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
There's money in your home  

Home Equity Line of Credit (HELOC)

 

 

I want to...
Consolidate my debt2
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 debt2 and make your payments simple.

 

Tip: A HELOC may help you pay down your debt2 faster at a lower cost.

 

 


Save on interest by consolidating your debt2


Here’s an example of how you can take advantage of the flexibility offered by a HELOC by consolidating your debt2 and make minimum, interest-only payments of $133.47 during the 10-year draw period, resulting in a payment reduction of $318.40 per month.5

 

 

Current Financing
Credit Card Personal Loan Other Debt Total
Balance $10,000 $5,000 $20,000 $35,000
APR 14% 13% 6%
Minimum Monthly Payment $155.22 $74.64 $222.01 $451.87
Home Equity Debt Consolidation
HELOC
$35,000
4.49%
$133.47*

 

 

* This chart is for illustrative purposes only and is based on hypothetical Annual Percentage Rates (“APRs”) for certain financing products. The minimum monthly payment for a HELOC as shown above is an interest-only payment and does not pay down principal, while the other product examples include principal in the minimum monthly payments necessary to pay off the balances over a 10-year period. Reducing your monthly payment through an interest-only HELOC could result in paying more in interest and increase the cost of your debt. See below for important information.5


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®,8, BMO Harris Bank by Phone®,9 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you set up Auto Pay3 for your HELOC10 with certain BMO Harris personal checking accounts.
  • No upfront costs and we pay many of the closing costs4
  • Interest may be tax deductible — talk to your tax advisor6
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®,8, BMO Harris Bank by Phone®,9 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you set up Auto Pay3 for your HELOC10 with certain BMO Harris personal checking accounts.
  • No upfront costs and we pay many of the closing costs4
  • Interest may be tax deductible — talk to your tax advisor6
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®,8, BMO Harris Bank by Phone®,9 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you set up Auto Pay3 for your HELOC10 with certain BMO Harris personal checking accounts.
  • No upfront costs and we pay many of the closing costs4
  • Interest may be tax deductible — talk to your tax advisor6
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®,8, BMO Harris Bank by Phone®,9 and BMO Harris locations
  • Enjoy a 0.25% interest rate discount when you set up Auto Pay3 for your HELOC10 with certain BMO Harris personal checking accounts.
  • No upfront costs and we pay many of the closing costs4
  • Interest may be tax deductible — talk to your tax advisor6


 

Follow these easy steps to a Home Equity Line of Credit

Getting started

Your banker will collect some personal information, details about your property, and get permission to pull and review your credit report.

Submitting your documentation

We’ll let you know all of the additional documentation needed for your application. Make sure to submit everything at the same time so we can process your loan as soon as possible.

Closing your loan

If your loan is approved— subject to an appraisal of your property’s value—you’ll receive a commitment letter. We’ll then work with you to schedule your closing and inform you of anything you need to bring to your closing.


Tip: To expedite the application process, provide all necessary information and documentation in the first meeting with your banker.



​Helpful tips and advice for homeowners



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?2

 

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 secure7 — 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 Pay8,9 since you can do this online or by phone, you can make a fast and secure7 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 14, 2017. 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 Arizona, Florida, Illinois, Indiana, Kansas, Missouri, Minnesota or Wisconsin. 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 December 14, 2017, Prime was 4.50%. Rates shown are for lines of credit with a combined loan-to-value (CLTV) of 80% or less. The maximum APR is 18.00%.



Closing Costs and Fee Information: A $50 annual fee will be charged on the second anniversary through the ninth anniversary of loan closing. BMO Harris will pay the following closing costs in: Arizona, Florida, Illinois, Indiana, Kansas, Missouri, Minnesota or Wisconsin on an owner-occupied family residence. Closing costs include: appraisal charges, flood determination, title insurance and document recording fees. The customer may be required to pay state and local taxes and to satisfy prior liens or Settlement Fee if closed at a Settlement Agent. In KS, customer is responsible for Mortgage Registration Tax of $1.00 per $1,000. In MN, customer is responsible for Mortgage Registry Tax of $2.40 per $1,000 for Hennepin and Ramsey Counties or $2.30 per $1,000 for all other counties. In MN there is a Conservation Fee of $5.00 for the following counties Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Waseca, Washington, Winona and Wright. In FL, customer is responsible for Documentary Stamp Tax of $3.50 per $1,000 and Intangible Tax of $2.00 per $1,000.


* Special offers are subject to change at any time without notice.


Auto Pay Discount: Auto Pay from a BMO Harris Smart Money™ Account, BMO Harris Smart Advantage™ Account, BMO Harris Select Checking®, BMO Harris Premier™ Account, or BMO Harris Portfolio Checking® is required at account closing to receive the 0.25% interest rate discount. The monthly maintenance fee for BMO Harris Smart Money™ Account is $5, BMO Harris Smart Advantage™ Account is $0, BMO Harris Select Checking® is $15, BMO Harris Premier™ Account is $30 and BMO Harris Portfolio Checking® is $25. Auto Pay means periodic scheduled payments automatically deducted from your qualifying BMO Harris checking account 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 about our checking products. Checking account opening subject to bank approval.

 

New Money Discount: The 0.25% interest rate discount is available when an initial draw of $25,000 or more is withdrawn at closing, excluding funds to pay any BMO Harris debt. This offer is valid for home equity lines of credit and is not valid for home equity loans. This offer may not be combined with other interest rate discounts, with the exception of Auto Pay, Best of BMO, Premier and Private Bank customer discounts. This offer is not valid on any existing BMO Harris home equity line of credit.


