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.