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BMO Harris Mortgage Interest Rates & Fees

BMO Harris shows some sample mortgage purchase and refinance rates online. You can see rates for both conformed and jumbo loans.

Interest rates aren’t the only thing to consider when getting a home loan. Rates affect how much you pay each month, but lender fees can make a big difference in how much you pay at closing costs.

BMO Harris will charge the borrower an underwriting fee of $1,150.

Compare with other home loans

BMO Harris vs. Chase Mortgage

Both BMO Harris and Chase are strong options for borrowers looking for affordable mortgage products. Chase’s DreamMaker mortgages are aimed at low-income borrowers and offer lower mortgage insurance premiums for a lower down payment. It can also be combined with the Chase Homebuyer Grant, which offers up to $5,000 in closing costs or down payment assistance.

BMO’s affordable offering, the Neighborhood Mortgage product, allows you to pay a low down payment without mortgage insurance and comes with up to $7,500 down payment and closing fee assistance.

Which of these lenders is right for you depends on your needs and financial situation. Both offer similar services, so it might be worth pre-approving them both to see which offers the best deal.

BMO Harris vs. Bank of America Mortgage

Bank of America also offers an affordable mortgage product called the Community Affordable Loan Solution. For those who qualify, this mortgage is a bargain. No down payment, no minimum credit score, no mortgage insurance. However, this mortgage is currently only available in a handful of cities.

If you’re not in a Bank of America affordable mortgage coverage area, or if BMO’s services are a better fit for your situation, you may prefer BMO over Bank of America. But both are solid lenders.

How BMO Harris Mortgage Works

BMO Harris is available in all 50 states and Washington DC. Once you’re ready to submit your application, you can get started online or by phone. But if you just want to know how much you can afford, you’ll need to talk to your loan officer about prequalification.

BMO Harris offers both basic mortgages and more unique mortgages. Its basic products include Conformed, FHA, and Jumbo Mortgage. We also offer physician loans for early-career doctors, construction loans, cross-border mortgages for Canadians buying homes in the United States, and neighborhood mortgage products.

Neighborhood mortgage products require borrowers to contribute at least 1% of the purchase price out of their own funds and offer down payment or closing cost assistance between $1,000 and $7,500. No mortgage insurance required. A credit score of 640 is required to qualify.

BMO also offers matching 3% down mortgages with up to $9,000 down payment assistance and a minimum credit score of 620. This lender also works with state mortgage lenders to provide affordable home loans in the state.

If you are looking for home equity options, you can get a home equity loan or HELOC with this lender.

Current BMO Harris customers may receive a $100 or $200 discount off closing costs when they set up automatic payments from an eligible BMO Harris checking account.

Is BMO Harris a reputable lender?

BMO Harris is rated A+ by the Better Business Bureau. BBB measures credibility based on responsiveness to customer complaints, honesty in advertising, and transparency in business practices.

On WalletHub, BMO Harris is currently rated 3.7 out of 5 stars based on 695 customer reviews.

BMO Harris Mortgage FAQ

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