News Releases

HARRIS HELPFUL HINTS
SAFETY FIRST
Mortgage Safety Tips for Homebuyers and Homeowners

CHICAGO, February 28, 2008 – Whether you are a homeowner or a homebuyer, your mortgage is as critical to your home as the foundation upon which it is built.

"As the volatility of the mortgage industry continues, homeowners and prospective homebuyers are more apprehensive than ever," said Tim Crane, President, Harris Community Banking. "It is important to be aware of the pitfalls and understand there are people out there to help you avoid them. Harris continues to provide safe, secure lending solutions with a team of experts available to help."

The following are practical mortgage safety tips for homeowners and homebuyers:

1. Choose Wisely. Borrowers may be attracted to an Adjustable Rate Mortgage (ARM) due to the lower initial interest rate, but many are not prepared for the increase in payments after the interest rate resets. While an ARM is still an option for some customers, families planning to live in their homes for an extended period of time may elect to choose, or refinance into, a fixed-rate mortgage.
2. Know Where You Stand and Act Fast. If you have ARM and are concerned about the reset you should immediately review your mortgage note to determine the timing or date of the adjustment, maximum rate adjustment, and how the adjustment is calculated. It is not wise to wait and risk becoming unable to make the payments or feel so stretched that it starts negatively impacting credit.
3. Never Underestimate the Importance of Preserving Good Credit. If you are unable to make the payment on a rate adjustment or run into difficult times talk to your lender. Ma king late payments or skipping them altogether can seriously affect your credit score. It is critical to keep the lines of communication open with your lender, as you may qualify for a loan workout plan or other options much less damaging than a foreclosure. The longer you wait the fewer your options become.
4. Understand Your Options: If you are at risk, your lender can review your current mortgage and provide the appropriate information so you can make an educated choice on financing options, such as; holding the loan for another year, refinancing into a Fixed Rate mortgage, or refinancing into another ARM loan once you fully understand the loan and its advantages.

For more information, talk to you lender and ensure you are choosing the best mortgage option for you and your family.

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 Banco rp 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 & Blayney, 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.