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Get a fixed interest rate as low as for up to on a HELOC.1

Learn more

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.

 

 


Save on interest by consolidating your debt


Here’s an example of how you can take advantage of the flexibility offered by a HELOC by consolidating your debt and make minimum, interest-only payments of $163.20 during the 10-year draw period, resulting in a payment reduction of $288.67 per month.2

 

 

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
5.49%
$163.20*

 

 

* 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.2


How a HELOC can help you

  • Use your funds at once, or over time – and pay interest only on what you actually borrow.
  • Lock all or a portion of your HELOC at a fixed rate for a term that works for you.
  • Access your available credit with a check, online, by phone or in a branch.
  • No upfront costs and we pay many of the closing costs.
0.25%

interest rate discount

when you set up Auto Pay for your HELOC.1

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

  • Use your funds at once, or over time – and pay interest only on what you actually borrow.
  • Lock all or a portion of your HELOC at a fixed rate for a term that works for you.
  • Access your available credit with a check, online, by phone or in a branch.
  • No upfront costs and we pay many of the closing costs.
0.25%

interest rate discount

when you set up Auto Pay for your HELOC.1

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

  • Use your funds at once, or over time – and pay interest only on what you actually borrow.
  • Lock all or a portion of your HELOC at a fixed rate for a term that works for you.
  • Access your available credit with a check, online, by phone or in a branch.
  • No upfront costs and we pay many of the closing costs.
0.25%

interest rate discount

when you set up Auto Pay for your HELOC.1

Refinance my mortgage
Family packing for vacation
Save on mortgage payments

 

You can use a HELOC to refinance your existing mortgage at a lower interest rate. With our Fixed Rate Lock Option, you’ll benefit from the flexibility of a line of credit with the option to lock in your rate at any time.

 

 


How a HELOC can help you

  • Use your funds at once, or over time – and pay interest only on what you actually borrow.
  • Lock all or a portion of your HELOC at a fixed rate for a term that works for you.
  • Access your available credit with a check, online, by phone or in a branch.
  • No upfront costs and we pay many of the closing costs.
0.25%

interest rate discount

when you set up Auto Pay for your HELOC.1



 

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.



Discover how easy it is to apply online

Our online application is a quick and easy way to apply for a home equity line of credit. You can access your application from any device, upload documents and check your loan status, getting notifications throughout the process. Watch this video to learn how fast, simple and secure your application can be.

Play video


​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.


Can I lock in my HELOC rate?

 

Yes! You can lock in a fixed rate on some or all of your HELOC at any time during the draw period. Your rate will be locked in for the amount of time you choose, with terms from five to 20 years. As the fixed rate portion is paid down, the principal amount paid off becomes available for use again as part of the credit line. Lock in up to 3 locked advances at a time. If you change your mind, you can go back to a variable rate HELOC.


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 secure3 — 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 Pay4,5 since you can do this online or by phone, you can make a fast and secure3 loan payment directly from your checking account.

 

Learn more

We're happy to chat


1. 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.

Fixed Rate Lock Option Offer

Special offers are subject to change. The fixed rate lock option offer is available on applications received on or before February 29, 2020. The fixed rate lock option includes a -0.51% interest rate adjustment. With the -0.51% interest rate adjustment, APRs for a fixed rate lock option on 11/01/2019, ranged from 4.24% to 5.79%. APRs vary and will depend on the fixed rate index value at the time a fixed rate lock option is requested. The rate shown above is based on a 20-year term.

2. Please consult with your financial advisor for the benefits and drawbacks between unsecured and secured debt and the protections each provide the consumer. 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 5.49% APR. See “Variable Rate Information” below for further detail. 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 $309.03, 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.

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 (4.75% on 11/01/19) 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 0.25% 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 4.75% to 6.30%.

To receive a 0.25% 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.

3. Visit the BMO Harris Security Center for details.

4. Certain conditions and limitations apply. Digital Banking Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Digital Banking Agreement found at bmoharris.com/legal for full details.

5. Message and data rates may apply. Contact your wireless carrier for details.

6. 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 for your Home Equity Line of Credit now

 

 



Apply for a HELOC online


It’s never been easier! Start your application today.


Apply now




Give us a call


We’ll help walk you through the application process.


Call 1-800-546-6101Call 1-800-546-6101


Here’s what you’ll need to apply:

Employment & income information
 

Property information & requested loan amount

Positive credit score (typically a minimum of 680)

Equity in your home to borrow against