Finding the right mortgage provider is a critical decision for anyone looking to own a home. Amid the vast array of banking institutions, Harris Bank, also known as BMO Harris Bank, stands out with its comprehensive mortgage services. This article provides a detailed overview of Harris Bank Mortgage, exploring its offerings, the application process, customer service, and online tools.
Harris Bank: A Brief Background
BMO Harris Bank, a part of the BMO Financial Group, is one of the largest banks in the Midwest, serving personal, commercial, and affluent customers. With over 200 years of experience, BMO Harris Bank has a strong reputation for its financial services, including mortgages.
Harris Bank Mortgage Products
Harris Bank offers both fixed-rate and adjustable-rate conventional mortgages. Fixed-rate mortgages come with an interest rate that stays the same for the life of the loan, providing stability for long-term homeowners. Adjustable-rate mortgages, on the other hand, have a variable interest rate but can be beneficial for those planning to sell or refinance their home before the rate increases.
FHA and VA Loans
Harris Bank caters to a wide range of customers, including those who might struggle with a conventional mortgage. They offer Federal Housing Administration (FHA) loans, which have lower credit and down payment requirements. Additionally, Harris Bank provides Veterans Affairs (VA) loans with attractive rates and terms for eligible military personnel, veterans, and their families.
For customers interested in high-priced or luxury homes, Harris Bank offers jumbo mortgages, which exceed the conventional loan limits set by Fannie Mae and Freddie Mac.
Affordable Home Loan Program
Recognizing the difficulties many people face when trying to buy a home, Harris Bank offers an Affordable Home Loan Program. This program offers lower down payment options and is designed for low-to-moderate-income borrowers.
The Mortgage Application Process
Applying for a Harris Bank mortgage is a fairly straightforward process. Customers can begin the application online, by phone, or in-person at a branch. You’ll need to provide various documents, including proof of income, employment information, credit information, and details about the property you wish to purchase.
Once the application is complete, a loan officer will help you understand your options and guide you through the rest of the process. This involves getting pre-approved, house hunting, making an offer, getting a home inspection and appraisal, and finally, closing the loan.
Harris Bank Mortgage Rates
Interest rates on mortgages can vary depending on the type of loan, the loan term, and the borrower’s creditworthiness. Harris Bank offers competitive rates, and potential borrowers can check the latest rates on the bank’s website or by contacting a loan officer.
Harris Bank’s Mortgage Tools and Resources
Harris Bank offers several online tools and resources to assist customers in making informed decisions. Their website provides a mortgage calculator to help users estimate monthly payments. They also offer a comprehensive guide to the home buying process, providing valuable insights for first-time buyers.
Harris Bank takes pride in its customer service. Their mortgage advisors work closely with borrowers throughout the process, answering questions, and offering personalized advice. Reviews often highlight the professionalism and expertise of these advisors.
Harris Bank Mortgage offers an array of loan options suitable for a broad range of borrowers, from first-time buyers to those seeking luxury homes. Their commitment to customer service, competitive rates, and helpful online resources make them a strong contender in the mortgage industry. However, as with any financial decision, it’s important to research and consider your unique circumstances before choosing a mortgage provider.