Homeowner ReadiLine®
Choose how you want to allocate your borrowing amount between your mortgage portion and revolving line of credit portion
As you pay down the mortgage balance, your available revolving line of credit limit increases, giving you the flexibility to withdraw up to the available limit
- Borrow up to 80% of your home’s value
- Lock in a rate for your mortgage portion with our 130-day mortgage rate guarantee – the longest of any major bank in Canada
Cash Back offer
Why the Homeowner ReadiLine® may be right for you
Borrow for what you need, when you need it
Once you’re approved, access your available funds through online or mobile banking as well as in-person. You only pay interest on the funds you borrow from your revolving line of credit.Pay off your line of credit at your own pace
Enjoy the flexibility of paying down your revolving line of credit with no prepayment charges.Get lower interest rates
You’ll get an interest rate that is typically lower than unsecured lending options since your revolving line of credit is secured by a home. You pay interest only on what you use.Pay down your mortgage portion faster
Increase your mortgage payments by up to 20% every year and/or make lump sum payments of up to 20% of your mortgage every year.
Follow along with our interactive demo to learn how you can borrow funds from your Homeowner ReadiLine®
What’s the difference between a Homeowner ReadiLine® and a regular mortgage?
Line of credit portion
How it works
As you pay down your mortgage balance portion, your available credit increases
You can use your available credit to cover various expenses, including large expenses like home renovations
Down payment
- not available
Making payments
Pay back withdrawn funds at any time; minimum monthly interest payments are required and insurance may apply
Rates
Variable rate
Mortgage portion
How it works
Pay the principal and interest over the length of your term, similar to a regular mortgage
Down payment
20% minimum
Making payments
Regular installment payments as set out in your agreement
Ability to increase your installment payments and make lump-sum payments
Rates
Fixed or variable rate
How it works
The principal and interest are paid over the length of your term
You’ll need to complete a refinancing application to access additional funds during your term
Down payment
20% minimum
Down payments less than 20% will require mortgage default insurance
Making payments
Regular installment payments as set out in your agreement
Ability to increase your installment payment and make lump-sum payments
Rates
Fixed or variable rate
Homeowner ReadiLine® calculator
Unlock your home equity potential
How to apply for a Homeowner ReadiLine®
- Book an appointment at a BMO 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 lending plan.
- If you have a BMO chequing account, use your line of credit via online or mobile banking. You can also access your line of credit at a BMO branch or with line of credit cheques.
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
How the Homeowner ReadiLine® rates work
Homeowner ReadiLine® FAQs
- The BMO prime lending rate is the annual rate we use to set the variable interest rates for our loans, lines of credit and mortgages. The actual rate you’ll get on your mortgage or line of credit is based on many factors in addition to the Prime Rate.
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