BMO has introduced its first Spanish-language mortgage application, available both digitally and in branch locations. This initiative aims to enhance homeownership opportunities for Latino families and individuals by offering a mortgage process in their preferred language. The application is designed to assist the diverse Latino community, including first-time homebuyers and multigenerational households, by providing culturally relevant tools that aid informed decision-making.
The BMO Real Financial Progress Index indicates that nearly 70% of Latinos consider owning a home as one of their most important financial goals. In 2024, Latino/Hispanic homeownership in the U.S. reached a record high with 9.8 million households, according to the National Association of Hispanic Real Estate Professionals (NAHREP).
Lizzy Diaz-Ortiz, VP of Hispanic/Latino Banking at BMO, stated: "Buying a home is one of the most significant investments any person will make in their lifetime. At BMO we believe language should never be a barrier to understanding terms, making informed decisions, and building generational wealth." She emphasized BMO's commitment to empowering Latino clients throughout their homebuying journey.
Gary Acosta, CEO at NAHREP, expressed support for this initiative: "We're proud to partner with BMO as they take meaningful steps to remove language barriers and empower more Latino families on their path to homeownership."
Home buyers can begin their application online or consult with a Spanish-speaking mortgage specialist for guidance on their options.
BMO Financial Group ranks as the seventh largest bank in North America by assets and serves 13 million customers across Canada, the United States, and select global markets.