BMO mortgage review

BMO is not currently available on Finder

Have you considered Rocket Mortgage?

Apply online for free and lock in your rate for 90 days.

• Fast service
• More flexibility
• Prepayment is OK
• Complete your application online

Learn more

No thanks, compare other loan options.

BMO requirements

While BMO doesn’t list off all of its mortgage loan requirements, you will need a minimum 3% down payment. The bank also lists a 43% debt-to-income (DTI) ratio requirement, but the Consumer Financial Protection Bureau in December of 2020 changed how lenders can qualify borrowers. So, the listed requirement may change slightly as the new rules are implemented.

Documentation

According to BMO, all you need to apply is your Social Security number and details about your assets and income. But you’ll probably need the following documents to complete your application:

Costs and fees

Because closing costs and fees often change based on the state where you live or the type of mortgage you have, the bank doesn’t list exact fees on its website. But it provides the following list of closing costs you should be prepared to pay, with estimates:

A more accurate estimate of your closing costs should be sent to you within three business days of your application.

How to apply for a mortgage with BMO Bank

To start your mortgage application, follow the steps below:

1. Visit the mortgages page on the website, select Apply now, then Apply now again once the application opens.
2. Enter your email address and password to create an account.
3. Select Continue to start the application.
4. Enter your personal information.
5. Follow the prompts to add details about your assets and income.
6. Enter information about the property you’re interested in purchasing.
7. Answer declarations and enter your demographic information.
8. Review your information and submit your application.

You can instead choose to prequalify for a loan by filling out a form and a BMO mortgage banker will contact you.

1. Select Start your prequalification.
2. Enter your loan amount, contact information and preferred method of contact.
3. Select whether you’re an existing BMO Bank customer and choose Submit.
4. Wait for a BMO mortgage banker to contact you.

What types of mortgages can I get through BMO Harris Bank?

• Conventional

• FHA

• VA

• USDA

• Jumbo

Other mortgage products offered by BMO Bank

BMO has several specialty mortgage products.

• First-time homebuyer. This lender’s affordable mortgage programs have 3.5% down payment options that may require only 1% to come from the buyer and up to $9,000 to help with closing costs.
• Neighborhood home loans. Offers up to $7,000 in closing cost assistance and requires a 660 credit score and a 1% down payment.
• Physicians mortgage loans. This program offers altered requirements to help medical doctors buy a home with a 5% down payment, lower underwriting requirements and no private mortgage insurance. You can also get a $200 discount on closing costs.
• Condominium loans. You can finance a new or recently converted condo through BMO Bank.
• Multifamily mortgage loans. Finance a property with up to four units.
• Investment property loans. BMO offers special mortgage options for investment properties.
• Construction loans. Finance your home’s construction with a construction-to-permanent option that comes with only one set of closing costs and several rate-lock options to make sure you get the best interest rate for your loan.
• Cross-Border mortgages. This program helps Canadians purchase or refinance properties in the US.
• Home equity products. BMO offers both home equity lines of credit (HELOCs) and home equity loans.

How BMO Bank’s mortgage products compare to other lenders

In addition to standard conventional mortgage loans, BMO Bank offers a long list of specialty mortgage and home equity products. But while the bank originates FHA loans, it doesn’t offer other government-backed loans, such as VA or USDA loans.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

1 - 2 of 2

Updated regularly

Product USFHL	Loan products offered	State availability	Min. credit score	‎
Rocket Mortgage	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates (888) 329-4989 Compare	Apply online for free and lock in your rate for 90 days.	loading Fetching your data...
Veterans United	Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	See rates More Info Compare	Veterans United stands out from other lenders for its focus on serving the military community.	loading Fetching your data...

loading

BMO Bank reviews and complaints

This bank is accredited by the Better Business Bureau (BBB), and as of July 2022, has an A+ rating for closing 360 complaints in the last three years. The bank has earned a rating of 1.07 out of 5 stars with 89 customer reviews on the BBB. BMO has 14 customer reviews on Trustpilot, where it has a TrustScore of 2.3 out of 5 stars. On both sites, only a few of the reviews are specific to bank mortgages.

Pros and cons of BMO Bank

What is BMO Bank?

BMO Bank is a subsidiary of the Bank of Montreal in Canada, which was founded in 1882 and has grown to become the eighth largest bank in North America by assets. In the US, BMO has over 500 bank branches in eight states that serve over two million customers.
In June of 2020, Forbes included BMO in its Best-in-State Banks 2020 list. The list surveys more than 25,000 customers who rate their banking experiences based on customer satisfaction and other standards. BMO ranked in the top five banks in Illinois, Indiana and Wisconsin.

Frequently asked questions

• How do I contact BMO Bank customer service?

  You can contact a representative by calling 888-482-3781. The customer service hours are Monday through Thursday from 8 a.m. to 7 p.m. CT, Friday from 8 a.m. to 6 p.m. CT and Saturday from 8 a.m. to 1 p.m. CT.