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BMO Harris is a regional bank that offers a wide variety of mortgage loan products to homebuyers in eight states. The bank provides its banking clientele with loyalty discounts and some assistance programs, but only offers FHA mortgages for government-backed loans.
Loan products offered | Conventional, Jumbo, FHA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment | 3% |
State availability | Only available in: AZ, FL, IL, IN, KS, MN, MO, WI |
NMLS # | 401052 |
While BMO Harris doesn’t list off all of its mortgage loan requirements, you will need a minimum 3% down payment. The bank also lists a 43% debt-to-income (DTI) ratio requirement, but the Consumer Financial Protection Bureau in December of 2020 changed how lenders can qualify borrowers. So, the listed requirement may change slightly as the new rules are implemented.
According to BMO Harris, all you need to apply is your Social Security number and details about your assets and income. But you’ll probably need the following documents to complete your application:
Because closing costs and fees often change based on the state where you live or the type of mortgage you have, the bank doesn’t list exact fees on its website. But it provides the following list of closing costs you should be prepared to pay, with estimates:
A more accurate estimate of your closing costs should be sent to you within three business days of your application.
To start your mortgage application, follow the steps below:
You can instead choose to prequalify for a loan by filling out a form and a BMO Harris mortgage banker will contact you.
BMO Harris has several specialty mortgage products.
In addition to standard conventional mortgage loans, BMO Harris Bank offers a long list of specialty mortgage and home equity products. But while the bank originates FHA loans, it doesn’t offer other government-backed loans, such as VA or USDA loans.
This bank has no reviews on Trustpilot but is accredited with the Better Business Bureau (BBB). As of December 2020, BMO Harris has an A+ rating for closing 214 complaints in the last three years. The bank has earned slightly over 1 star with 75 customer reviews on the BBB, but only a few of the reviews are specific to bank mortgages.
BMO Harris Bank is a subsidiary of the Bank of Montreal in Canada, which was founded in 1882 and has grown to become the eighth largest bank in North America by assets. In the US, BMO Harris has over 500 bank branches in eight states that serve over two million customers.
In June of 2020, Forbes included BMO Harris in its Best-in-State Banks 2020 list. The list surveys more than 25,000 customers who rate their banking experiences based on customer satisfaction and other standards. BMO Harris ranked in the top five banks in Illinois, Indiana and Wisconsin.
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
If you live in one of the states where BMO Harris is licensed, this bank can be a great option for homebuyers who want to choose from a wide range of mortgage products. But if you’re looking for a VA or USDA loan, you’ll need to shop around for another lender.