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News Releases

News Releases


Harris Helps Customers with Mortgage Options

Harris Helps Customers with Mortgage Options
As adjustable rate mortgages reset, homeowners should act now before rising payments become a problem

CHICAGO, September 14, 2007 – With U.S. Treasury Secretary Henry Paulson calling on financial institutions to work with homeowners facing higher mortgage payments as interest rates reset, Harris announced today it has advice and solutions to help customers weigh their options and make informed choices.

“Billions of dollars in adjustable rate mortgages will reset in the coming months. Now is the time for homeowners to act. You don’t want to wait until you can’t make payments or you start adversely affecting your credit,” said Tim Rebori, Vice President and Director of Mortgage Sales for Harris and a 14-year veteran of the mortgage business.

Homeowners with adjustable rate mortgages (ARMs) should immediately review the terms of their mortgage and the loan details to determine when their adjustment is coming. Don’t wait for the adjustment notice to arrive in the mail. Homeowners concerned about how payment increases will fit in their family budget should meet with a mortgage professional to discuss appropriate loan options.

“The important thing to know is there are options,” Rebori said. “Families planning to live in their homes for an extended period of time may elect to refinance into a fixed-rate mortgage. ARMs are still an option as long as the customer makes an informed choice.”

“It’s also critical to keep in mind that the interest rate is only one component of the mortgage,” Rebori continued. “Closing costs, points, prepayment penalties, loan terms, margins and frequency of adjustments all need to be considered as well.”

For anyone questioning whether homeownership is still a feasible opportunity in the current marketplace, Harris offers the Harris Community Commitment loan. The Harris Community Commitment loan can help first-time homebuyers or those facing a substantial payment increase in their current mortgage. The most notable features of this product allow for 100 percent financing, no private mortgage insurance (PMI), and a fixed term.

“The bottom line is there are options and Harris is here to help. Harris has been helping customer s for 125 years and our professionals have the expertise to guide customers in making informed, practical choices in this time of market turbulence,” Rebori said.

About Harris

Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.

Harris® is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates. Members FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC registered investment adviser. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Securities are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC. HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition to any bank loan or service.Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Bl ayney, Inc., an SEC registered investment adviser. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.




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Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC.

 

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To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001)) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. If the requested information is not provided within 30 calendar days, the account will be subject to closure.

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BMO Harris Premier Services represents a combined service approach of BMO Harris Financial Advisors and BMO Harris Bank, each a part of BMO Financial Group.

Securities, investment advisory services and insurance products are offered through BMO Harris Financial Advisors, Inc. Member FINRA / SIPC . SEC-registered investment adviser. BMO Harris Financial Advisors, Inc. and BMO Harris Bank N.A. are affiliated companies. Securities and insurance products offered are: NOT FDIC INSURED – NOT BANK GUARANTEED – NOT A DEPOSIT – MAY LOSE VALUE.

This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Harris Bank N.A. and its affiliates do not provide legal or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.