A family happily upgrades their home with the help of a BMO Harris Home Equity Line of Credit

Enjoy financial peace of mind with a Home Equity Line of Credit.

Apply now

Interest rates that give you financial security

Make the most of the equity in your home with a Home Equity Line of Credit (HELOC). You’ll get quick access to cash whenever you need it, with no upfront fees and low to no closing costs.1

Enjoy interest rates as low as:
3.50% APR1

Or lock in a fixed rate as low as
3.99% APR for up to 20 years.

A woman relaxes in the new kitchen she paid for using a HELOC.

Apply online from the comfort of your home

Apply for a HELOC quickly, easily and securely with our simple online application. With new remote closing,3 you can handle the entire process online, without ever leaving home.

With a HELOC, you’ve got options

Use the equity in your home to fund a renovation project, pay down existing debt at a lower interest rate, cover any surprise expenses or manage your cash flow.

Home improvement


Debt consolidation


Emergency fund


Here’s what you need to apply and close online:3

  • checkmark Employment and current income information
  • checkmark Property information and your requested loan amount
  • checkmark Positive credit score (typically a minimum of 700)
  • checkmark Equity in your home to borrow against

Currently, we are not offering HELOCs for investment properties or second homes in 2nd lien.

Tools and resources for your HELOC4

How much can I borrow?

How much can I borrow?

Calculate how much you can expect to borrow based on your home equity.

What will my payments be?

What will my payments be?

See what your monthly payments could be when you borrow against your HELOC.

What will my interest rate be?

What will my interest rate be?

Check out our competitive HELOC rates available in your area.

Home Equity Line of Credit help center

How does a HELOC work?

If you have equity in your home, you can borrow money by using that equity as collateral. For the first 10 years, known as the initial draw period, your payments will be interest-only, based on the amount you’ve borrowed. As you pay down your balance, the funds become available for use again. After 10 years, you’ll enter the repayment period. During this phase, your payments will include both principal and interest, and they may be higher than in the first phase.

HELOCs are issued at a variable rate of interest, which means your interest rate can change over the life of your line of credit. There’s a cap on how much the interest rate can change each time, as well as a lifetime cap on how much the rate can change over the duration of your loan.

You can also lock in all or part of your HELOC at any time during the draw period for a fixed rate that won’t change. We’ve included more details in the question about our Fixed Rate Lock Option below.

Can I lock in my HELOC rate?

You can lock in a fixed rate on some or all of your HELOC at any time during the draw period to pay down your balance with payments that won’t change. You can choose how long you’d like to lock down your rate, with terms ranging from 5 to 20 years. As the fixed rate balance is paid down, the principal amount paid off becomes available for use again as part of the credit line.

You can lock in up to three advances at a time. There is no fee if you lock your rate at closing, but there is a $75 fee for each lock you place after that (currently being waived with our special offer). If you change your mind at any time, you can always go back to a variable rate HELOC without having to refinance.

Can I apply for a HELOC online?

We’ve made it easier than ever to apply for a HELOC, and you can now apply and close online,3 with no need for a branch visit. Applying online is fast, easy and secure. With our new remote closing option, you can manage the full process online, without ever leaving the comfort of your home.

Apply online for a HELOC today.

How do I qualify for a HELOC?

We look at many factors as part of your HELOC application, including:

  • Your credit history and income
  • Other debt or financial obligations
  • The amount you’ve requested
  • The equity in your home

The equity you can borrow also depends on how much you have left to pay toward your mortgage compared to the value of your home.

After you submit your application, we’ll work with you if there’s any additional documentation needed.

If you need a smaller loan amount or want to access money sooner, a personal line of credit might be right for you. Or access resources to improve your financial health from our partner SpringFour.

How long does the HELOC application process take?

The full application process usually takes about 30 days. You can speed up the process by using our online application system and by getting all your documentation to us as quickly as possible. If your line of credit is approved, you’ll receive a commitment letter. Then we’ll work with you to schedule your closing and soon after you’ll be able to access your funds.

Are there fees or closing costs associated with the loan? Is there a fee for paying off and closing the line of credit?

Good news! There are no up-front costs for your HELOC and we pay many of your closing costs. There’s a $75 annual fee on your first monthly statement and each year after through the ninth anniversary of the loan opening. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs we paid on your behalf.1

How do I access my funds and make payments?

If you’re approved, you can access your loan funds three business days after closing. After that required waiting period, it’s easy to access your funds. You can transfer money from your loan account to a checking account through mobile or online banking, by phone, at a branch or by checks that we’ll send you. You’ll receive a welcome package by mail that contains your access checks within 7-10 business days after closing.

You can choose the payment method that’s most convenient for you. You can set up automatic monthly payments with Auto Pay using any BMO Harris Checking account. And if you set up Auto Pay during the application process, we’ll reward you with a 0.50% interest rate discount!1

You can also pay online, by mail or when you visit a branch. You can make larger payments at any time without incurring fees. For all the details, visit Ways to Bank.

1. Costs and Fees

Variable Rate Information

For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal® Prime Rate (3.25% on 7/1/2020) plus a margin that varies depending on the state in which property is located, individual credit qualifications, credit limit amount, loan to value ratio and other criteria. Rates shown are for first lien lines of credit of $100,000 secured by an owner occupied 1-4 family residence with a loan-to-value (LTV) of 70% or less with a 0.50% Auto Pay discount. The maximum APR is 18.00% or the maximum permitted by law, whichever is less.

In AZ, FL, IL, IN, KS, MO, MN and WI, your APR would be from 3.50% to 5.45%.

To receive a 0.50% Auto Pay rate discount you must authorize BMO Harris Bank to withdraw your home equity line of credit payment each month from a BMO Harris checking account (Auto Pay).

Closing Costs and Fee Information

BMO Harris will pay closing costs for loans secured by an owner-occupied 1 to 4 family residence in: AZ, FL, IL, IN, KS, MN, MO or WI. You will be charged a $75 annual fee on the loan opening date and each year after during the Draw Period. If the property is located in FL or MN, you are responsible for mortgage and government taxes. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs BMO Harris paid on your behalf.

Insurance Information

You must obtain property insurance and may be required to obtain flood insurance.

2. Special rate offer expires August 31, 2020.

Fixed Rate Lock Option Offer

Special offers are subject to change. The fixed rate lock option offer is available on new applications and requests from current HELOC customers received on or before August 31, 2020. For new applications and current HELOC customers, the fixed rate lock option includes a +0.49% interest rate adjustment. With the +0.49% interest rate adjustment, APRs for a fixed rate lock option on 6/15/2020, ranged from 3.99% to 5.94% with Auto Pay. APRs vary and will depend on the fixed rate index value at the time a fixed rate lock option is requested. The offer may apply to a 5, 10, 15 or 20-year term. The $75 FRLO fee will be waived for all requests received during the offer period.

Fixed Rate Lock Option Information

The minimum line of credit withdrawal from a HELOC that can be converted to a fixed rate loan is $2,000 and the maximum that can be converted is 100% of the line amount. The minimum term is 5 years and the maximum loan term is 20 years. No more than three fixed rate lock options may be open at one time. Minimum payment due on a fixed rate lock option includes principal and interest in fixed monthly payments. As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate during the first 10-year draw period.

3. Not all transactions are eligible for a remote closing. Your BMO Harris representative will inform you of the closing options available to you.

4. Calculator is provided by Leadfusion Inc., which is not affiliated with BMO Harris. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO Harris. Visit its website at open externally to review its privacy policy.