BMO Harris Bank N.A.
BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. These include solutions for everyday banking, financing, investing.
We focus on building relationships with a vision to be the bank that defines great customer experience — building that reputation with new customers and deepening it with existing customers. We're building our presence and making it easier for customers to do business with us through an integrated network of branches, mobile banking, online banking and ATMs, along with the expertise of our mortgage specialists, commercial bankers and financial planners.
BMO Harris Bank was founded in 1882, but its current charter was established in 2011. The company is headquartered in Chicago, and it is owned by the Bank of Montreal (BMO). BMO Harris originated more than $1.8 billion in mortgage loans in 2017, 30% of which were granted to borrowers with low or moderate incomes, according to a 2018 company report.
BMO Harris offers fixed- and adjustable-rate mortgages and low down payment loans. The company operates more than 570 bank branches in eight states:
BMO Harris is licensed to provide mortgages in all of the above states. Borrowers must have a minimum credit score of 620 to qualify for a conventional loan, and other loan products require higher scores. To qualify for a Neighborhood Home Loan, you’ll need at least a 640 credit score. If you’re applying for a Home Possible Advantage loan, your score must be at least 660.
BMO Harris issues mortgages for single- and multi-family properties up to four units. The property must be your primary residence. You may also be able to take out a mortgage for a condo or townhome through BMO Harris.
Housing Finance Agency Program
The Physicians’ Mortgage Program does not require borrowers to submit an income history, but you’ll need to show evidence that you will have income within 60 days of closing on the loan. Qualified customers may borrow up to 100% of the cost of the home, provided the price is less than $750,000. You can take up to 95% for homes between $750,000 and $1 million. For homes that cost $1 million to 1.5 million, you can borrow 90%.
Additional features may include a $200 reduction in closing costs, no mortgage insurance requirement and the option to use the loan toward single-family homes (1-2 units), townhomes and condos.
A Neighborhood Home Loan may be used to purchase and refinance mortgages. Borrowers must have a credit score of at least 640 when purchasing a home and 680 when refinancing.
Borrowers may use a grant or gift toward their down payment, but they must use some of their own funds, too. If your credit score is 640-659, you will need to contribute the greater of $1,000 or 3% of the loan amount. Borrowers with scores of 660 and above must put down the greater of $1,000 or 1% of the loan amount.
You may use a Neighborhood Home Loan to purchase a single-family home, condo, townhouse or planned-unit development (PUD). However, the 3% down payment option only applies to single-family homes. If you purchase a multifamily property, you will need a 5% down payment.
Borrowers using a Neighborhood Home Loan for purchase must complete a homebuyer education course.
If you’re interested in working with BMO Harris, you can get pre-qualified through the company’s website or via phone or in-person appointment.
To apply for pre-qualification, contact a BMO Harris mortgage banker and provide them with your asset and income information, as well as any debts you are carrying, your credit score and financial history. The mortgage banker will use that information to determine how much you’ll be able to borrow and will then issue a pre-qualification letter you can use during your home search. At this time, the banker may counsel you on which loans best suit your circumstances and the various costs associated with borrowing.
Once you’ve pre-qualified, you can begin the application process through BMO Harris’s website. The first step is to choose the type of loan for which you want to apply and submit key information to receive your initial loan estimate. The data you’ll need to provide includes:
From there, you will be given a loan estimate that includes the expected interest rate, estimated closing costs and your monthly payment amounts. If you decide to move forward with the application, you’ll need to provide documentation on your financial circumstances and the home you plan to buy. These documents may include:
BMO Harris will ask you to review the Consumer Financial Protection Bureau’s home loan tool kit before signing your application and submitting your intent to proceed.
The next step is the processing period, during which BMO Harris will order the appraisal. The lender will also order the title commitment, private mortgage insurance certificate and flood certification as needed.
Following the loan processing, your application will move to underwriting. At this point, you’ll need to provide documentation of your homeowners’ insurance and flood insurance (if the latter is stipulated).
After the application is approved, BMO Harris will arrange your closing date and time. The closing will take place either at the title company’s office or at a BMO Harris branch.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.