BMO Harris Bank Physician Mortgage Loan Review

Some lenders offer special financing for individuals in high-earning professions like the medical field. Physician mortgage loans often have more flexibility and higher borrowing limits than other home loans. Often, you can qualify for a physician mortgage with only an employment contract in place.

BMO Harris physician mortgage loans are available for up to $2 million depending on where you live, with up to 100% financing in some cases. Loans are available for qualified medical doctors with the MD, DDS, DMD or DO designation, and qualified medical residents and fellows. Keep reading to learn more about BMO Harris’ physician mortgage loan program to see if one is right for you.

BMO Harris physician mortgage details

BMO Harris has provided banking and other financial services for over 200 years. It’s grown to become the 8th largest bank in North America by assets. Beyond physician mortgage financing, the full-service bank offers more than just home loans, with a full suite of banking and investment products and services for individuals and businesses.

BMO Harris offers up to 100% financing to qualified healthcare professionals. You must be within the first 10 years from the end of your training to qualify for 100% financing. Loans are specifically for primary residence properties. The bank offers fixed rates from 10 to 30 years and three to 10-year ARMs.

BMO Harris physician mortgage loan: pros and cons

There’s much to like about BMH Harris physician mortgages, especially if you’re already a customer. Still, it’s important to consider a lender’s strengths and weaknesses before applying for a loan.

BMO Harris physician mortgage loan pros

BMO Harris stands out among home lenders for physician home loans thanks to some unique benefits, including competitive rates.

Open to residents and fellows

Not only are BMO Harris physician mortgages available for licensed physicians, but you can also qualify for a home loan as a medical resident or fellow.

Different types of loan terms

BMO Harris offers a variety of fixed and variable rate terms depending on your needs. Fixed-rate loans include 10-, 15-, 20-, and 30-year terms, and 10-, 15-, and 20-year ARMs.

Refinancing available

Qualified healthcare professionals are eligible for a term refinance of their current mortgage loan as long as it’s for a primary residence.

High loan maximums

Depending on where you live, you can borrow up to $2 million at 90% to 100% financing.

No private mortgage insurance

BMO Harris doesn’t require borrowers to pay private mortgage insurance (PMI) regardless of the down payment amount.

You can qualify for a loan with just an employment contract.

Qualified borrowers can qualify for a mortgage loan as long as they have an employment contract in place with an employment start date within 90 days of closing.

BMO Harris physician mortgage loan cons

With all of its benefits, there are still some concerns to note if you’re thinking about taking out a physician mortgage through BMO Harris.

Not available in New York

Unfortunately, residents of New York are out of luck when it comes to physician mortgage loans from BMO Harris.

No cash-out refinancing

A cash-out refinance allows you to leverage your home’s equity to receive cash along with refinancing your mortgage. BMO Harris doesn’t offer cash-out refinancing to physicians at this time, only a term refinance.

Not available for second homes or investment properties

Physician mortgage loans are only available for primary residence properties, not second or vacation homes or investment properties.

100% financing is not available for older physicians

If your medical training was more than 10 years ago, you’re ineligible for 100% financing through BMO Harris.

Its underwriting standards aren’t disclosed

BMO Harris doesn’t disclose many of its underwriting standards including credit score requirements. Generally, you need a good to excellent credit score to qualify for a home loan, especially one with a low interest rate.

How to apply for a BMO Harris Physician Loan

Licensed medical doctors with MD, DDS, DMD or DO designation, residents, and fellows can apply for a physician mortgage loan through BMO Harris as long as you have an employment contract with a start date within 90 days of closing. Follow the steps below to apply for a physician mortgage through BMO Harris.

Step 1: Contact BMO Harris

If you have questions or want to apply for a physician loan at BMO Harris, email Fred Hall or call (916) 586-7633.

When calling, be sure to have the following personal and loan information on hand to speed up the process:

• Name
• Email
• Phone number
• Address
• Loan amount
• Loan purpose
• Property location
• Property zip code

Step 2: Have the proper documentation ready

During the application process, BMO Harris may ask for additional information to corroborate details provided by applicants. The loan officer should provide you with a detailed list of required documents that may include:

• Tax returns.
• Bank statements.
• Pay stub records or an employment contract or letter.
• A copy of your driver’s license or another government-issued ID.
• Home purchase documentation.

Step 3: Accept the loan

Nothing is official until you sign on the dotted line. If approved for a loan through BMO Harris, the next step is to accept the loan terms and rate. Before you sign, take time to look over loan details, including any additional costs, like origination fees or other fees and penalties, and closing costs.

Should you apply for a physician mortgage with BMO Harris Bank

Let your situation guide you to the right lender, whether it’s BMO Harris or another mortgage lender. BMO Harris loans come with plenty of term options and other benefits that might make sense, whether it’s your first home or you’re refinancing an existing home loan.

Compare BMO Harris to other physician mortgage lenders to find the best loan option for you, or fill out the form below for more information.