Home Financing Services
Navigate the home financing landscape with comprehensive guidance and tools to make your homeownership dreams a reality. Discover BMO Features that simplify your mortgage journey from application to closing.
Purchase Financing Options
Conventional Mortgages
Our conventional mortgage products offer competitive rates and flexible terms for qualified borrowers. With down payments as low as 5%, you can secure financing for your primary residence with terms ranging from 15 to 30 years.
- Fixed and variable rate options
- Down payments starting at 5%
- Terms up to 30 years
- No prepayment penalties
Jumbo Loans
For luxury homes and high-value properties, our jumbo loan program provides financing beyond conventional loan limits. These specialized mortgages are designed for borrowers seeking to purchase premium real estate.
- Loan amounts exceeding $766,550
- Competitive rates for qualified borrowers
- Flexible down payment options
- Streamlined approval process
First-Time Buyer Programs
First-Time Homebuyer Assistance
Special programs designed to help first-time buyers overcome common barriers to homeownership, including down payment assistance and reduced qualification requirements.
FHA Loans
Government-backed mortgages with flexible credit requirements and low down payment options, making homeownership accessible to more borrowers.
Investment Property Financing
Build your real estate portfolio with our investment property financing solutions. Whether you're purchasing a rental property or expanding your investment holdings, we offer specialized loan products tailored to real estate investors.
Investment Property Requirements
- Down Payment: Minimum 20%
- Credit Score: 640 or higher
- Debt-to-Income: Maximum 43%
- Cash Reserves: 2-6 months payments
- Property Types: 1-4 unit properties
- Rental Income: 75% considered
Mortgage Calculator
Get Pre-Qualified Today
Start your home financing journey with a quick pre-qualification to understand your buying power.
Current Rates
Rates updated December 15, 2024. APR may vary based on credit score and other factors.
Understanding Interest Rate Types
Fixed-Rate Mortgages
Lock in your interest rate for the entire loan term, providing predictable monthly payments and protection against rising rates. Ideal for borrowers who plan to stay in their home long-term.
Benefits:
- Stable monthly payments
- Protection from rate increases
- Easier budgeting and planning
Adjustable-Rate Mortgages (ARM)
Start with a lower initial rate that adjusts periodically based on market conditions. Perfect for borrowers who expect to move or refinance within a few years.
Benefits:
- Lower initial rates
- Potential for rate decreases
- More buying power initially
Step-by-Step Home Financing Process
Pre-Qualification
Get an estimate of how much you can borrow based on your income, debts, and assets. This initial step helps you understand your budget and shows sellers you're a serious buyer.
Document Preparation
Gather required documentation including pay stubs, tax returns, bank statements, and employment verification. Having these ready speeds up the approval process.
Formal Application
Submit your complete mortgage application with all supporting documents. Our underwriting team will review your financial profile and the property details.
Property Appraisal
A licensed appraiser evaluates the property to ensure its value supports the loan amount. This protects both you and the lender from overpaying.
Closing
Review and sign final loan documents, transfer funds, and receive your keys. Congratulations on your new home!
Affordability Tools and Resources
Payment Calculator
Estimate monthly payments based on loan amount, rate, and term.
Affordability Calculator
Determine how much home you can afford based on your income and expenses.
Rate Comparison Tool
Compare different loan scenarios to find the best option for your situation.
Ready to explore BMO Account Types and discover what BMO offers today? Our Personal Finance with BMO solutions can help you achieve your homeownership goals.