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Mortgage Application

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A young couple moves boxes into their new home. A young couple moves boxes into their new home.

Open the door to homeownership with a low down payment mortgage.

Low Down Payment Mortgages

Our low down payment mortgages can help make buying a home more affordable. Plus, down payment assistance may be available for qualified home buyers. Talk to a BMO Harris Mortgage Banker today to find the loan that’s right for you.

Let’s find a low down payment mortgage that’s right for you.

  Neighborhood Home Loan FHA loans2 Home Possible Advantage Housing Finance Agency Program
Key benefits Lowest monthly payments Flexible guidelines for getting approved Down payment assistance is available for entire 3% down payment Down payment assistance is available for entire 3% down payment
Minimum down payment amount 3% 3.5% 3% 3%
Assistance available to help meet down payment amount3 $1,000 - $10,000 $1,000 -$10,000 $1,000 - $10,000 $1,000 - $10,000, with additional assistance available
Mortgage insurance required No Yes Yes, if down payment is less than 20% Yes
Minimum credit score 640 640 660 640

Neighborhood Home Loan

Key benefits Lowest monthly payments
Minimum down payment amount 3%
Assistance available to help meet down payment amount3 $1,000 - $10,000
Mortgage insurance required No
Minimum credit score 640

FHA loans2

Key benefits Flexible guidelines for getting approved
Minimum down payment amount 3.5%
Assistance available to help meet down payment amount3 $1,000 -$10,000
Mortgage insurance required Yes
Minimum credit score 640

Home Possible Advantage

Key benefits Down payment assistance is available for entire 3% down payment
Minimum down payment amount 3%
Assistance available to help meet down payment amount3 $1,000 - $10,000
Mortgage insurance required Yes, if down payment is less than 20%
Minimum credit score 660

Housing Finance Agency Program

Key benefits Down payment assistance is available for entire 3% down payment
Minimum down payment amount 3%
Assistance available to help meet down payment amount3 $1,000 - $10,000, with additional assistance available
Mortgage insurance required Yes
Minimum credit score 640
A young family smile and embrace outside of their home.

How to refinance your underwater mortgage and decrease monthly payments

Becoming a homeowner is an exciting milestone. But buying your own home also comes with risks. If property values drop, you could be left with an underwater mortgage, meaning you owe more than your house is worth. Fortunately, we offer options that can help get your mortgage back on track. Discover how to refinance your underwater mortgage with an I-REFI.

Learn more

Five Steps to a Smoother Mortgage Process7

1
Prequalification

Prequalification

You need to:

  • Speak with a BMO Harris Bank Mortgage Banker

  • Share information about your income, savings, investments, credit history and debts

BMO Harris will:

  • Inform you of the amount of the loan for which you prequalify and provide you a prequalification letter

  • Discuss products, interest rate options and closing costs

  • Identify the product(s) that best fits your financial needs and goals

  • Schedule an appointment for the application interview

  • Identify required documentation and the amount of the deposit needed to process your application

Tips

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.

2
Application

Application

You need to:

  • Provide basic information to your banker including your social security number, your income, loan amount, property address and value of the property to be mortgaged

  • Select a product

  • Receive and review the Loan Estimate sent by BMO Harris Bank. The Loan Estimate provides our good faith estimate of the interest rate on the loan, your monthly payments, closing costs and other items that help you decide if this loan is right for you.

  • Complete your mortgage application. This will include information about your employment history, income savings, investments, debts and the property you wish to purchase or refinance.

  • Confirm your preferred method for communication and receipt of documentation

  • Review the Consumer Financial Protection Bureau (CFPB) Your Home Loan Tool Kit that we send you. Review and sign the application documentation.

  • Provide your intent to proceed and submit your application and application deposit. Your intent to proceed must be received before your application deposit will be accepted.

BMO Harris will:

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

  • 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

Tips

While we will provide you with a Loan Estimate based on preliminary information, we will need additional information to further process your request, including:

  • Realtor and attorney contact information
  • Documentation about your income such as salary, earnings and wages (for example W-2s, alimony, investment income, social security)
  • Most recent two years’ federal income tax returns
  • Verification of employment if employed
  • Most recent three months’ bank and investment statements — all pages
  • Purchase contract and any and all addendums for the property you are buying
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3
Processing

Processing

BMO Harris will:

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

  • Order the appraisal, flood certification, title commitment and private mortgage insurance certificate

    - The appraisal will be completed by a state-licensed and/or certified appraiser

  • Send you a copy of the appraisal

Tips

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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4
Underwriting

Underwriting

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

You need to:

  • Secure and provide evidence of homeowners (or “hazard”) insurance and flood insurance (if required) coverage for the property being purchased or refinanced

  • Review, sign and return any applicable documents or disclosures that are provided to you by BMO Harris

Tips

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

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5
Closing

Closing

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

  • Send your Closing Disclosure for your review at least three business days prior to closing

  • 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 if required. This information will be detailed in the Closing Disclosure.

Tips

  • 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
  • Confirm with your Mortgage Banker or the title company if funds will need to be wired from your bank to the title company's bank
  • Compare the Closing Disclosure to the Loan Estimate
  • Contact your Mortgage Banker in advance of the closing if you have any questions
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You need to:

Speak with a Mortgage Banker. Share general information about your employment history, income, savings, investments, debts and property you wish to purchase or refinance.

