Make the perfect house your home with our special mortgage
offers and flexible options. Here's why you'll like us:
Save on your mortgage costs
You worked hard to save for a home. We want to help by saving you up to $800 in underwriting costs and an extra $200 when you sign up for Auto Pay.1
Apply online from the comfort of your home
Applying online for a mortgage has never been easier. You can apply on any device, upload your documents securely and check the status of your application at any time.
Get the support you need
Whether you choose to apply for your mortgage online or over the phone with a banker, we're here to help you throughout the entire process, to make it quick and stress free.
Mortgage calculators and resources2
Don't miss our limited-time mortgage offer!
Act now to cash in on big savings and move in to your dream home faster.
Apply today and we'll cover up to $1,000 in closing costs:1
- Get a $500 closing cost discount for loans up to $499,999
- Get a $800 closing cost discount for loans above $500,000
And get an additional discount of up to $200 when you set up Auto Pay from an eligible BMO Harris Checking account.Apply Now
Not ready to apply yet?Check out our other mortgage options
1. Get pre-qualified
Pre-qualification helps you know exactly how much house you can afford.
2. Submit your paperwork
Apply online and upload your documents securely, or over the phone with a mortgage banker.
3. Close the deal
We'll keep the process moving forward so you can pick up the keys to your new home sooner.
Homebuying help center
Do I need a 20% down payment to buy a home?
Not necessarily, but your down payment is an important factor when you're applying for a mortgage. Your down payment is the percentage of your home's purchase price that you pay up front. The amount you put down affects:
- How big your mortgage will be
- What your interest rate will be – typically it will be higher if your down payment is smaller
- Whether you'll need to pay for private mortgage insurance (PMI)
Most lenders will require you to pay for PMI if your down payment is less than 20%.
But if you want to put down less than that, different loan programs offer different minimum down payments, usually ranging from 3% to 20%.
Check out our flexible mortgage options to find the right one for you.
How do I know if I should buy or rent?
There are pros and cons to both buying and renting a home. It can be tough to judge which is best for you, since there are so many variables with home ownership.
A buy versus rent calculator can help you make the choice by showing you how much you'll pay in the long run for each option.
Here are some factors to consider when deciding between renting and owning:
- The cost of a home compared to your rent payments
- The amount you can put toward a down payment
- What your mortgage rate will be
- How long you plan to stay – buying tends to be better if you plan to stay longer
- Taxes and closing costs
- Maintenance fees
What will my closing costs be?
Your closing costs are the fees you'll need to pay on the day you close your mortgage, on top of your down payment. Closing costs can include:
- Property evaluation fees
- Land survey fees
- Title insurance
- Legal costs
- Fire/property insurance
- Closing fees
- Property tax
- Transfer tax
You can expect to pay between 3% and 6% of your total home purchase price on closing costs.
For a limited time, we'll cover up to $1,000 of your closing costs to help with the expense.1 Apply today to take advantage of our mortgage offer!
Does BMO Harris offer down-payment assistance or programs for first-time homebuyers?
We want to make the homebuying process as easy as possible, so we offer a variety of mortgage options.
If you'd prefer to put less money down on your home, you can apply for one of our low down payment mortgage options.
To discuss all the options available for first-time homebuyers, give us a call:
We're available to talk:
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)
Have more questions? That's what we're here for.
1. Special offers are subject to change. The closing cost discount offer is available on purchase applications received from September 1, 2020 through November 30, 2020. The $1,000 closing cost discount consists of a $500 or $800 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 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 an $800 closing cost discount. The closing cost discount cannot be applied to refinances.
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 with Auto Pay from your BMO Harris Smart MoneyTM Account, BMO Harris Smart AdvantageTM Account or BMO Harris Select Checking® account. Closing cost discount of $200 with Auto Pay from your BMO Harris PremierTM Account or BMO Harris Portfolio Checking® account. FHA loans do not require Auto Pay to receive this discount.