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      Save on your mortgage with up to $2,000 off closing costs., footnote *  
      Learn more

      Take advantage of lower rates and payments early on

      Welcome to BMO Mortgage solutions.
      Our Mortgage Bankers can help answer your questions.
      Call 1-888-482-3781
      Call 1-888-482-3781

      Adjustable Rate Mortgage

      An adjustable rate mortgage (A R M) may help you save money in the short term. Generally, an A R M has lower monthly principal and interest payments during the initial fixed interest rate period. , footnote 1 Later, your interest rate will be variable and will adjust semi-annually if the index changes. An A R M may be the best way to go if you don't plan to live in your home for a long time.

      • Your monthly principal and interest payment may be less during the initial fixed interest rate period for an A R M versus a fixed rate mortgage
      • Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes, footnote 1
      • Once the loan converts to a variable rate, interest rates and payments may vary, footnote 1
      • Get the convenience of automatic mortgage payments with Auto Pay, footnote 2 from your BMO checking account

      0.125%
      rate discount with Auto Pay2 from your
      *

      Plus, save up to $1,000 in closing costs.**

      Steps to ownership Section

      Five Steps to a Smoother Mortgage Process, footnote 5

      You need to:

      Speak with a Mortgage Banker. Share general information about your employment history, income, savings, investments, debts and property you wish to purchase or refinance.

      BMO will:

      Identify product, interest rate options and closing costs. Discuss qualification requirements. Recommend the product(s) that best fit your needs and goals. Identify required documentation and deposit necessary. Schedule an appointment for the application interview.

      Helpful Hint:

      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.

      Prequalification

      You need to:

      • Speak with a BMO Mortgage Banker

      • Share information about your income, savings, investments, credit history and debts

      BMO 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 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

      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. 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 (C F P B) 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 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 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

      BMO 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 with any additional documentation required to render a credit decision.

      Underwriting

      BMO 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

      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 has received all required information.

      Closing

      BMO 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 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.

      Download the complete application guide and checklist

      Discover how easy it is to apply online

      Our online application is a quick and easy way to apply for a mortgage. You can access your application from any device, upload documents and check your loan status, getting notifications throughout the process. Watch this video to learn how fast, simple and secure your application can be.

      Play video

      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 securefootnote just choose what's easiest for you:
      • In person at any of more than 600 B M O locations
      • By mail
      Apply now Request a prequalification
      Have Questions Section

      Have questions?

      • Call 1-888-482-3781

        Mon - Thu 8a.m. - 7 p.m. (CT)
        Fri 8 a.m. - 6 p.m. (CT)
        Sat 8 a.m. - 1 p.m. (CT)         Call 1-888-482-3781
        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)
      Calculators Section

      Calculators

      Our calculators, footnote 3 and 4, footnote 3 , , footnote 4 help you compare loans and crunch your numbers
      Fixed Rate Mortgage Payments Adjustable Rate Mortgage (ARM) Payments Extra Payments View All

      S.A.F.E. Act

      The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.

      BMO Bank N.A. fully complies with the S.A.F.E. Act. Learn more about how the S.A.F.E. Act protects you.

      For further information regarding your Mortgage Loan Originator or BMO Bank N.A., please visit www.nmlsconsumeraccess.org blue BMO icon

      Frequently asked questions

      View all mortgage FAQs
      Under what circumstances would an adjustable rate mortgage (A R M) be a better choice than a fixed rate loan?

      If you expect to stay in your home for a relatively short period of time, consider an Adjustable Rate Mortgage (A R M). You can potentially save a significant amount with a lower interest rate and lower monthly payments in the short term. A R M interest rates may rise, however, after an initial fixed period. Consult with a BMO Mortgage Banker for more information.

      What is the difference between prequalification and preapproval?

      Prequalification 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 can afford. There are no fees for a BMO prequalification.

      Preapproval is a loan commitment based on verified information prior to finding a home. There are no fees to apply for a BMO preapproval. A completed loan application, however, is necessary to receive a preapproval loan commitment.

      How can I find out how much home I can afford?

      It is best to schedule a mortgage consultation with one of our Mortgage Bankers.

      Which is better: fewer discount points or a lower interest rate?

      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). Discount and interest points may or may not be tax deductible. Please consult your tax advisor to discuss your individual situation.

      I locked my interest rate, but the Truth in Lending Statement says the annual percentage rate (A P R) is higher. Am I getting a different rate?

      No. The interest rate for your mortgage note will be the rate you selected when you signed your Price Protection Election Agreement. Unlike the interest rate, the A P R includes certain charges and fees to reflect the total cost of the loan on an annual percentage basis. Please see the following question for information regarding the A P R.

      What is the annual percentage rate (A P R)?

      The Annual Percentage Rate (A P R) 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).

      What is pre-paid interest?

      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.

      What is the benefit of an extended rate lock for new construction?

