Tap into your home equity
The equity you've built up in your home is a powerful tool that you can use to help you reach other important goals or bridge a temporary gap in your cash flow. For example, you may want to renovate your home, buy a recreational property, or pay for your children's post-secondary tuition.
With a mortgage from BMO, you can refinance and borrow up to 85% of the current property value of your home provided you occupy the home. The amount borrowed is added to your existing mortgage. Or, if you have at least 20% equity in your current home, you can access your home equity through a Homeowner ReadiLine® or a Homeowner's Line of Credit.
These borrowing solutions offer a convenient, flexible, and cost-effective way to use the equity you've built up in your home. The one that's right for you will depend on your situation and needs.
In the chart below, learn more about ways to finance your home with a Homeowner ReadiLine or take advantage of cost-effective financing with a Homeowner's Line of Credit in the chart.
Find out how Homeowner ReadiLine can help you turn your dreams into reality| How do they work? | Gives you access to up to 80% of the value of your current home1 through a line of credit that's secured against your home or other real estate.2 Example: On a $300,000 home you could access up to $240,000 at any time as long as you own your home. |
| What's needed to open an account? | As a homeowner, you need at least 20% equity in your current home, or to purchase a home, you need a 20% down payment. Example: On a $300,000 home you need $60,000 in equity or a $60,000 down payment. |
| How are they set up? | As a line of credit at a variable interest rate with the flexibility to lock in a specific amount(s) or the entire balance of the line of credit so it can be paid off within a set time period. |
| How can I access the funds? | You can access funds up to your credit limit as often as you wish, using:
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| What can I use it for? | Some of the many uses include:
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| What is the difference between them? | Homeowner ReadiLine is a one-time application that replaces a traditional mortgage up to 80% of the value of your home at the time of application. As you pay off your home, you automatically gain access to your equity — which means you can use those funds when you want or need to, for any purpose, for whatever you want it or need it for. A Homeowner Line of Credit is secured against your home but gives you access to the approved credit limit right away minus any outstanding loans or mortgages. Example: You've paid off your $300,000 home but take out a Homeowner Line of Credit – it would give you access to the entire $240,000 right away (up to 80% of the value of your home). |
| How can I protect my line of credit? | With optional life insurance, disability insurance and disability plus job loss insurance |
1 Less any outstanding loans or mortgages registered against the property.
2 The portion of Homeowner's Line of Credit locked in at a fixed rate can be secured against the primary residence or other real estate property held by the owner.
How we can help
If you'd like to explore how you can put your home equity to work for you, we can help you explore your refinancing options. Speak with a Mortgage Representative in-branch or meet with a BMO mobile Mortgage Specialist when and where it is convenient for you.
- 1-877-225-5266
- Mortgage Specialist
- Locate a Branch
- Apply Online
| 5 Year Low Rate Mortgage (closed) |
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