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Home Equity Line of Credit

What is a home equity line of credit?

A home equity line of credit, or HELOC is a form of credit that lets you borrow money based on the equity you’ve built in your home. You can access the money all at once or use smaller amounts whenever you need it.

How it works: If your home is worth $400,000 and you owe $250,000 on your mortgage, you have $150,000 in equity. If you get a HELOC, you might be eligible to get a credit line based on a percentage of that $150,000.

Why a HELOC is a great choice for you

Low rates
Enjoy lower rates than most other loans and low to no closing costs² with a HELOC.³ Plus, your interest may be tax-deductible.⁴
The flexibility you need
You’ll only pay interest on the money you borrow. Enjoy interest only variable rate payments or choose to lock in your balance at a fixed rate and term for payments that will not change.⁵
Borrow again and again
When you pay down your credit line, that money becomes available to borrow again during the 10 year draw period. At the end, any remaining balance can be repaid over a 20 year term.

Not sure if this is the right loan for you? We’ll help you choose.

Choose a rate and term that works for you

With flexible terms and competitive rates, you can choose the option that’s best for you.

Special limited-time HELOC offers
6-month variable intro rate	as low as 5.99% APR¹
12-month variable intro rate	as low as 6.99% APR¹
Current rate: After the promo period, as low as 7.88% APR thereafter.¹

Take the next step toward realizing your dream

Apply online, at a branch, or call us at 1-844-219-6001.

Employment & current income information
Positive credit score (typically a minimum of 650-680)
Property information & requested loan amount
Equity in your home to borrow against

Get Rates And Apply Online

Download our heloc application guide & checklist (pdf, 130 kb)

Home Equity Line of Credit tools & resources

What is a Line of Credit
Learn more about lines of credit, how they work, and if one might be the right option for you.
What is a HELOC?
Learn how it works and how you can make the most of it.
HELOC Calculator
Calculate how much of a line of credit you can expect based on your home equity with the HELOC Calculator.⁶
Consolidating debt with a home equity line of credit
Learn how to use a home equity line of credit to consolidate debt.
Make a HELOC payment
Make a one-time payment to your home equity line of credit online.
Home Equity Remote Online Notary Closing Demonstration
Watch our short demo to learn about BMO’s Remote Online Notary closing method.⁷

Home Equity Line of Credit help center

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 and only based on what you have borrowed. As you pay down your balance, the funds become available for use again. After that it is the repayment period, and your payments will include both principal and interest, and may be higher than during the first phase.
HELOCs are issued at a variable rate of interest, which means that your interest rate can change over the life of your line. While your rate can change, there is 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 during the life of your loan.
You can also lock in all or part of your HELOC at any time during the draw period for a rate and payment that will not change.⁵ See more details in the question about our Fixed Rate Lock Option.
We look at several criteria within your application, including your credit history, income, other debt or financial obligations, the amount requested, and the equity you have in your home. The equity you can borrow also depends on how much of your mortgage you have left to pay compared to the value of your home.
After you submit your application, we’ll work with you for any additional documentation we may require. The full application process typically takes about 30 days. You can expedite the process by getting all of 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 receive access to your funds.
If you need a smaller loan amount or access to funds sooner a personal line of credit might be right for you. If you need to build your credit rating, you might try our Credit Builder Loan Program, or access resources to improve your financial wellness from our partner SpringFour.
You can lock in a fixed rate on some or all of your HELOC with a fixed rate lock option (FRLO) at any time during the draw period to pay down your balance with payments that will not change.⁵ Your rate will be locked in for the amount of time you choose, 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 3 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 thereafter. If you change your mind at any time, you can always go back to a variable rate HELOC without having to refinance.
If you are approved, your loan funds will be accessible following a required waiting period of 3 business days from closing. After that, it’s easy to access your funds. You can transfer funds from your loan account to a checking account through mobile, online, by phone, at a branch or by checks that we will 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 is most convenient for you. You can set up Auto Pay to establish monthly automatic payments from any BMO Checking account. When you do this during the application process you will receive a {{HELOCAutoPayDisc}}% interest rate discount.^{footnote 8}
You may also make a one-time payment, pay online, by mail, or when you visit a branch. You can send higher payments to pay down the principal at any time without incurring fees. For all the details, visit Ways to Bank.

