BMO Speeds Up the Home Buying Journey with Digital Pre-Approval Solution

• Solution reduces pre-approval process from days to minutes and provides a decision in real time

TORONTO, Oct. 20, 2020 /CNW/ - BMO Bank of Montreal has nationally launched a digital solution that brings speed and convenience to the Canadian home buying journey. BMO's Digital Pre-Approved Mortgage application allows homebuyers to apply for a mortgage pre-approval online and receive an instant decision – a key differentiator in the market. The national rollout follows successful customer pilots on smartphones and web-based applications.   

"As our customers' appetite for digital solutions across their banking journey grows, we want to meet them on the platform of their choosing with leading solutions," said Brett Pitts, Chief Digital Officer, BMO Financial Group. "We found a white space in the home buying process and have created a way for customers to get pre-approved for a mortgage in a fraction of the time it used to take. This is another important step, as we introduce digital solutions across the retail banking experience."

With BMO's Digital Pre-Approved Mortgage application, homebuyers now benefit from the following:

• Real-time decision: When applying for pre-approval, customers will receive an instant decision, reducing the wait time from days to minutes. Prospective buyers will also benefit from the longest rate guarantee period at 130 days.
• Tailored mortgage rates: When applying for pre-approval via the Digital Pre-Approved Mortgage application, prospective customers receive tailored, discounted mortgage rates without needing to visit a branch.

BMO's Digital Pre-Approved Mortgage application also provides prospective homebuyers with a simplified experience. Homebuyers can create single as well as joint mortgage pre-approval applications after self-selecting through a set of pre-qualification questions directly from BMO.com.

BMO is committed to providing customer-centric, leading digital experiences. In the last year, BMO has introduced three firsts for Canadian financial institutions. The bank introduced an automated bill paying process – BMO QuickPay – as well as a digital line of credit solution which provides customers with the option of applying for a line of credit securely on their mobile devices. BMO also introduced the ability to reset or change a MasterCard PIN via online or mobile banking, to help customers bank with confidence remotely.

To apply for pre-approval on a mortgage, visit: https://www.bmo.com/online/mortgage/preapproved/apply/?lang=en&location=MS#/prequalification

To talk to a BMO housing expert or to access one of the bank's affordability calculators, visit: https://www.bmo.com/main/personal/mortgages/pre-approval/.

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

Media Contact: James DeCosimo, Toronto, [email protected] | [phone]; Internet: www.bmo.com, Twitter: @BMOmedia