Mortgage Special Offers

Special offers are subject to change.

1. The closing cost discount offer is available on applications received from September 1, 2024, through July 31, 2025. The closing cost discount offer consists of a $500 closing cost discount depending on loan amount. This offer is available subject to the following:

Closing Cost Discount: The closing cost discount may be applied to the purchase mortgage at closing. It is available for conforming (loans up to $806,500) secured by 1-4 unit homes used as primary residences, second homes, or investment properties.

footnote 2.details Relationship Requirement:
If the property is not located in the following locations; AZ, CA, CO, FL, ID, IL, IN, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY, and EL Paso County, TX (Home Equity Line of Credit is not available in Texas) to be eligible for our real estate secured lending products, you must be a pre-existing BMO customer for at least six months at the time of application; contact a Banker for details. A BMO customer relationship includes any deposit, retirement, small business, secured and unsecured credit, and investment accounts (BMO Alto account are excluded). Not applicable to our Private Bank clients or BMO employees.

footnote 3.details Auto Pay Interest Rate Discount
To receive a 0.125% rate discount, you must authorize BMO at origination to withdraw your loan payment each month from your BMO consumer checking account. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.

4. The On-Time Closing Guarantee is available on applications received from 09/01/2024 through 7/31/2025. The On-Time Closing Guarantee offer consists of a closing cost discount of up to $5,000 paid out only if the closing is not completed within the eligible timeframe.

This offer is available subject to the following:

On-Time Closing Guarantee: The On-Time Closing Guarantee offers assurance to customers purchasing a 1st lien owner occupied home that the loan will close by the Contract Closing Date, or the customer will receive up to $5,000 as a closing cost discount. Eligibility requirements: (1) Applications must be submitted through Blend, BMO’s online loan application platform. (2) Provide a fully executed purchase contract along with all required documentation to make a loan decision (income, assets, disclosures). (3) Loan must meet BMO’s standard underwriting guidelines. (4) Conventional Loans:  the closing date must be a minimum of 21 calendar days from the date the Application Deposit is received. (5) For FHA, Physicians, Bond Program Financing: the closing date must be a minimum of 45 calendar days from the date the Application Deposit is received. Program exclusions: (1) Changes to the original closing date documented in the purchase agreement resulting in moving the date forward. (2) Customer or seller-initiated changes within 10 calendar days of closing. (3) Delay due to customer’s failure to provide all requested documentation (income documents, letter of explanation, credit documentation, etc.) within 2 business days of the date of the request. (4) Delays caused by third parties (Appraisals, Title issues, etc.). (5) Delay due to Valuation Disputes. (6) Delays due to force majeure events, including weather or natural disaster. (7) Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property. (8) Products Excluded: One Close Construction, Construction to Perm, Gateway Loans,  Co-ops, New Condo projects, Leaseholds. Addition of ReadyLine or Tandem financing after initial submission, Refinance loans, Second home and Investment properties.

BMO reserves the right to amend, terminate, or withdraw the On-Time Closing Guarantee at any time without prior notice. Closing guarantees and other awards (“awards”) transferred to you under the terms of the program will be considered a discount of underwriting fees paid at mortgage closing. Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income and may be reportable on Form 1099-MISC (Miscellaneous Information) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) to you and the IRS for the year in which you participate and receive the awards. You are responsible for any tax liability related to participating in the program. Please consult your personal tax advisor for questions about the impact to your personal income tax returns.

5. Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.

The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.

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