Home Equity Loan
Tap into your home’s equity for larger purchases and projects. You can borrow up to 80% of your home’s value.1,2
Why you'll like our home equity loans
Use it for large purchases
Also known as a second mortgage, this one-time loan starts at $10,000 and can go as high as 80% of your home’s value.1,2 It’s ideal for larger purchases, such as extensive renovations or buying a vacation property or second home.
Turn home equity into cash
Your home’s equity is the difference between its market value and how much you still owe on your home. So as housing prices rise or you pay off your mortgage, you have more home equity to tap into.
Let’s find out what your loan payments could look like
Already know how much you want to borrow? Let’s get started.*
How to apply for a Home Equity Loan
Book an appointment at a B M O branch to talk with a lending expert.
Come in, bring the documents below and let’s talk about what can work for you.
We’ll review your situation and come up with a loan amount and repayment plan.
Complete the application process and move the money to your account.
Let’s do this! What do I need before I apply?
Government-issued photo ID- Proof of employment such as a letter from your employer or recent paystubs
For full details on what to bring, check out What to bring to a borrowing appointment.
Protect your Home Equity Loan
- Learn More
Your loan balance may be reduced or paid off if you pass away.
- Learn More
Your loan payments may be fully or partially covered if you’re unable to work due to a disability such as injury or serious illness.
Home Equity Loan frequently asked questions
It’s easy! Try our Loan Calculator to get an idea of how much your payments will be.
There isn’t one! A second mortgage is any loan that is taken out on a property that already has a mortgage. The simple answer is a home equity loan is a second mortgage.
When you get a loan, you can choose between a fixed or variable interest rate.
A fixed rate means the interest rate you pay stays the same for the length of your term, so your payments remain the same from month to month.A variable rate can go up and down depending on what the current B M O Prime Rate is. This means the amount of interest you pay each month could increase or decrease. If the rate decreases, you may be able to pay down your loan earlier than scheduled. If the rates go up, your payment may have to increase so you can pay off your loan as scheduled.The B M O Prime Rate – also known as the prime lending rate – is the annual rate we use to set variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your loan or line of credit is based on many factors in addition to the Prime Rate. These include how much you’re borrowing, your credit history and if you’re using collateral. You can see our current Prime Rate here.
Good question. Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.
- You can get a copy of your credit history from:
Have more questions?
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Footnote star details These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch. Amortization can only be entered in full years (not months or partial years). Loan amount is rounded to the nearest $1,000.
footnote 1 details Applications and the amount you can borrow are subject to meeting B M O’s usual credit criteria.
footnote 2 details The combined line of credit limit under any prior mortgage and a Home Equity Loan Plan cannot exceed 80% of the value of your property
footnote 3details Some conditions apply. You may be eligible to defer equivalent to one month’s payment two times per calendar year (four weekly payments, two bi-weekly or semi-monthly payments, one monthly payment). You cannot skip two monthly payments (or the equivalent of two monthly payments) concurrently even if the two months are in different calendar years (January/December).