Special Offer
Now through April 30, 2015, we're offering up to $1,000 in closing cost discounts6 when you get a personal mortgage loan.

Take advantage of lower rates and payments early on

Welcome to BMO Harris Mortgage solutions.
Our Mortgage Bankers can help answer your questions

Adjustable Rate Mortgage

An adjustable rate mortgage (ARM) may help you save money in the short term. Generally, an ARM has lower monthly principal and interest payments during the initial fixed interest rate period.1 Later, your interest rate will be variable and will adjust annually if the index changes. An ARM 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 ARM versus a fixed rate mortgage
  • Your initial interest rate is fixed for a short period of time1, after which it will convert to a variable rate and adjust 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
  • Get the convenience of automatic mortgage payments with Auto Pay2 from your BMO Harris checking account

closing cost discount with Auto Pay2 from your
BMO Harris Select Checking® account3


closing cost discount with Auto Pay2 from your
BMO Harris Portfolio Checking® account3

Steps to Home Ownership

Thousands of families and individuals have financed their very first home with us. We can help you, too, every step of the way.



You need to:

Speak with a BMO Harris Bank® Mortgage Banker

Share general information about your income, savings, investments, and debts

BMO Harris will:

Advise you if you prequalify and provide you a prequalification letter

Discuss products, interest rate options and closing costs

Identify and assist you in selecting the product(s) that best fits your financial needs and goals

Identify required documentation and application deposit necessary to apply

Schedule an appointment for the application interview


When you choose BMO Harris 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.



You need to:

Submit a mortgage loan application

Provide documentation supporting your employment history, income, savings, investments, debts and property you wish to purchase or refinance

Select a product

Receive and sign the application documentation and regulatory disclosures

Submit your application deposit

BMO Harris will:

Identify any additional documentation that may be required to render a credit decision

Deliver the complete application package to the BMO Harris mortgage application processing team


When you speak with your Mortgage Banker regarding your application, be prepared. When you provide the following documentation up front, the application can move to the next step of the process:

  • Realtor and attorney contact information
  • Most recent two years' W-2s
  • Most recent two years' federal income tax returns
  • Most recent 30 days of paystubs
  • Most recent three months' bank and investment statements — all pages
  • Purchase contract — and all riders
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BMO Harris will:

Confirm your preferred method for communication and receipt of documentation

Identify any additional documentation needed to process the loan and render a credit decision— confirm how and when it will be received

Determine who should be contacted to gain access to the property and the best time to schedule the appointment with the appraiser:

  • The appraisal, flood certification, title commitment and private mortgage insurance certificate will be ordered
  • The appraisal will be completed by a state-licensed and/or certified appraiser

Notify you of the appraisal results


Once the appraisal is complete, the application can move into the next step of the process. Ensure that your appraisal appointment is scheduled promptly and kept as agreed. Promptly provide BMO Harris with any additional documentation required to render a credit decision.

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BMO Harris will:

Review all employment, income, savings, investments and debt

Compare information on the application to paystubs, W-2 forms, tax returns, bank and investment statements, etc. to determine that sufficient income and funds are available for down payment, closing costs and reserves

Review the credit report to determine outstanding debt, payment history and your current credit score

Review the appraisal to confirm the market value and determine if the property represents sufficient collateral for the loan

Determine that qualification requirements are met to approve the loan

Deliver the Commitment Letter and identify any closing conditions, if the loan is approved

Provide updated regulatory disclosures and a copy of the appraisal

You need to:

Secure and provide evidence of homeowners or hazard insurance coverage for the property being purchased or refinanced

Sign and return the Commitment Letter and updated regulatory disclosures


When you receive the Commitment Letter, updated regulatory disclosures and appraisal, please review these documents. Identify any conditions required for closing. The loan can be scheduled for closing once BMO Harris has received the signed Commitment Letter and disclosures.

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BMO Harris will:

Review and confirm all loan terms and closing conditions

Identify a convenient date, time and location for the closing

Schedule the closing with the title company

Order pay-off letters, subordinations, releases, etc. and clear all closing conditions

Prepare and deliver the closing documents to the title company and coordinate final figures for closing; wire the loan proceeds to the title company

Provide information on final funds needed for closing and the method of payment required

You need to:

Attend the closing at the BMO Harris branch or title company as scheduled and sign all mortgage and legal documents

Provide final funds for closing


When you attend the closing, bring a legal form of identification (driver's license, state I.D., passport, etc.) and the necessary final funds in the form of a cashier's check or secured funds

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Payment Methods

We offer a range of payment options to help you conveniently make your payment on time, every month.
Each is safe and secure — just choose what's easiest for you:

  • In person at any of more than 600 BMO Harris locations
  • By mail

Have questions?