      An extended rate lock option may be a good option 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 lock may be a smart move for you. BMO provides options offering up to fifteen months of interest rate protection, depending on your product choice.

      What is the advantage to have BMO hold my property tax escrow?

      Convenience. By having a property tax escrow account with BMO, you can budget by spreading the annual cost of property taxes throughout the year, and BMO will make property tax payments on your behalf and you will not have to worry about missed or late payments.

      How can I apply for a BMO Harris Mortgage?

      There are several convenient ways to apply for a BMO Harris Mortgage. Work with a Mortgage Banker 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.

      Frequently asked questions

      View all mortgages FAQs

      Under what circumstances would an adjustable rate mortgage (A R M) be a better choice than a fixed rate loan?

      If you expect to stay in your home for a relatively short period of time, consider an Adjustable Rate Mortgage (A R M). You can potentially save a significant amount with a lower interest rate and lower monthly payments in the short term. A R M interest rates may rise, however, after an initial fixed period. Consult with a BMO Mortgage Banker for more information.

      What is the difference between prequalification and preapproval?

      Prequalification 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 can afford. There are no fees for a BMO prequalification.

      Preapproval is a loan commitment based on verified information prior to finding a home. There are no fees to apply for a BMO preapproval. A completed loan application, however, is necessary to receive a preapproval loan commitment.

      How can I find out how much home I can afford?

      It is best to schedule a mortgage consultation with one of our Mortgage Bankers.

      Which is better: fewer discount points or a lower interest rate?

      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). Discount and interest points may or may not be tax deductible. Please consult your tax advisor to discuss your individual situation.

      I locked my interest rate, but the Truth in Lending Statement says the annual percentage rate (APR) is higher. Am I getting a different rate?

      No. The interest rate for your mortgage note will be the rate you selected when you signed your Price Protection Election Agreement. Unlike the interest rate, the APR includes certain charges and fees to reflect the total cost of the loan on an annual percentage basis. Please see the following question for information regarding the APR.

      What is the annual percentage rate (A P R)?

      The Annual Percentage Rate (A P R) 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).

      What is pre-paid interest?

      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.

      What is the benefit of an extended rate lock for new construction?

      An extended rate lock option may be a good option 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 lock may be a smart move for you. BMO provides options offering up to fifteen months of interest rate protection, depending on your product choice.

      What is the advantage to have BMO hold my property tax escrow?

      Convenience. By having a property tax escrow account with BMO, you can budget by spreading the annual cost of property taxes throughout the year, and BMO will make property tax payments on your behalf and you will not have to worry about missed or late payments.

      How can I apply for a BMO Mortgage?

      There are several convenient ways to apply for a BMO Mortgage. Work with a Mortgage Banker 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.

      Apply now Find a Mortgage Banker Request a prequalification
      • Call 1-888-482-3781
        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)         Call 1-888-482-3781
        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)

      footnote * details,Special offers are subject to change. To receive a 0.125% rate discount, you must authorize BMO to withdraw your loan payment each month from an eligible BMO checking account using Auto Pay. Rate discount of 0.125% with Auto Pay from your BMO Smart Money Checking account, BMO Smart Advantage Checking account, BMO Select Checking account, BMO Relationship Checking or BMO Portfolio Checking account. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.

      footnote ** details,Special offers are subject to change. The closing cost discount offer is available on applications received from February 1, 2024 through May 31, 2024. The closing cost discount offer consists of a $500 or $1,000 closing cost discount depending on loan amount. Available subject to the following:

      Closing Cost Discount: The closing cost discount may be applied at closing. It is available for conforming or jumbo loans (loans in excess of $766,550) secured by 1-4 unit homes used as primary or secondary residences and investment properties. Loan amounts up to $1,000,000 qualify for a $500 closing cost discount, loan amounts of $1,000,000 or greater qualify for a $1,000 closing cost discount

      Footnote 1 details, Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust semi-annually during the life of your loan if the index changes. Once the loan converts to a variable rate, interest rates and payments may vary. Changes to your property taxes and hazard, flood, or other required insurance may cause your total monthly mortgage payment to change periodically during the term of your loan. Historical performance of Adjustable Rate Mortgage (A R M) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.

      Footnote 2 details, Auto Pay means periodic scheduled payments automatically deducted from your BMO 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.

      Footnote 3 details, Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.

      Footnote 4 details, You should always talk to your BMO Mortgage Banker to assist you in determining the product that is right for you. The calculator headings are merely labels for your convenience. The calculator results are estimates only for informational purposes and should not be construed as advice or a recommendation.

      Footnote 5 details, 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 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 for more information.

      Footnote 6 details, Visit the BMO Security Center for details.

      Footnote 7 details, Certain conditions and limitations apply. Digital Banking Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Digital Banking Agreement found at bmo.com/en-us/legal for full details.

      Footnote 8 details, Message and data rates apply. Please contact your wireless carrier for details.