BMO mortgage review 2025

Core Insights - BMO is a mortgage lender that provides a variety of home loan options and borrower incentives, making it a viable choice for those seeking home equity or low down-payment loans [1][2][5] Loan Offerings - BMO offers a range of mortgage products including conventional, FHA, VA, jumbo loans, and specialty loans like physician mortgages and investment property loans [5][6][7] - The lender provides unique features such as a 1%-down mortgage option, down payment assistance of up to $16,000, and a close-on-time guarantee that offers $5,000 cash back if the loan is delayed [5][7][8] Borrower Incentives - BMO has several borrower incentives including rate discounts for banking customers, down payment assistance, and closing cost credits of up to $500 [2][5][8] - Automatic payments from a BMO checking account can reduce mortgage rates by 0.125% and HELOC rates by 0.50% [5][9] Loan Costs and Rates - BMO's mortgage rates are around the industry median of 6.5%, but total loan costs are above the median at approximately $6,215.25 [16][17] - The lender scores 3 out of 5 stars for mortgage rates and 2 out of 5 stars for total loan costs, indicating average loan costs with higher fees [16][17] Home Equity Products - BMO offers both home equity loans and HELOCs, with HELOCs featuring a 10-year draw period and a 20-year repayment period [9][11] - Home equity loans start at $5,000 and require a minimum credit score of 700, while HELOCs typically require a score between 650 and 680 [10][11] Comparison with Competitors - BMO provides more diverse mortgage options compared to competitors like Chase and Bank of America, including construction loans and medical professional loans [22][23][26] - However, BMO lacks transparency in advertising interest rates, which is a disadvantage compared to other lenders that provide clear rate information [24][25] Online Resources - BMO offers a variety of online tools including mortgage calculators and educational articles, enhancing user experience and accessibility [20][24]