  1. The BMO Harris Bank Equity Access Card may not be available in all states.
  2. Please consult with your financial advisor for the benefits and ramifications between unsecured and secured debt and the protections each provide the consumer. For example, consolidating federal student loans will result in losing significant benefits.
  3. Auto Pay from a BMO Harris Smart Money™ Account, BMO Harris Smart Advantage™ Account, BMO Harris Select Checking®, BMO Harris Premier™ Account, or BMO Harris Portfolio Checking® is required at account closing to receive the 0.25% interest rate discount. The monthly maintenance fee for BMO Harris Smart Money™ Account is $5, BMO Harris Smart Advantage™ Account is $0, BMO Harris Select Checking® is $15, BMO Harris Premier™ Account is $30 and BMO Harris Portfolio Checking® is $25. Auto Pay means periodic scheduled payments automatically deducted from your qualifying BMO Harris checking account 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 about our checking products. Checking account opening subject to bank approval.
  4. Closing Costs and Fee Information

     

    A $75 fee will be charged on the opening date and billed with your monthly statement, and each year after through the ninth anniversary of loan opening.
  5.  

    BMO Harris will pay closing costs in: AZ, FL, IL, IN, KS, MN, MO or WI on an owner occupied 1 to 4 family residence. Closing costs include but are not limited to: appraisal charges, credit report, flood determination, title insurance and document recording fees.

     

    To the extent we pay third-party closing costs on your behalf, we have the right to charge you an amount equal to the third-party closing costs we paid on your behalf if you close within 36 months from the opening date. This closing cost recoupment fee shall be due and payable at the time you close the account. The customer may be required to pay state and local taxes and to satisfy prior liens or Settlement Fee if closed at a Settlement Agent.

     

    In KS, customer is responsible for Mortgage Registration Tax of $0.50 per $1,000. In MN, customer is responsible for Mortgage Registry Tax of $2.40 per $1,000 for Hennepin and Ramsey Counties or $2.30 per $1,000 for all other counties. In MN there is a Conservation Fee of $5.00 for the following counties Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Waseca, Washington, Winona and Wright. In FL, customer is responsible for Documentary Stamp Tax of $3.50 per $1,000 and Intangible Tax of $2.00 per $1,000.

     

    Insurance Information

     

    The customer must obtain property insurance and may be required to obtain flood insurance.

  6. The minimum monthly payment for a HELOC as shown in the chart is an interest-only payment, which is the minimum payment requirement for the first 10-year draw period. By contrast, the minimum monthly payments for the other financing products used for comparative purposes includes the payment of principal and reflects the payment amounts necessary to pay off the balances over a 10-year period. The HELOC minimum monthly interest-only payment can only be made in the first 10 years of your HELOC. The minimum monthly interest-only payment assumes no changes in the Prime Rate and, accordingly, the 4.49% APR. See “Variable Rate Information” below. Rates and other terms might not be available in your region. If you make only minimum monthly interest payments on a HELOC during the 10-year draw period, you will not repay any principal outstanding on your account. After the first 10 years, any remaining loan balances will be paid over a 20-year repayment period during which your monthly payment will include both interest and principal, and the monthly payment will increase to $279.30, assuming no change in the Prime Rate. Any amount above the minimum payment will be applied to principal unless the additional amount is received separately from the minimum payment, in which case the additional amount will be applied to next month’s interest-only payment.
  7.  

    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 based on Prime plus a margin that varies depending on 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 September 1, 2018, Prime was 5.00%. Rates shown are for lines of credit with a combined loan-to-value (CLTV) of 70% or less. The maximum APR is 18.00% or the maximum permitted by law, whichever is less.

     

    Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris 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. The following BMO Harris checking accounts are eligible for an Auto Pay discount: BMO Harris Smart Money™ Account, BMO Harris Smart Advantage™ Account, BMO Harris Select Checking®, BMO Harris Premier™ Account, and BMO Harris Portfolio Checking®.

     

    In AZ, the margin is 0.74% to 4.44% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.74% to 9.44%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from 0.49% to 4.19% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 5.49% to 9.19%.

     

    In FL, the margin is 0.39% to 4.44% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.39% to 9.44%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from 0.14% to 4.19% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 5.14% to 9.19%.

     

    In IL, the margin is 0.33% to 4.44% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.33% to 9.44%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from 0.08% to 4.19% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 5.08% to 9.19%.

     

    In IN, the margin is 0.04% to 4.44% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.04% to 9.44%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from -0.21% to 4.19% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 4.79% to 9.19%.

     

    In KS and MO, the margin is 0.54% to 4.44% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.54% to 9.44%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from 0.29% to 4.19% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 5.29% to 9.19%.

     

    In MN, the margin is 0.64% to 4.19% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.64% to 9.19%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from 0.39% to 3.94% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 5.39% to 8.94%.

     

    In WI, the margin is 0.39% to 4.44% depending on individual credit qualifications, credit limit and other criteria. Your resulting APR would be from 5.39% to 9.44%. If you have Auto Pay from an eligible BMO Harris checking account listed above, your margin would be from 0.14% to 4.19% depending on individual credit qualifications, credit limit amount and other criteria, and your resulting APR would be from 5.14% to 9.19%.

  8. 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.
  9. Visit the BMO Harris Security Center for details.
  10. 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.
  11. Message and data rates may apply. Contact your wireless carrier for details.
  12. 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.
  13. Calculators are provided by Leadfusion Inc., which is not affiliated with BMO Harris. The results and information provided on this website are estimates and are provided for informational purposes only. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances. Please note that Leadfusion may have different privacy and security standards than BMO Harris and you should visit its website at www.leadfusion.com Third Party Link to review its privacy policy. BMO Harris does not provide tax or legal advice and you should consult your tax or legal advisor for tax and legal advice.

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?