BMO Mortgage Review 2026
Last updated on October 16, 2026
Written by
Contributing WriterEdited by
Contributing EditorWritten by
Contributing WriterEdited by
Contributing EditorMany or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
3.0
Home loans overall
NerdWallet rating
The Nerdy headline:
BMO’s mortgage offerings include a standard lineup of conventional, FHA and VA loans along with home equity products. It also provides several specialty loans, like construction and physician loans. Most likely to appeal to first-time home buyers who can take advantage of the lender’s down payment assistance grants.
Jump to:Full Review
BMO Mortgage - PURCHASE - CONVENTIONAL: NMLS#401052
Min. down payment
3%
Min. credit score
620
National / regional
National
Loan types and products
N/A
Pros
- Offers several specialty loans, including construction and physician loans.
- Offers down payment assistance grants of up to $10,000 to eligible borrowers.
- Provides relationship and autopay discounts.
Cons
- Doesn’t publish sample rates online for purchase and refinance loans.
- Must be an account holder for at least six months if the property you’re financing isn’t located in one of BMO’s 23 core states.
- Doesn't offer renovation or USDA loans.
Full Review
At a glance: BMO mortgage options
BMO is a global banking company headquartered in Toronto, Canada, with U.S. operations based in Chicago. It provides mortgages in all 50 states; however, you’ll need to have an account for at least six months if the property you’re financing isn’t located in one of BMO’s 23 core states.
BMO offers most standard types of loans, including conventional, FHA and VA loans along with home equity products. It also provides several specialty loans, such as physician and construction loans. You’ll have to consider other lenders if you’re looking for renovation or USDA loans, though.
🏠 Common mortgages
- Conventional
- Jumbo
- FHA
- VA
- Rate-and-term refinance
🔑 Specialty loans
- Interest-only
- Physician loans
- Construction loans
- Manufactured home loans
- Cross-border mortgages for Canadians
💵 Home equity
- Home equity loans
- HELOCs
- Cash-out refinance
BMO special offers and discounts
BMO offers a few perks to mortgage borrowers, including:
- Down payment assistance: BMO has two down payment assistance grant options for eligible low- and moderate-income borrowers in 22 states. The first grant ranges from $3,500 to $10,000 (maximum of 3% of the purchase price), while the second is available for up to $3,000.
- Rate discounts: If you already have a qualifying deposit account with BMO, you can get a relationship rate discount of up to 0.125%, depending on your account balances. You can also get 0.125% off your rate if you sign up for automatic payments from a BMO checking account.
- Promotional pricing: BMO sometimes offers promotional discounts on its mortgage products, such as closing cost credits. Check its website for current offers.
How we score BMO's home loans
Like to read the fine print? We do, too. Each year, NerdWallet writers and editors review the latest data and research on mortgage lenders, including federal data, and use a consistent method to score them based on what matters most to borrowers.
BMO earned a 3-star home loans overall rating from NerdWallet. Here’s how that score breaks down across our five weighted subcategories.
Poor
Rates and fees (30%)
Rates and fees determine how much a loan will cost you overall. NerdWallet reviews the latest federal data to score each lender’s average APR spread — a measure that combines interest rates and fees. A higher score means lower typical costs compared to other lenders.
Good
Product accessibility (20%)
We evaluate how widely available a lender’s products are across the U.S. and how accessible they are to different financial profiles. A higher score means broader availability and more flexible requirements. A lower score means fewer options or stricter requirements.
Fair
Customer experience (20%)
We evaluate customer experience by testing and reviewing features like the online application, mobile app, and availability of phone or chat support. A higher score means a smoother, more convenient experience and easier access to help. A lower score means more friction or fewer support options.
Average
Loan variety (15%)
We evaluate loan variety based on the range of home loan types a lender offers. A higher score means more options, while a lower score means a more limited selection.
Poor
Rate transparency (15%)
We review how clearly lenders share rate information on their websites, including sample rates and tools to estimate personalized rates. A higher score means it’s easy to find clear, comprehensive details and compare rates. A lower score means less information is available, often requiring you to contact the lender.
BMO reputation and customer experience
NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from J.D. Power and we contacted the lender’s customer support.
2025 J.D. Power U.S. Mortgage Origination Satisfaction Study
741
out of 1,000
Below-average satisfaction score: average = 760.
Mortgage origination covers the application through closing.
Potential concerns about BMO
BMO has faced several negative headlines recently, including some ongoing lawsuits. Two that specifically focus on its lending business include:
- A class-action lawsuit that accuses BMO of not applying extra payments correctly, with amounts applied to either future payments or accrued interest instead of the principal balance. The plaintiffs argue that this leads to borrowers paying more in interest than they should. While the case was originally thrown out by a circuit court, that decision was reversed in September 2026.
- A lawsuit accusing BMO of violating the Fair Credit Reporting Act. The plaintiff alleged that BMO mistakenly added her to a mortgage she never signed for, then failed to correct the mistake on her credit reports for seven months. A verdict against BMO was finalized in June 2026; BMO was ordered to pay $4.375 million to the victim.
These lawsuits did not impact BMO’s star rating. However, it’s still important to be aware of other customers’ experiences before deciding to work with a lender, including BMO.
BMO customer service options
Here’s how you can get in touch with BMO. While BMO has a mobile app, its customer support options are limited to mainly in-person service at branches and phone support. If you already have a BMO account, you can also take advantage of online chat during business hours.
Ways to reach BMO
Physical branches . . . . . . ✅
Phone support . . . . . . . . . ✅
Mobile app . . . . . . . . . . . . 🚫
Online chat (bot) . . . . . . . 🚫
Online chat (human) . . . . ✅ (for current account holders)
What the nerds think
Straightforward phone support with limited online help
Calling BMO support is pretty simple: If you don’t already have an account, you’ll go through a couple of menus before being transferred to someone who can help you apply for a mortgage. (By the way, did you know that BMO is an acronym pronounced “bee-mo”? You’ll know after listening to the phone prompts.) That’s generally the experience with BMO. You’ll need to talk to someone either in person or over the phone to make any progress. Not a huge deal if you don’t mind phone conversations, but a little limiting if you prefer a more online or chat-based experience.
Ashley HarrisonContributing Writer
» MORE: How to apply for a mortgage
Alternatives to BMO
Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself, or work with a mortgage broker to shop around on your behalf.
CrossCountry Mortgage is another lender that provides several specialty loan options. If you prefer a more online experience, Rocket Mortgage could be a good option. If you’re looking for a lender that offers USDA loans, you may want to consider PNC Bank, which NerdWallet gave a 5-star rating.
» MORE: Best mortgage lenders
More from NerdWallet
Methodology
NerdWallet rates mortgage lenders based on what matters most to borrowers: rates and fees, product accessibility, customer experience, rate transparency and the range of loan options.
We review more than 40 lenders and score them using a weighted system that prioritizes affordability and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, making loans widely available, clearly displaying rate information and supporting borrowers from application through closing.
We use a mix of lender-provided information, publicly available data and our own research and analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.