BMO Bank mortgage review: rates, costs & calculator
The U.S. arm of Bank of Montreal, known for physician mortgages and jumbo lending alongside standard loans.
BMO Bank mortgage rates: what borrowers actually paid
BMO Bank prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 596 conventional 30-year fixed purchase loans with at least 20% down closed in 2025, the median rate was 6.625% and the median APR was in line with the typical lender's, with $5,070 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · BMO Bank | 596 | 6.625% | +0.04 | $5,070 | 50% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| FHA · BMO Bank | 181 | 6.50% | +0.53 | $10,612 | 32% |
| FHA · all lenders | 516,729 | 6.25% | +0.42 | $11,291 | 59% |
What the numbers say
- On conventional loans, BMO Bank priced about like the market: a median APR +0.04 percentage points against the benchmark, versus +0.02 for all lenders.
- Other loan types: FHA 0.12 percentage points above the market (181 loans).
- Borrowers paid a median $5,070 in loan costs — $406 less than the $5,476 typical across all lenders.
- 98% of its loans came with lender credits toward closing costs, versus 33% overall.
How BMO Bank compares on conventional loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| BMO Bank | 596 | 6.625% | +0.04 | $5,070 | 98% |
| Chase | 20,595 | 6.49% | −0.13 | $4,695 | 28% |
| U.S. Bank | 8,383 | 6.49% | −0.09 | $4,634 | 88% |
| Wells Fargo | 8,331 | 6.375% | −0.18 | $5,267 | 80% |
| Bank of America | 6,488 | 6.25% | −0.28 | $4,758 | 40% |
| All lenders | 700,082 | 6.50% | +0.02 | $5,476 | 33% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. How we compare lenders.
BMO Bank mortgage calculator
Estimate a BMO Bank payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, BMO Bank's 2025 conventional purchase loans closed at a median 6.625%.
Prefer a full-page version? Open the mortgage calculator.
BMO Bank by the numbers
| Home loans originated (2025) | 16,529 |
|---|---|
| Total lending (2025) | $6.7B |
| Average loan size | $406,274 |
| Approval rate* | 58.7% |
| Volume rank (our roster) | #38 of 60 |
| Largest market | California |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See our lending-data study.
What BMO Bank actually lends
28.9% of BMO Bank's 2025 loans were cash-out refinance loans, versus 14% nationally. BMO Bank lists FHA and VA loans, but they were under 2% of its 2025 originations — if you need one, ask how many the loan officer closes.
| Share of 2025 loans | BMO Bank | U.S. |
|---|---|---|
| Conventional | 98.5% | 78% |
| FHA | 1.4% | 13.2% |
| VA | 0.1% | 8.2% |
| USDA | 0% | 0.6% |
| Home purchase | 23.7% | 52.5% |
| Rate-and-term refinance | 4.1% | 15.3% |
| Cash-out refinance | 28.9% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
BMO Bank at a glance
BMO Bank, N.A. is the U.S. banking arm of Canada's Bank of Montreal, headquartered in Chicago and known until a 2023 rebrand as BMO Harris Bank.
Its footprint expanded sharply in February 2023 when BMO acquired Bank of the West, adding a large California and Western U.S. presence to a franchise that had been concentrated in the Midwest.
The bank offers mortgages through its branches, loan officers and online channels, alongside a full range of deposit and lending products.
That acquisition is visible in BMO's lending map. In 2025 the bank originated 16,529 home loans worth about $6.7 billion, at an average loan of roughly $406,000, according to federal HMDA data.
Where BMO Bank's approval rate sits
BMO Bank's 2025 approval rate of 58.7% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
Its largest market was California (9,580 loans) — a direct result of the Bank of the West deal — followed by its home state of Illinois (8,167), Wisconsin (5,204), Arizona and Indiana.
Its 58.7% approval rate among decisioned applications is in line with other large branch banks, whose books mix relationship, higher-balance and jumbo borrowers.