Take the next step toward achieving your goal

Call us
Get answers by phone 9 A M to 7 P M Central Standard Time Monday to Thursday and 9 A M to 6 P M Central Standard Time Friday
1-844-219-6001
Visit a branch
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Visit a Branch
Call us
Get answers by phone 9 A M to 7 P M Central Standard Time Monday to Thursday and 9 A M to 6 P M Central Standard Time Friday
1-844-219-6001
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- footnote 1 details. Special offers are subject to change. This offer does not apply to any loan that will be used to purchase the subject property.
  Fixed Rate Lock Option Offer: The fixed rate lock option offer is available on new applications and requests from current HELOC customers received on or before 2/28/2022. For new applications and current HELOC customers, the fixed rate lock option for a $25,000 lock at a 5-year term includes a -0.65% interest rate adjustment based on a first lien loan, $100,000 line of credit. Interest rate adjustments vary by term, lock amount and lien position. APRs for a fixed rate lock option on 1/9/2024, ranged from 7.74% APR to 11.16% APR for a well qualified borrower in first lien position with Auto Pay. APRs vary and will depend on the fixed rate index value at the time a fixed rate lock option is requested as well as individual borrower qualifications. The offer may apply to a 5, 10, 15, 20 or 30-year term.
  Introductory Rate: The introductory rate offer is available on new applications received from 8/1/2021 through 11/30/2021 and is subject to change. The introductory rate is fixed during the introductory period. No customer or other discounts are available during the introductory period. Additional introductory terms may be available. Please consult a banker for more details.
  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 (% on 10/17/2021) 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 with a % Auto Pay discount. Rates may vary from % APR to % APR depending on property State, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. To receive a % Auto Pay rate discount you must authorize BMO Bank at origination to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay).
  Closing Costs and Fee Information: B M O will pay closing costs for loans secured by a primary residence 1 to 4 family residence, excluding investment properties. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees and mortgage and government taxes. You will be charged a $75 annual fee on the loan opening date and each year after during the Draw Period. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount if greater than $500,000, you are responsible for mortgage and government taxes as well as title fees. 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.
  Insurance Information: You must obtain property insurance and may be required to obtain flood insurance.
  Special offers are subject to change.
  footnote 1 details: Variable Rate Offer 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 (% on 05/07/2025) minus 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. The % rate shown is for first lien lines of credit of $100,000 secured by an owner occupied 1 to 4 family residence, in Illinois, with a loan-to-value (LTV) of , and a FICO credit score of , and includes a % limited time New Money offer discount and a % autopay discount. Rates vary from % APR to % APR depending on property state, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. Auto Pay means periodic scheduled payments automatically deducted from your BMO personal checking account, as applicable, to pay the loan. When you sign up for Auto Pay, you authorize the Bank at origination to draw your account for all amounts then due, including any late fees and any other charges.
  Auto Pay Rate Discount: To receive a % rate discount, you must authorize BMO at origination to withdraw your Home Equity Line of Credit payment each month from a BMO personal checking account using Auto Pay. The discount can only be applied to a new Home Equity Line of Credit.
  New Money Disclosure:
  Special offers may change.
  For applications received from 07/01/2025 through 07/31/2025 the 0.15% interest rate discount is available on new HELOC accounts when $20,000 - $39,999 is drawn at closing, excluding funds to pay any BMO Debt or,
  For applications received from 06/02/2025 through 07/31/2025 the 0.250% interest rate discount is available on new HELOC accounts when $40,000 or more is drawn at closing, excluding funds to pay any BMO debt.
  Certain restrictions apply. This offer does not apply to any loan that will be used to purchase the subject property. Check with your banker.
  footnote 1 details: Special offers are subject to change. This offer does not apply to any loan that will be used to purchase the subject property.
  Fixed Rate Lock Option Offer: The fixed rate lock option offer is available on new applications and requests from current HELOC customers received on or before 1/31/2023. For new applications and current HELOC customers, the fixed rate lock option for a $25,000 lock at a 5-year term includes a 6.89% interest rate adjustment based on a first lien loan, $100,000 line of credit. Interest rate adjustments vary by term, lock amount and lien position. APRs for a fixed rate lock option on 1/9/2024, ranged from 7.74% APR to 11.16% APR for a well qualified borrower in first lien position with Auto Pay. APRs vary and will depend on the fixed rate index value at the time a fixed rate lock option is requested as well as individual borrower qualifications. The offer may apply to a 5, 10, 15, 20 or 30-year term. To receive a 0.50% Auto Pay rate discount, you must authorize BMO to withdraw your home equity line of credit payment each month from an eligible BMO Checking account (Auto Pay).
