BMO Mortgage has several programs designed for people who do not have funds for a down payment. BMO mortgage closing costs are competitive, and the company has assistance programs available for these costs. This mortgage lender offers several loans with reasonable credit score requirements that make its loans more accessible to consumers.
- People with low credit
- Aspiring homeowners who do not have much saved up for a down payment
- Consumers who want transparency with interest rates
- Individuals who need an unconventional loan to get their dream home
- Upfront interest rates for conventional and jumbo mortgages
- Down payment assistance programs and grants to help people raise enough funds for the down payment
- Loan approval with a credit score as low as 580
- Options for a 0% down payment
- No VA or USDA loans
- No online loan pre-qualification
- 15-year or 30-year terms
BMO Mortgage Ratings at a Glance
For most people, a home is the largest investment. Mortgage payments make up a significant percentage of many homeowners’ monthly budgets. Getting a lower interest rate and better terms can make your monthly mortgage payments more manageable. Consumers who compare lenders can find better deals and save money in the long run. BMO Mortgage is one lender to add to your radar as you search for your new home or a refinance for your current home.
BMO Loan Availability
BMO Mortgage has generous down payment requirements and accommodates individuals who don’t have the best credit scores. The lender allows consumers to buy homes without putting any money down, and you can get a mortgage with a credit score as low as 580.
Borrowers can choose from conventional, FHA, jumbo and other mortgages. BMO is upfront about the interest rates for its conventional and jumbo loans. You can find the assumptions BMO Mortgage used to calculate the interest rates for its loans. Those assumptions can help you gauge if you can get the lower rate or if you may end up with a higher interest rate. Having this level of clarity makes it easier to do business with the lender and have an idea of what you are going to get.
If you do not have enough money to cover the down payment or need an affordable way to buy a home, BMO can help. The lender has several programs designed for people with lower incomes, including grants and down payment assistance programs. BMO operates in all 50 U.S. states and has an A+ rating from the Better Business Bureau.
BMO Loan Qualifications
BMO has different loan qualifications for each of its loans. Here’s what you can expect.
Neighborhood Home Loan Product
- 1% down payment in some cases
- 640 minimum credit score
FHA Loans
- 0% down payment in some cases
- 580 minimum credit score
Home Possible
- 0% down payment in some cases
- 620 minimum credit score
House Finance Agency Program
- 1% down payment in some cases
- 640 minimum credit score
Every homeowner is different, and some homeowners need different types of mortgages. Here is a list of mortgage loans that BMO offers.
- Conventional Mortgages
- FHA Mortgages
- Jumbo Mortgages
- Cross-Border Mortgages
- Fixed and Adjustable-Rate Mortgages
The company has a customer support team that you can reach via email or on the phone. The lender’s phone line is available on Mondays to Thursdays from 8 a.m. to 7 p.m. CT. BMO’s phone support is also available on Fridays from 8 a.m. to 6 p.m. CT. The company’s phone number is 888-482-3781.
Wondering if BMO makes sense for your first home, refinance or real estate investment? Here are some factors to consider when assessing the user experience you get with BMO Mortgage.
Interest Rates
The interest rate impacts how much you pay each month and over the loan’s lifetime. Interest rates are a decisive factor but not the only one to consider when reviewing mortgage lenders.
Customer Support
If you have questions during the loan application process or after getting a loan, you will have to contact customer support. A reliable representative can make you feel more confident and quickly address any issues. A lender with bad customer support has the opposite effect and can cause problems to drag on and remain unaddressed.
Down Payment Flexibility
Not everyone has enough cash to make a 20% down payment on their home. In these cases, it’s good to work with a lender that lets you put little or no money down. Having to save up for a high down payment can prolong your journey to becoming a homeowner. If you need to make a low down payment, you should ask mortgage lenders about how they approach private mortgage insurance.
BMO Mortgage vs Competitors
As you hunt for a mortgage, remember that you want to compare and contrast each option as much as you can. As a result, Benzinga has pulled together a list of competitors so that you can see how they stack up against BMO.
Available in: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA
BMO Mortgage caters to individuals who do not have much money for a down payment. The lender offers several financial products that do not require a down payment. The lender also offers grants and helps with down payment assistance programs if you need extra cash for the down payment. BMO Mortgage has competitive rates and flexibility for people with lower credit scores. People seeking to buy their first home or get a refinance should shop around for several lenders, but BMO may deserve a spot on your shortlist.
Frequently Asked Questions
Is BMO Mortgage a reliable mortgage company?
BMO is a reliable mortgage company that has an A+ rating from the Better Business Bureau.
Does BMO Mortgage do a hard pull?
BMO Mortgage does a hard credit pull if you want to get pre-approved. The lender does not run a hard credit check if you want to get prequalified.
What is the average closing time for a BMO Mortgage?
The average closing time for a mortgage is approximately 50 days.
Why You Should Trust Benzinga
Benzinga researches mortgage lenders and compares what they have to offer. Streamlining insights across several web pages and scouring the web for reviews helps summarize information for our readers. Benzinga has been serving millions of readers for over a decade and strives to provide top-notch analysis of mortgages and other financial products.
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