BMO Harris Mortgage Interest Rate and Cost Review

Is BMO Harris a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by BMO Harris with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratehigher than average (+0.11%)
Loan Related Closing Costslower than average (-$427)
National Rate and Closing Cost Rating(3.0)
Websitehttps://www.bmoharris.com

On average, BMO Harris’s interest rates were higher than those of other lenders (+0.11%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$427. Overall, combining interest rates and closing costs we estimate that BMO Harris tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

BMO Harris’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track BMO Harris was most active in:

  1. Chicago, IL
  2. Milwaukee, WI
  3. Phoenix, AZ
  4. Indianapolis, IN
  5. Kansas City, MO

You can click through to check out BMO Harris’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

BMO Harris’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, BMO Harris originated Conforming, FHA and Jumbo mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumbo
Interest Rate Difference+0.05%+0.01%+0.00%
Loan Related Closing Cost Difference-$508-$95-$224
Cost Adjusted Rate Difference-0.00%-0.00%-0.00%
Star Rating(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumbo
Interest Rate Difference+0.22%+0.02%-0.02%
Loan Related Closing Cost Difference-$407-$52-$84
Cost Adjusted Rate Difference+0.15%+0.01%-0.02%
Star Rating(2.5)(3.5)(3.5)

As a summary, BMO Harris is similar to other lenders for Conforming, FHA and Jumbo purchase mortgages. For refinancing, BMO Harris is similar to other lenders for FHA and Jumbo mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about BMO Harris:

Registered name: BMO Harris Bank
Registered city and state: Chicago, IL, 60656
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: BANK OF MONTREAL

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for BMO Harris’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.