  Fixed Rate Lock Option Information: The minimum line of credit withdrawn 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 years. -year term only available at time of origination. No more than three fixed rate lock options may be open at one time. A $75 fee applies each time you convert a fixed rate lock option after the date of origination. 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 draw period.
  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 (% on ) 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 to 4 family residence with a loan-to-value (LTV) of with a % Auto Pay discount. Rates vary from % APR to % APR depending on property State, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. To receive a % Auto Pay rate discount you must authorize BMO to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay). The discount can only be applied to a new Home Equity Line of Credit.
  Closing Costs and Fee Information: BMO will pay closing costs for loans secured by a primary residence 1 to 4 family residence, excluding investment properties. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees, and mortgage and government taxes. You will be assessed a $75 annual fee on your first monthly billing statement. Thereafter, this $75 fee will be assessed annually on the anniversary of your closing date through the ninth anniversary of your loan opening. A fee waiver may be available based on your relationship balances, contact your banker for details. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, you are responsible for mortgage and government taxes as well as title fees. 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.
  Insurance Information: You must obtain property insurance and may be required to obtain flood insurance.
  footnote 1 details:.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 (% on ) 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 with a % Auto Pay discount. Rates may vary from % APR to % APR depending on property State, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum permitted by law, whichever is less.
  If you also meet the initial draw requirement, you may receive an additional % rate discount and your APR would be from % to %.
  To receive a % Auto Pay rate discount you must authorize BMO Bank at origination to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay).
  Closing Costs and Fee Information
  B M O will pay closing costs for loans secured by a primary residence 1 to 4 family residence, excluding investment properties. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees and mortgage and government taxes. You will be charged a $75 annual fee on the loan opening date and each year after during the Draw Period. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount if greater than $500,000, you are responsible for mortgage and government taxes as well as title fees. 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.
  Insurance Information
  You must obtain property insurance and may be required to obtain flood insurance.
- footnote 2 details: Closing Costs and Fee Information
  BMO will pay closing costs for loans secured by a primary residence 1 to 4 family residence, excluding investment properties. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees, and mortgage and government taxes. You will be assessed a $75 annual fee on your first monthly billing statement. Thereafter, this $75 fee will be assessed annually on the anniversary of your closing date through the ninth anniversary of your loan opening. A fee waiver may be available based on your relationship balances, contact your banker for details. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, you are responsible for mortgage and government taxes as well as title fees in AL, AR, CT, FL, KS, HI, ID, MN, MS, NJ, NM, OK, PA, TN, and DC. 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.
  Insurance Information
  You must obtain property insurance and may be required to obtain flood insurance.
- footnote 3 details: Relationship Requirement: If the property is not located in the following locations; AZ, CA, CO, FL, ID, IL, IN, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY, and EL Paso County, TX (Home Equity Line of Credit is not available in Texas), to be eligible for our real estate secured lending products, you must be a pre-existing BMO customer for at least six months at the time of application; contact a Banker for details. A BMO customer relationship includes any deposit, retirement, small business, secured and unsecured credit, and investment accounts (BMO Alto accounts are excluded). Not applicable to our Private Bank clients or BMO employees.
- footnote 4 details: BMO does not provide tax or legal advice. You should consult a tax advisor for information regarding any tax impacts associated with your loan.
- footnote 5 details: Fixed Rate Lock Option: The minimum line of credit withdrawn 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 years. -year term only available at time of origination. No more than three fixed rate lock options may be open at one time. A $75 fee applies each time you convert a fixed rate lock option after the date of origination. 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 draw period.
- footnote 6 details: Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. 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. Visit its website at www.leadfusion.com to review its privacy policy.
- footnote 7 details: Not all transactions are eligible for a remote closing. Your BMO representative will inform you of the closing options available to you.
- The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.