Skip Navigation

Enabling cookies instructions

Select Region/Language


Top

Invalid ZIP Code

 

The ZIP code entered " " is not recognized.
Please enter a valid ZIP code.

 

Okay
Get a 0.50% interest rate discount8 on a BMO Harris Home Equity Line of Credit9 when you apply by May 31, 2017, and set up Auto Pay for your HELOC with certain BMO Harris personal checking accounts at closing.

Home Equity Line of Credit (HELOC)

 

 

I want to...
Consolidate my debt
Family grocery shopping together
Simplify your debt payments

 

Start fresh with a home equity line of credit. You may be able to pay off your high interest rate debt and make your payments simple.

 

Tip: A HELOC may help you pay down your debt faster at a lower cost.

 

 


How a HELOC can help you

At BMO Harris, enjoy great rates and flexibility — what's not to like?

 

  • Choose to borrow all your funds at once, or over time
  • Pay interest only on the amount you actually borrow
  • Access your available credit with a BMO Harris Bank Equity Access Card1, check, BMO Harris Online Banking®, BMO Harris Bank by Phone®,7 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you establish Auto Pay2 from your BMO Harris Select Checking® or Portfolio Checking® account at loan closing
  • No upfront costs and we pay many of the closing costs3
  • Interest may be tax deductible — talk to your tax advisor4
Renovate my home
Homeowner working on  renovations
Home renovation

 

If you have equity in your home, you may be able to use it to borrow money for home improvements. Sounds great, right?

 

Get started with a Home Equity Line of Credit now.

 

 


How a HELOC can help you

At BMO Harris, enjoy great rates and flexibility — what's not to like?

 

  • Choose to borrow all your funds at once, or over time
  • Pay interest only on the amount you actually borrow
  • Access your available credit with a BMO Harris Bank Equity Access Card1, check, BMO Harris Online Banking®, BMO Harris Bank by Phone®,7 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you establish Auto Pay2 from your BMO Harris Select Checking® or Portfolio Checking® account at loan closing
  • No upfront costs and we pay many of the closing costs3
  • Interest may be tax deductible — talk to your tax advisor4
Make a big purchase
Family packing for vacation
Cover a major purchase

 

A home equity line of credit can be used to help cover your large purchase — whether it's a car, boat, appliance, vacation or anything else that suits your lifestyle.

 

You only pay interest on the amount you borrow, making a HELOC a great resource.

 

 


How a HELOC can help you

At BMO Harris, enjoy great rates and flexibility — what's not to like?

 

  • Choose to borrow all your funds at once, or over time
  • Pay interest only on the amount you actually borrow
  • Access your available credit with a BMO Harris Bank Equity Access Card1, check, BMO Harris Online Banking®, BMO Harris Bank by Phone®,7 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you establish Auto Pay2 from your BMO Harris Select Checking® or Portfolio Checking® account at loan closing
  • No upfront costs and we pay many of the closing costs3
  • Interest may be tax deductible — talk to your tax advisor4
Prepare for the unexpected
Couple reviewing finances
Be ready for a rainy day or emergency

 

With a home equity line of credit, you can borrow on an as-needed basis. So if your plumbing bursts (we've been there!), you're buying a car, or need money for college, you can access your HELOC to take care of those unexpected expenses.

 

 


How a HELOC can help you

At BMO Harris, enjoy great rates and flexibility — what's not to like?

 

  • Choose to borrow all your funds at once, or over time
  • Pay interest only on the amount you actually borrow
  • Access your available credit with a BMO Harris Bank Equity Access Card1, check, BMO Harris Online Banking®, BMO Harris Bank by Phone®,7 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you establish Auto Pay2 from your BMO Harris Select Checking® or Portfolio Checking® account at loan closing
  • No upfront costs and we pay many of the closing costs3
  • Interest may be tax deductible — talk to your tax advisor4


Frequently Asked Questions

Need clarification? We break things down for you.

So, what exactly is a Home Equity Line of Credit (HELOC)?

 

If you have equity in your home, a HELOC lets you borrow up to a set amount of money within a set term. You can access the money all at once, or use a portion of it as needed. You only pay interest on the amount you actually borrow.

 

Tip: You pay interest only on the amount you actually borrow — so if you're approved for a $10,000 loan, but just need $2,000 for a bill, you'll pay interest on that $2,000.


How can a HELOC help me consolidate my debts?

 

If you have equity in your home, you may qualify for a HELOC. Basically, it's a line of credit that you can borrow from, as needed, up to your approved credit limit.

 

Do you have an outstanding credit card balance, a car loan or student debt with high interest rates? Do you find it difficult to manage multiple payments, or are you being charged high-interest rates? You may want to say hello to a HELOC. It's a good way manage your finances: You can use your line of credit to pay off your existing debts, and then focus on just making one monthly payment, at a lower interest rate.


How much can I borrow?

 

Short answer: It depends... Long answer: You could potentially borrow up to 85 percent of the appraised value of your home, subtracting the amount you owe on your first mortgage.

