BMO Bank Mortgage

BMO Bank, formerly BMO Harris Bank, offers residential mortgage products in the United States through its retail banking division. BMO has branches primarily in the midwest, with a more limited presence in other regions. It is a subsidiary of Bank of Montreal, one of Canada's major banks.

BMO commonly offers conventional purchase and refinance loans, FHA loans, VA loans for eligible military borrowers, jumbo loans, and home equity products. Availability and product range may vary by state and market.

For existing BMO banking customers, relationship pricing or discounts based on deposit account balances may be available. Whether this translates to a competitive overall mortgage offer requires comparison against other lenders.

Before choosing BMO or any mortgage lender, compare Loan Estimate documents from at least two or three lenders. The factors to review are the interest rate, annual percentage rate which includes all fees, estimated closing costs, origination charges, and the expected time from application to closing.

For VA loan borrowers, BMO offers VA home loans. These are available only to eligible veterans, active-duty service members, and qualifying surviving spouses. VA loans typically involve no down payment and no private mortgage insurance requirement.

BMO also offers home equity lines of credit for qualifying homeowners. A HELOC is a revolving line of credit secured against your home's equity, typically carrying a variable interest rate. There is a draw period during which you can borrow and repay, followed by a repayment period. Because your home is the collateral, careful management of the balance is important.

Buyers outside BMO's midwestern branch footprint may have limited in-person options and should evaluate whether online service meets their needs.