Homeowner’s Line of Credit
Use the value in your home to get ongoing access to funds. A Homeowner’s Line of Credit is ideal for big purchases or extensive renovations.
- One time application provides convenient access to credit when you need it up to your available limit
- Access up to 65% of the value of your home less what you owe on your mortgage
- Offers a variable interest rate
- Convenient access to funds through Line of Credit and through a BMO MasterCard. And, if you have a BMO® Everyday Banking account, you have access through ATM, online banking or telephone banking.
- Minimum monthly payment is 2% of the outstanding balance or $50, whichever is greater
- Interest-only payments are available in certain circumstances
- Itemized monthly statements