Harris Financial Services Corporation

In 1882, N.W. Harris founded what has become Harris bank. The Harris Trust and Saving Bank was created in 1907 and merged with Chicago National Bank in 1960.   Harris Bancorp was incorporated in 1972 and acquired by Bank of Montreal (Canada’s first bank,, founded in 1817), in 1984.  Several other mergers and acquisitions created the sixth largest US bank owned by a foreign holding company.  Known in the United States as Harris Financial Services Corporation, they operate banking branches in the states of Illinois, Indiana, Florida, and Arizona under the brand of Harris Bank.  The corporation holds assets of $41814 million and posted pretax earnings of $393 million for the tax year of 2005.

Harris Bank has many funding options from which to choose.  Adjustable rate mortgages are offered.  In this type of loan, the interest rate stays fixed for a certain term and then returns to the market rate.  These are offered with 1, 3,5, 7, or 10 year fixed interest terms in conforming ($350,650 or less) and a 6 month in jumbo only ($350,650 or more).  Harris offers fixed rate mortgages (in which the interest rate stays the same for the life of the loan) with 10, 15, 20, and 30 year terms for both jumbo and conforming loans.  The shorter your term, the more quickly you will pay off your mortgage and build equity. However, your monthly payments are generally higher than an adjustable rate mortgage (ARM).

Harris Bank also offers 15 and 30 year bi-weekly conforming and jumbo loans.  Payments made every other week result in 26 half payments per year, or the equivalent of 13 monthly payments. This payment schedule enables your loan to be paid off more quickly and equity to be built at a much faster rate than most other types of mortgages.  Harris Bank also offers balloon mortgages, which are short-term mortgages that have some features of a fixed rate mortgage. The mortgage provides consistent monthly payments during the term of the loan. Balloon mortgages do not fully amortize over the original term. At the end of the loan term, there is a remaining principal balance, or balloon payment, that is due in full. Balloon mortgages can have different types of maturities, but most balloon mortgages have a term of 1 to 10 years.  Harris Bank funds balloon mortgages.

Harris Bank offers special programs for the low- to moderate-income buyer.  These programs offer down payments as low as 3%, which can come from a gift.  The income and credit standards are more lenient and no application deposit is required.  Single family, two-unit, condos and townhomes are eligible.  The Illinois Housing Development Authority Loans can be funded through Harris Bank, as well as the community Homebuyer Programs, which offer more lenient standards, low down payments, and a variety of gift and grant options.

An equity credit line is also an option.  This is for the home owner who wants the security of having some extra cash available, whether for immediate use or to save for a rainy day.  At Harris Bank, line amounts as low as $5001 may be funded with ten years to repay.  The amount may be used and repaid, and used again as many times as desired over the life of the line.  The funds are conveniently accessed by check.   In some cases a 100% loan-to-value line may be available.  A home equity loan can also be funded by Harris Bank.  This will net the customer a lump sum with fixed monthly payments.  There are no closing costs or application fees for this type of loan at Harris, and the interest paid may be tax deductible (consult your tax advisor for more information).  The loan amount may be as little as $5,000 and flexible terms up to 15 years are offered.           

To apply at Harris Bank, you may visit in person, call, e-mail, or apply online.  Harris Bank offers pre-qualification and pre-approval.

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