BMO Harris will:

Identify product, interest rate options and closing costs. Discuss qualification requirements. Recommend the product(s) that best fit your financial needs and goals. Identify required documentation and deposit necessary. Schedule an appointment for the application interview.

Helpful Hint:

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.

Download the complete application guide and checklist

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.

Play video
Start
prequalification

Let one of our mortgage
specialist answer your questions

Call to speak with a Mortgage Banker
1-888-482-3781

Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Sat 8 a.m. - 1 p.m. (CT)

​​Helpful tips and advice for homebuyers

Your closing day checklist and budget
Your closing day checklist and budget
Applying for a mortgage? 5 ways to prepare
Applying for a mortgage? 5 ways to prepare
Should you get pre-qualified or pre-approved?
Should you get pre-qualified or pre-approved?

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?

  • Call 1-888-482-3781

    Mon - Thu 8 a.m. - 7 p.m. (CT)
    Fri 8 a.m. - 6 p.m. (CT)
    Sat 8 a.m. - 1 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)
    Sat 8 a.m. - 1 p.m. (CT)

Calculators

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

Fixed Rate
Mortgage Payments

Adjustable Rate
Mortgage (ARM) Payments

Extra Payments

View All

FAQs

FAQs Will I Pay Higher Interest Rates with an FHA Loan?

Usually, no. Because FHA loans are insured by the federal government, they often carry competitive rates (although you should always compare them with other loan types).

Do I Have to Buy Mortgage Insurance on an FHA Loan?

Yes. FHA loans require an upfront mortgage insurance premium of up to 1.75% of the loan amount that is paid at closing. In most cases, the upfront mortgage premium is included in your loan amount, so you are essentially paying it over the life of the loan. Additionally, annual mortgage insurance premiums may also apply and are paid in monthly installments.

How Much Can I Borrow with an FHA Loan?

The maximum amount you can receive from FHA -insured mortgages varies from county to county, and from state to state. The National Housing Act provides formulas for HUD to determine maximum mortgage limits for loans insured by FHA.


Have questions?

  • Call 1-888-482-3781

    Mon - Thu 8 a.m. - 7 p.m. (CT)
    Fri 8 a.m. - 6 p.m. (CT)
    Sat 8 a.m. - 1 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)
    Sat 8 a.m. - 1 p.m. (CT)
  • Footnote * details Special offers are subject to change. The closing cost discount offer is available on applications received from March 1, 2020 through May 31, 2020. The $950 closing cost discount consists of a $500 or $750 closing cost discount and up to a $200 Auto Pay closing cost discount, depending on loan amount. They are 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 conventional or jumbo loans (loans in excess of $510,400) secured by 1-4 unit homes used as primary residences, second homes, or investment properties. Loan amounts up to $499,999 qualify for a $500 closing cost discount and loan amounts $500,000 and up qualify for a $750 closing cost discount.

    Auto Pay Closing Cost Discount: The closing cost discount is available when you authorize BMO Harris to withdraw your loan payment each month from an eligible BMO Harris checking account using Auto Pay. This discount can only be applied to the purchase or refinance of a primary residence. Closing cost discount of $100 on with Auto Pay from your BMO Harris Smart Money™ Account, BMO Harris Smart Advantage™ Account or BMO Harris Select Checking® account. Closing cost discount of $200 with Auto Pay from your BMO Harris Premier™ Account or BMO Harris Portfolio Checking® account. FHA loans do not require Auto Pay to receive this discount.
  1. Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris checking account, as applicable, to pay the loan and may not be available for FHA loans. 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.
  2. BMO Harris Bank's standard FHA fixed rate mortgages are available for owner-occupied 1-4 unit primary residences in AZ, FL, IL, IN, KS, MN, MO, WA, and WI. U.S. FHA insured loans help to protect the lender if a borrower defaults on an FHA loan and the lender sustains a loss. A mortgage insurance premium is collected from the borrower upfront, on an annual basis (remitted monthly) or both. Premium rates vary depending on the program and specifics of the mortgage transaction.
  3. Under the BMO Harris Bank Affordable Housing Grant Program, $1,000 in grant money is available for borrowers buying or refinancing properties located in moderate income census tracts in select counties in AZ, FL, IL, IN, KS, MN, MO, WA and WI. $3,000 in grant money is available for borrowers buying or refinancing properties located in low income census tracts in select counties in AZ, FL, IL, IN, KS, MN, MO, WA and WI. Grant can only be applied to the purchase or refinance of a primary residence. BMO Harris Affordable Housing Grant Program may be subject to other applicable restrictions. Additional down payment assistance options may be available.
  4. Calculator is provided by Leadfusion Inc., which is not affiliated with BMO Harris. 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 Harris. Visit its website at www.leadfusion.com Third Party Link to review its privacy policy.
  5. You should always talk to your BMO Harris Mortgage Banker to determine the product that is right for you. The calculator headings are merely labels for your convenience. The calculator results are estimates only and should not be construed as advice or a recommendation.
  6. BMO Harris Bank offers affordable mortgage programs and works with various government and community organizations that offer down payment and closing cost assistance. Affordable mortgage programs may be subject to income limitations and other application restrictions. The amount of down payment and closing cost assistance available varies based on Income and property location.
  7. 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 Harris 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/ Third Party Link for more information.
  8. 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 bmoharris.com/legal for full details.
  9. Message and data rates apply. Please contact your wireless carrier for details.