Home Mortgage Services
Comprehensive residential mortgage solutions designed to help you achieve homeownership with confidence and clarity
First-Time Homebuyer Programs
BMO's first-time homebuyer programs are specifically designed to make homeownership accessible and affordable. These specialized mortgage products offer reduced down payment requirements, competitive interest rates, and flexible qualification criteria to help new buyers enter the housing market successfully.
Key Benefits Include:
- Down payments as low as 3% for qualified applicants
- Reduced private mortgage insurance requirements
- Flexible credit score requirements starting at 620
- Homebuyer education resources and counseling support
Conventional Mortgage Loans
Our conventional mortgage products provide reliable financing solutions for homebuyers with established credit histories and stable income. These loans offer competitive rates and flexible terms to accommodate various financial situations and homeownership goals.
Fixed-Rate Mortgages
Predictable monthly payments with interest rates locked for the entire loan term. Available in 15, 20, and 30-year terms to match your financial planning needs.
Adjustable-Rate Mortgages
Lower initial rates with periodic adjustments based on market conditions. Ideal for buyers planning shorter-term homeownership or expecting income growth.
Jumbo Mortgage Solutions
For luxury home purchases exceeding conventional loan limits, BMO offers jumbo mortgage products with competitive rates and specialized underwriting. These loans are designed for high-value properties while maintaining the same commitment to service excellence.
Current Jumbo Loan Limits (2024):
Most areas: $766,550 and above
High-cost areas: $1,149,825 and above
Down Payment Options
Conventional Loans
5% - 20% down payment required
First-Time Buyer
As low as 3% down payment
Jumbo Mortgages
Typically 10% - 20% down payment
Interest Rate Types
Fixed Rates
Consistent payments throughout loan term
Adjustable Rates
Initial lower rates with periodic adjustments
Pre-Qualification Process
Understanding your borrowing capacity is the first step toward successful homeownership. BMO's streamlined pre-qualification process helps you determine your budget and strengthens your position when making offers on properties.
Submit Application
Complete online application with basic financial information
Document Review
Provide income verification and credit authorization
Credit Assessment
Comprehensive credit and financial capacity evaluation
Pre-Approval Letter
Receive conditional approval with maximum loan amount
Mortgage Payment Calculator
Estimate your monthly mortgage payments including principal, interest, taxes, and insurance. Our calculator helps you understand the total cost of homeownership and plan your budget accordingly.
Calculator Features:
- Principal and interest calculations
- Property tax estimates
- Homeowners insurance costs
- PMI calculations when applicable
Affordability Assessment
Determine how much home you can afford based on your income, debts, and down payment. Our affordability tools consider all aspects of your financial situation to provide realistic homebuying guidance.
Assessment Factors:
- Gross monthly income analysis
- Existing debt obligations
- Available down payment funds
- Debt-to-income ratio optimization
Getting Started with Your Home Mortgage
BMO's comprehensive mortgage services are designed to guide you through every step of the homebuying process. From initial consultation to closing, our experienced mortgage specialists provide personalized support to ensure you find the right financing solution for your unique situation.
Expert Guidance
Dedicated mortgage specialists to answer questions and provide personalized recommendations
Digital Tools
Online calculators, application tracking, and document upload capabilities for convenience
Competitive Rates
Market-competitive interest rates with transparent pricing and no hidden fees