Jan 13, 2024 By Susan Kelly
Whether you are going to buy your first home or want to refinance your mortgage, all you need is a BMO mortgage. Bank of Montreal (BMO) is the oldest and most trusted bank, providing loans, investment, and banking services in America and Canada since 1847.
It offers you several mortgage options, online pre-approval, market-leading offers, competitive rates, and the longest mortgage rate guarantee. If you want to know more about BMO mortgages, this review answers your every query!
BMO offers several lending products, including home equity loans, home equity lines of credit, purchase loans, and refinancing. The bank also provides VA and FHA loans but does not offer USDA loans. Besides that, the bank also has a cross-border program and offers you a Neighborhood Home Loan. Therefore, Canadians can also refinance their home in the United States. A 1% down payment with no private mortgage insurance is needed for Neighborhood Home Loaned. You need to have a 640 credit score to qualify for this loan. The bank also provides a 0.125% rate discount if you use the autopay from the BMO personal checking account for making payments.
Here are the features of BMO mortgage:
BMO is available in Washington, DC, and 50 other states. When you are ready to submit the application, start the process online or from your mobile. It would help if you discussed prequalification with the loan officer to gather the information on what you can afford. You can get both unique and basic mortgages. The basic offerings include Jumbo mortgages, FHA, and confirming. The bank also offers physician mortgages for doctors, construction loans, and cross-border mortgages (for Canadians).
The bank also provides the confirming 3%-down mortgage with down payment assistance of $9000 at a 690 (minimum) credit score. BMO also works with the state housing finance agencies to provide affordable mortgages in a state that offers them. Those looking for home equity options can get a HELOC or home equity loan. Present customers can get a discount of $100 to $200 on closing costs if they set up auto pay from an eligible BMO checking account.
Here are the pros of MBO mortgage:
Here are the pros of MBO mortgage:
BMO is the largest lender offering different mortgages, including open and closed mortgages and fixed and variable rate options. The bank provides mortgages to new homeowners and those who want to renew or refinance their mortgages. In addition to the primary residents, BMO has options for second homes and investment properties. Due to the mortgage transfer service, BMO assures a smooth mortgage transfer process. The 130-day mortgage rate guarantee and Homeowner ReadiLine are the two prominent features of BMO mortgage.
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