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Loan Programs

Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.

HARP 2.0
HARP 2.0 is a refinance option for homeowners that are “underwater,” meaning they owe more on their home than their home is worth.

FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.

Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.

Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.

Balloon Mortgages
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.

Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

If you’re looking for consistent monthly payments of principal and interest during the life of your loan, a fixed rate mortgage is easier to budget and plan.¹

  • Consistent monthly principal and interest payments¹
  • Your interest rate won’t change
  • May be ideal if you plan to stay in your home for a long period of time
  • Available for a home purchase or refinance

If you’re planning to stay in your home for a relatively short period of time, consider an adjustable rate mortgage.1

  • Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust annually during the life of your loan if the index changes
  • May have a lower interest rate and lower monthly principal and interest payments during the initial fixed interest rate period¹
  • After the initial fixed interest rate period ends, your payments will change annually when the variable interest rate adjusts
  • May be ideal if you plan to stay in your home for a short period of time
  • Available for a home purchase or refinance

We offer a variety of specialized mortgage products for customers with low to moderate income or who are qualified to make a smaller down payment.2

  • FHA-insured loans offer lower down payment options, often just 3.5% of a home’s purchase price
  • Home Possible loans offer down payment requirements as low as 5% for qualified borrowers with low to moderate income
  • Down payment and closing cost assistance may be available to help reduce your down payment
  • Available for a home purchase or refinance

Refinancing your current mortgage may allow you to lower your interest rate and monthly mortgage payment, shorten the term of your mortgage or enable you to use your home equity to finance larger purchases or consolidate debt3.

If your mortgage is less than $100,000, you may benefit from our Refi-Xpress product with low interest rates and low to no closing costs4.

To learn about refinancing options, contact Kris Krajecki.

If you’re thinking about buying bigger, we may have a jumbo mortgage that fits your plans. Jumbo loans are those that exceed conforming loan limits, for financing amounts of $453,1015 and above.

For qualifying customers6, enjoy a 0.25% interest rate discount on a jumbo mortgage loan.

To find out if a jumbo loan is right for you, contact me.

Mortgage Loan Types at a Glance

Fixed Rate

If you’re looking for consistent monthly payments of principal and interest during the life of your loan, a fixed rate mortgage is easier to budget and plan.¹

  • Consistent monthly principal and interest payments¹
  • Your interest rate won’t change
  • May be ideal if you plan to stay in your home for a long period of time
  • Available for a home purchase or refinance

Adjustable Rate

If you’re planning to stay in your home for a relatively short period of time, consider an adjustable rate mortgage.1

  • Your initial interest rate is fixed for a short period of time, after which it will convert to a variable rate and adjust annually during the life of your loan if the index changes
  • May have a lower interest rate and lower monthly principal and interest payments during the initial fixed interest rate period¹
  • After the initial fixed interest rate period ends, your payments will change annually when the variable interest rate adjusts
  • May be ideal if you plan to stay in your home for a short period of time
  • Available for a home purchase or refinance

Affordable Mortgage Programs

We offer a variety of specialized mortgage products for customers with low to moderate income or who are qualified to make a smaller down payment.2

  • FHA-insured loans offer lower down payment options, often just 3.5% of a home’s purchase price
  • Home Possible loans offer down payment requirements as low as 5% for qualified borrowers with low to moderate income
  • Down payment and closing cost assistance may be available to help reduce your down payment
  • Available for a home purchase or refinance

Refinancing

Refinancing your current mortgage may allow you to lower your interest rate and monthly mortgage payment, shorten the term of your mortgage or enable you to use your home equity to finance larger purchases or consolidate debt3.

If your mortgage is less than $100,000, you may benefit from our Refi-Xpress product with low interest rates and low to no closing costs4.

To learn about refinancing options, contact a BMO Harris Mortgage Banker.

Jumbo Mortgages

If you’re thinking about buying bigger, BMO Harris may have a jumbo mortgage that fits your plans. Jumbo loans are those that exceed conforming loan limits, for financing amounts of $453,1015 and above.

For qualifying customers6, enjoy a 0.25% interest rate discount on a jumbo mortgage loan.

To find out if a jumbo loan is right for you, contact me.

Don't wait! Find out about your options today!

It's a great time to purchase or refinance, so let us walk you through the whole process. It's easy!

Get a rate quote. No matter your needs, we are here to help!