Our calculators4,5 help you compare loans and crunch your numbers.


View all mortgage FAQs
Under what circumstances would an adjustable rate mortgage (ARM) be a better choice than a fixed rate loan?

If you expect to stay in your home for a relatively short period of time, consider an Adjustable Rate Mortgage (ARM). You can potentially save a significant amount with a lower interest rate and lower monthly payments in the short term. ARM interest rates may rise, however, after an initial fixed period. Consult with a BMO Harris Mortgage Banker for more information.

What is the difference between prequalification and preapproval?

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 Harris prequalification.

Preapproval is a loan commitment based on verified information prior to finding a home. There are no fees to apply for a BMO Harris preapproval. A completed loan application, however, is necessary to receive a preapproval loan commitment.

How can I find out how much home I can afford?

It is best to schedule a mortgage consultation with one of our Mortgage Bankers. Find a Mortgage Banker near you or call us at 888-482-3781.

Which is better: fewer discount points or a lower interest rate?

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.

I locked my interest rate, but the Truth in Lending Statement says the annual percentage rate (APR) is higher. Am I getting a different rate?

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 APR 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 APR.

What is the annual percentage rate (APR)?

The Annual Percentage Rate (APR) 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).

What is pre-paid interest?

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.

What is the benefit of an extended rate lock for new construction?

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 Harris provides options offering up to fifteen months of interest rate protection, depending on your product choice.

What is the advantage to have BMO Harris hold my property tax escrow?

Convenience. By having a property tax escrow account with BMO Harris, you can budget by spreading the annual cost of property taxes throughout the year, and BMO Harris will make property tax payments on your behalf and you will not have to worry about missed or late payments.

How can I apply for a BMO Harris Mortgage?

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. Find a Mortgage Banker near you or call us at 888-482-3781.


  1. 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.
  2. Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris checking account, as applicable, to pay the loan. Checking account opening subject to bank approval.
  3. Closing cost discounts are subject to change without notice. The discount applies to a new BMO Harris mortgage loan with Auto Pay from your BMO Harris Select Checking® or BMO Harris Portfolio Checking® account. FHA loans do not require Auto Pay to receive this discount. Closing cost discount can only be applied to a mortgage loan for the purchase or refinance of a primary residence and does not apply to Refi-Xpress loans, home equity loans, interim loans, and lot and recreational land loans.
  4. Calculators are provided by Leadfusion Inc., which is not affiliated with BMO Harris. The results and information provided on this website are estimates and are provided for informational purposes only. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances. Please note that Leadfusion may have different privacy and security standards than BMO Harris and you should visit its website at www.leadfusion.com to review its privacy policy. BMO Harris does not provide tax or legal advice and you should consult your tax or legal advisor for tax and legal advice.
  5. You should always talk to your BMO Harris 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.

    Special offers subject to change at any time without notice. Special offer expires April 30, 2015
  6. $800 underwriting discount and up to a $200 closing cost discount are available subject to the following:
    Underwriting Discount
    $800 underwriting fee discount is good for home purchase mortgages only. This discount applies to conventional and FHA loans and is available for 1-4 unit family primary residences and 1 unit second homes and is not applicable to investor properties. Mortgage refinances are excluded from this special offer.
    Closing Cost Discount
    A closing cost discount is available on a new BMO Harris mortgage loan as follows: $100 closing cost discount with Auto Pay from your BMO Harris Select Checking® account or $200 closing cost discount with Auto Pay from your BMO Harris Portfolio Checking® account. The monthly maintenance fee for BMO Harris Select Checking is $15. The monthly maintenance fee for BMO Harris Portfolio Checking is $25. Auto Pay is not required on FHA mortgage loans to receive discount. Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris personal interest-bearing checking account as applicable to pay the loan. Mortgage closing cost discount can only be applied to the purchase or refinance of a primary residence and does not apply to Refi-Xpress loans, home equity loans, interim, lot and recreational land loans.