It is best to schedule a mortgage consultation with one of our Mortgage Loan Originators. Find a Mortgage Loan Originator near you or call us at
Pre-qualification 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 should shop for a home. There are no fees for a BMO Harris pre-qualification.
Pre-approval is a firm loan commitment based on verified information prior to finding a home. There are no fees to apply for a BMO Harris pre-approval. A completed loan application, however, is necessary to receive a pre-approval credit commitment.
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). Divide the total cost of any discount points by the monthly savings and you'll see how many months are needed to stay in your home to break even. Discount and interest points may or may not be tax deductible. Please consult your tax advisor to discuss your individual situation.
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 have the potential to rise, however, after an initial fixed period. Consult with a Mortgage Loan Originator for more information.
No. Your mortgage note rate will be the rate you selected when you signed your Price Protection Election Agreement. In most cases, the mortgage note rate is not equal to the APR. Please see the following question for information regarding the 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).
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.
The Rate-Cap/Float-Down option may be elected 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 protection program 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.
Convenience. You'll enjoy the convenience of having BMO Harris administer your property taxes. It is also comforting to know that a dedicated loan servicing department will handle paying your property taxes on time!
There are several convenient ways to apply for a BMO Harris Mortgage.
Work with a Mortgage Loan Originator 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 Loan Originator near you or call us at 1-888-482-3781.