 and 9, footnote 8 , , footnote 9 help you compare loans and crunch your numbersS.A.F.E. Act
The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.
BMO Bank N.A. fully complies with the S.A.F.E. Act. Learn more about how the S.A.F.E. Act protects you.
For further information regarding your Mortgage Loan Originator or BMO Bank N.A., please visit www.nmlsconsumeraccess.org
Frequently asked questions
If you expect to stay in your home for a relatively short period of time, consider an Adjustable Rate Mortgage (A R M). You can potentially save a significant amount with a lower interest rate and lower monthly payments in the short term. A R M interest rates may rise, however, after an initial fixed period. Consult with a BMO Mortgage Banker for more information.
Prequalification is a quick analysis of how much loan you can afford based on verbal information you provide to us. It will give you a general idea of the price range you can afford. There are no fees for a BMO prequalification.
Preapproval is a loan commitment based on verified information prior to finding a home. There are no fees to apply for a BMO preapproval. A completed loan application, however, is necessary to receive a preapproval loan commitment.
It is best to schedule a mortgage consultation with one of our Mortgage Bankers.
It depends on how long you expect to own your home. The lower the interest rate, the lower your principal and interest payment. You must consider the monthly savings versus the extra point(s). Discount and interest points may or may not be tax deductible. Please consult your tax advisor to discuss your individual situation.
No. The interest rate for your mortgage note will be the rate you selected when you signed your Price Protection Election Agreement. Unlike the interest rate, the A P R includes certain charges and fees to reflect the total cost of the loan on an annual percentage basis. Please see the following question for information regarding the A P R.
The Annual Percentage Rate (A P R) is the total yearly cost of a mortgage stated as a percentage of the loan amount, which includes such items as the interest rate, private mortgage insurance and loan origination fees (points).
Pre-paid interest is an amount you pay at closing which represents the interest that will accrue between the day your loan closes and the last day of that month. For example, if your loan closes on the 20th day of a 30-day month, at closing, you will pay interest owed for the remaining 10 days of that month.
Pre-paid interest covers the period between the day of your loan closing and your first mortgage payment. For each day between the closing date and the following 1st of the month, you'll pay daily (per diem) interest.
An extended rate lock option may be a good option when building a new home. Frequently, a new home will not be completed within the standard rate lock period. If this is the case, an extended rate lock may be a smart move for you. BMO provides options offering up to fifteen months of interest rate protection, depending on your product choice.
Convenience. By having a property tax escrow account with BMO, you can budget by spreading the annual cost of property taxes throughout the year, and BMO will make property tax payments on your behalf and you will not have to worry about missed or late payments.
There are several convenient ways to apply for a BMO Harris Mortgage. Work with a Mortgage Banker who will explain the entire mortgage process, describe typical costs up-front, help find the right mortgage for your needs and guide you through the application process.
Frequently asked questions
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Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT) Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Special offers are subject to change.
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footnote * details Special offers are subject to change. The closing cost discount offer is available on applications received from September 1, 2024, through January 31, 2025. The closing cost discount offer consists of a $500 closing cost discount depending on loan amount. This offer is available subject to the following:
Closing Cost Discount: The closing cost discount may be applied to the purchase or refinance mortgage at closing. It is available for conforming (loans up to $766,550) secured by 1-4 unit homes used as primary residences, second homes, or investment properties.
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Footnote 1 details, Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes. Once the loan converts to a variable rate, interest rates and payments may vary. Changes to your property taxes and hazard, flood, or other required insurance may cause your total monthly mortgage payment to change periodically during the term of your loan. Historical performance of Adjustable Rate Mortgage (ARM) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply. Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes. Once the loan converts to a variable rate, interest rates and payments may vary. Changes to your property taxes and hazard, flood, or other required insurance may cause your total monthly mortgage payment to change periodically during the term of your loan. Historical performance of Adjustable Rate Mortgage (A R M) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.
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Footnote 2 details, Auto Pay means periodic scheduled payments automatically deducted from your BMO checking account, as applicable, to pay the loan. When you sign up for Auto Pay, you authorize the Bank to draw your account for all amounts then due, including any late fees and any other charges. Checking account opening subject to bank approval.
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footnote 3 details Auto Pay Interest Rate Discount To receive a 0.125% rate discount, you must authorize BMO at origination to withdraw your loan payment each month from a BMO consumer checking account. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.
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footnote 4 details This is an overview of the general steps to the mortgage process. This is not a complete description of the mortgage process, and there may be other requirements that apply. This information is not intended to be tax or legal advice. BMO does not provide tax or legal advice and you should consult your tax or legal advisor for tax and legal advice. The Consumer Financial Protection Bureau offers additional home buying resources. You may visit http://www.consumerfinance.gov/owning-a-home/loan-options/ for more information.
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footnote 5 details Visit the BMO Security Center for details.
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footnote 6 details Certain conditions and limitations apply. Digital Banking Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Digital Banking Agreement found at bmo.com/en-us/legal for full details.
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footnote 7 details Message and data rates apply. Please contact your wireless carrier for details.
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footnote 8 details Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.
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footnote 9 details You should always talk to your BMO Mortgage Banker to assist you in determining the product that is right for you. The calculator headings are merely labels for your convenience. The calculator results are estimates only for informational purposes and should not be construed as advice or a recommendation.