BMO's most distinctive mortgage offering is its Physicians' Mortgage Program, which lets doctors, dentists and other eligible medical professionals finance a home with little or no down payment and without private mortgage insurance.
The bank also runs affordable-lending initiatives, including its BMO Zero Down and Welcome Home Grant / employer-assisted programs that provide down-payment and closing-cost help in eligible communities, and it is an active jumbo lender for higher-priced markets.
Who BMO Bank is best for
BMO is a strong fit for medical professionals who want a specialized physician mortgage, for jumbo borrowers in higher-cost markets, and for existing BMO customers in its Midwest and Western footprint who value branch-based service.
Buyers in eligible neighborhoods may also benefit from its grant and zero-down affordable-lending programs.
Loan programs at BMO Bank
Its most notable programs and specialties:
- Conventional fixed- and adjustable-rate mortgages (conforming)
- Physicians' Mortgage Program with low/no down payment and no PMI for eligible medical professionals
- Jumbo loans for higher-priced homes
- FHA and VA government-backed loans
- BMO Zero Down and Welcome Home Grant / employer-assisted down-payment and closing-cost programs
- Home equity lines of credit (HELOCs)
Typical industry minimum down payment by core loan type — BMO Bank's own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| Conventional | 3% |
| FHA | 3.5% |
| VA | 0% |
| Jumbo | 10–20% |
| Physician | 0–5% |
Strengths
- Well-regarded physician mortgage with little-to-no down payment and no PMI
- Grant and zero-down programs that can cut upfront costs in eligible areas
- Large branch network across the Midwest and, since the Bank of the West deal, the West
- Full-service bank, so mortgage, deposit and relationship banking can sit together
- Active jumbo lender for higher-cost markets
Considerations
- Lending is concentrated: California, Illinois and Wisconsin made up 63.6% of BMO's 2025 HMDA records
- BMO does not post mortgage rates online; its mortgage page asks you to call a mortgage specialist to get a rate.
Where BMO Bank lends most
By federal HMDA records, BMO Bank's largest 2025 markets were California, Illinois, Wisconsin, Arizona and Indiana. Explore local rates, home prices and down-payment assistance for each:
States where BMO Bank is a top-15 lender
Ranked by home loans originated in 2025 (HMDA). Each state page compares BMO Bank with the other leading lenders there, including FHA and VA leaders and what their borrowers paid.
The verdict
BMO is a solid choice for medical professionals drawn to its physician mortgage, for jumbo borrowers, and for customers inside its expanded Midwest-and-West footprint who want branch-based service and possible grant assistance.
As with any bank, its relationship perks matter most if you already bank there — compare its rate and fees against a broker and at least one other lender before committing.
How to compare BMO Bank
Shopping a few lenders is the single most reliable way to save. Before you commit to BMO Bank:
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search BMO Bank on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 3Y4U8VZURTYWI1W2K376, is not a license number.)
Benchmark whatever you're quoted against today's average mortgage rates.
BMO Bank FAQ
Is BMO Bank a good mortgage lender?
BMO Bank is a licensed U.S. mortgage lender and one of the largest, roughly #38 of 60 in our roster by 2025 volume, best for physician & jumbo loans.
On price, its 2025 conventional borrowers' median APR was in line with the typical lender's, with $5,070 in loan costs against $5,476 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are BMO Bank's mortgage rates today?
BMO Bank sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, BMO Bank's conventional purchase loans closed at a median 6.625%, against 6.50% for all lenders.
How many mortgages does BMO Bank originate?
In 2025, BMO Bank originated about 16,529 home loans, roughly $6.7 billion in lending, per federal HMDA data — an average loan of about $406,274.
What loan types does BMO Bank offer?
BMO Bank offers Conventional, FHA, VA, Jumbo, Physician. Notable programs include conventional fixed- and adjustable-rate mortgages (conforming); Physicians' Mortgage Program with low/no down payment and no PMI for eligible medical professionals; jumbo loans for higher-priced homes.
How do I verify BMO Bank is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 3Y4U8VZURTYWI1W2K376 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — BMO Bank did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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