BMO Bank review

Reviewed by the Editorial Team · Updated July 10, 2026 · 6 min read

The U.S. arm of Bank of Montreal, known for physician mortgages and jumbo lending alongside standard loans.

BMO Bank by the numbers

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.

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:

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:

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:

1. Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
2. Compare the APR, not just the headline rate — it folds in the fees.
3. Weigh service and loan-type fit, not price alone.
4. Verify licensing on NMLS Consumer Access (BMO Bank's HMDA filer ID: 3Y4U8VZURTYWI1W2K376).

Benchmark whatever you're quoted against today's average mortgage rates.

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.