 

Example: Let's say your home is appraised at $200,000 and you owe $100,000 on your first mortgage. If we had a “loan-to-value ratio” of 85%, this is what would happen: We would take 85% of your appraised home value ($170,000) and subtract your existing mortgage balance ($100,000), which would leave you with $70,000. That means your credit limit could be $70,000. Want to run different numbers? Try our calculator.

 

The “Loan-to-value ratio” is calculated by adding the total mortgage balances on the home and dividing it by the fair market value of the home.


How do I qualify for a home equity line of credit?

 

Great question! It all starts with your application. To see if you qualify for a HELOC, you can apply online, request a contact with one of our lending experts (they'll contact you by phone or email), make an appointment, visit a branch, or call us 1-888-340-2265. It's your choice!



Once you have a HELOC, you can…

Choose from multiple payment options

 

It's easy to stay on track. Each payment method is secure5 — just choose the one that's easiest for you:

 

Make a same-day payment

 

We're all juggling things every day. If you need to make a same-day payment to avoid a late fee, we can help.

 

With BMO Harris Express Loan Pay, you can make a fast and secure5 loan payment directly from your checking account.

 

Learn more

We're happy to chat


* This offer of credit is subject to the following conditions. This rate is effective as of December 15, 2016. Rates are subject to change at any time and without notice. The property you offer as collateral for the line of credit must be an owner-occupied 1 to 4 family residence located in AZ, FL, IL, IN, KS, MN, MO or WI. The property must be in a condition and have a value sufficient to support the extension of credit. For the rates shown, the combined loan to value (CLTV) ratio for the line of credit, together with all other liens on your property, may not exceed 80%. Lines with higher CLTVs carry higher rates and may be subject to bank approval. The line of credit must be secured by a first or second lien on your property and may not be utilized to purchase any real property. We must be able to verify the information you provide on your credit application and that you continue to meet the criteria used to select you for this offer. We must also receive properly signed loan documents. This offer is non-transferable and cannot be combined with any other offer. Under certain circumstances disclosed in your line of credit agreement, we may reduce your credit limit or suspend your line after loan closing.

Variable Rate Information
For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on the highest Prime Rate (Prime) published in the “Money Rates” section of The Wall Street Journal® (a trademark of Dow Jones, LP). APRs in all states are variable rates based on (Prime) plus a margin that varies depending upon the state in which your property is located, your individual credit qualifications, the credit limit amount you receive, the payment option you select and other criteria. As of February 1, 2017, Prime was 3.75%.

Rates shown are for lines of credit with a combined loan-to-value (CLTV) of 80% or less. The maximum APR is 18.00%.

  1. The BMO Harris Bank Equity Access Card may not be available in all states.
  2. Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris Select Checking or BMO Harris Portfolio Checking account as applicable to pay the loan. When you sign up for Auto Pay, you authorize the Bank to draw your account for all amounts then due, including any late fees and any other charges.
  3. BMO Harris will pay closing costs in: AZ, FL, IL, IN, KS, MO, MN or WI on an owner-occupied 1-4 family residence. Closing costs include: appraisal, flood determination, title insurance and document recording fees. The customer may be required to pay state and local taxes and to satisfy prior liens. Property insurance is required; flood insurance may be required.
    In Florida, customer is responsible for Documentary Stamp Tax of $3.50 per $1,000 and Intangible Tax of $2.00 per $1,000.
    In Kansas, customer is responsible for Mortgage Recording Tax of $1.00 per $1,000.
    In Minnesota, customer is responsible for Mortgage Recording Tax of $2.30 per $1,000 or $2.40 per $1,000 for Hennepin/Ramsey County.
  4. 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.
  5. Visit the BMO Harris Security Center for details.
  6. Certain conditions and limitations apply. BMO Harris Online Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Harris Online Banking Services Agreement found at bmoharris.com/legal for full details.
  7. Message and data rates may apply. Contact your wireless carrier for details.
  8. To receive the 0.50% interest rate discount, you must apply by May 31, 2017. Auto Pay from certain qualifying BMO Harris checking accounts (please view qualifying accounts here and here) is required at account closing to receive the 0.50% interest rate discount. Auto Pay means periodic scheduled payments automatically deducted from your qualifying BMO Harris checking account, as applicable, to pay the BMO Harris Home Equity Line of Credit. When you sign up for Auto Pay, you authorize the Bank to draw your account for all amounts then due, including late fees and any other charges. Our checking products are subject to change at any time. As a result, this offer is subject to change including the availability of these checking products. When applying for Auto Pay, please ask a BMO Harris banker about the different available checking products. Customers who currently have a BMO Harris checking account that does not qualify for this offer may switch to a BMO Harris checking account that does qualify for this offer prior to or at closing. Please contact a BMO Harris banker for more details or click here to learn more.
  9. This offer does not apply to any purchase of any real property. Your credit line may be reduced, or your credit line suspended, after closing if certain circumstances occur.

Apply now

Start a new application

 

It should take about 20 minutes to complete your new application. If you're not able to finish it in one session, you can always save it and come back to it later.

 

Get started

Complete an existing application

 

Ready to finish your application? It's easy to pick up where you left off.

 

Continue application

Check application status

 

Whether you applied online, phone or in a BMO Harris branch, you can check your home equity or Refi-Xpress application through our online application.

 

Check status


Need assistance?