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Family in a new home.

Buy your dream home with a
BMO Harris jumbo mortgage

Our BMO Harris Mortgage Bankers can guide you through the process.

Family in a new home.

Buy your dream home with a
BMO Harris jumbo mortgage

Our BMO Harris Mortgage Bankers can guide you through the process.



What is a jumbo loan?

Jumbo mortgage loans may be necessary if you’ve got your eye on something big. That’s because jumbo loans are for loan amounts of $453,1011 or more (basically, you borrow more than a standard mortgage).


Why is a BMO Harris jumbo loan right for me?


With a BMO Harris jumbo mortgage, you can enjoy big benefits. Our jumbo loans offer:


  • Fixed and adjustable interest rates
  • Low costs on closing
  • Extended rate lock program2
  • Up to 89.99% loan to value ratio
  • No Private Mortgage Insurance required

To learn more about our jumbo mortgage rates, contact a Mortgage Banker or call 1-888-482-3781.

Enjoy our special offers:

0.25% interest rate discount on a jumbo mortgage loan for qualifying customers3
+
$100 closing cost discount with Auto Pay4 from your
BMO Harris Smart Money Account, BMO Harris Smart Advantage Account or BMO Harris Select Checking® Account5
Or
$200 closing cost discount with Auto Pay4 from your
BMO Harris Premier Account or BMO Harris Portfolio Checking® Account5

Five Steps to a Smoother Mortgage Process6

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.

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
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.

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.

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

​​Helpful tips and advice for homebuyers


Payment methods

We offer a range of payment options to help you conveniently make your payment on time, every month. Each is safe and secure9 — just choose what’s easiest for you.

  • In person at your choice of 600+ BMO Harris locations
  • By mail

Have questions?


Calculators

Compare loans and crunch the numbers with our calculators7,8.

FAQs

View all mortgage FAQs

Special offers subject to change at any time without notice.

 

  1. Loan limits are subject to change at any time without notice.
  2. Certain restrictions and fees may apply.
  3. Applicant must meet one of the eligibility requirements in order to receive the 0.25% relationship pricing discount: New or existing Private Bank client; new or existing Premier Services client; new or existing BMO Harris client with at least $250,000 in BMO Harris deposit accounts (including trust accounts titled in the name of the Applicant) at the time of closing after all related closing costs have been applied.
  4. Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris checking account, as applicable, to pay the loan. 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.
  5. Special offers are subject to change. Closing cost discount of $100 on a new BMO Harris mortgage loan with Auto Pay from your BMO Harris Smart Money Account, BMO Harris Smart Advantage Account or BMO Harris Select Checking® Account. The monthly maintenance fee for BMO Harris Smart Money Account is $5. The monthly maintenance fee for BMO Harris Smart Advantage is $0. The monthly maintenance fee for BMO Harris Select Checking Account ® is $15. Closing cost discount of $200 on a new BMO Harris mortgage loan with Auto Pay from your BMO Harris Premier Account or BMO Harris Portfolio Checking® Account. The monthly maintenance fee for BMO Harris Premier Account is $30. The monthly maintenance fee for BMO Harris Portfolio Checking is $25. FHA loans do not require Auto Pay to receive this discount. 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. Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris checking account, as applicable, to pay the loan. 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.
  6. 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/ blue BMO icon for more information.
  7. 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 blue BMO icon 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.
  8. 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.
  9. Visit the BMO Harris Security Center for details.
  10. Certain conditions and limitations apply. BMO Harris Online Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Harris Online Banking Services Agreement found at bmoharris.com/legal for full details.
  11. Message and data rates apply. Please contact your wireless carrier for details.