Homeowner ReadiLine®
This lending option combines a mortgage with the flexibility of a revolving line of credit, so that you can have access to funds whenever you need them.1
Choose how you want to allocate your borrowing amount between your mortgage portion and revolving line of credit portion2
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 limit3
Borrow up to 80% of your home’s value4
Lock in a rate for your mortgage portion with our 130-day mortgage rate guarantee – the longest of any major bank in Canada5
Cash Back offer
Get up to $4,100 cash back† with a new qualifying BMO mortgage until August 29, 2025.
Why the Homeowner ReadiLine® may be right for you
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.7
Get lower interest rates
You’ll get an interest rate that is typically lower than unsecured lending options6 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.8
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?
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Homeowner ReadiLine® calculator
Find out how much you can borrow up to based on your current or future home’s value.
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?
Before you apply, you’ll need:
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
How the Homeowner ReadiLine® rates work
The interest rate for the revolving line of credit portion of the Homeowner ReadiLine® is a variable rate based on BMO’s Prime Rate plus an adjustment factor depending on the specifics of your loan. For the mortgage portion, you can choose a fixed or variable interest rate.
The BMO Prime Rate is
Check out all our interest rates here.
Homeowner ReadiLine® Frequently asked questions
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.
Yes. You’ll need to switch your mortgage from your current lender to the BMO Homeowner ReadiLine® to qualify.11
Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your loan application.
You can get a copy of your credit history from:
Equifax CanadaEquifax.ca1-800-465-7166
Trans-Union CanadaTransunion.ca1-877-713-3393 (Quebec only)1-800-663-9980 (All other provinces)
It’s a good idea to get ahead and protect your home and lifestyle. Two options include:
Balance Protection (Life Insurance and Critical Illness Insurance): This reduces or pays off your line of credit balance up to the maximum insurable limit if you pass away or if you’re diagnosed with a covered illness.
Payment Protection (Disability and Job Loss Insurance): Your regular line of credit payments may be fully or partially covered if you’re unable to work due to a disability or involuntary job loss.
Learn more on how to protect the investment in your home here.
If you have a BMO chequing account, the most efficient way to access your funds is via BMO Online or Mobile Banking. Follow along with our interactive demo to learn how you can access your funds online. You can also access your line of credit at a BMO branch or ATM, with line of credit cheques, or through telephone banking.
Sign in to BMO Online or Mobile Banking and navigate to your Homeowner ReadiLine mortgage portion account to access useful information about your mortgage, including your payment details, interest rate, term, amortization, and more.
A Home Equity Line of Credit – or HELOC – is a term commonly used to refer to a type of credit that uses your home as collateral, which makes it a secured form of credit. Once you’ve been approved, you can use the funds as needed, generally at a lower rate than most other lending products.
BMO’s Homeowner ReadiLine® combines a mortgage with a secured line of credit. This secured line of credit portion of your Homeowner ReadiLine® works very similarly to a standalone HELOC, with the advantage being that that your available credit limit increases as you pay down your mortgage.
You also have the flexibility to convert the balance from your secured revolving line of credit portion to a new mortgage portion. Use this to pay down the balance owed with fixed installment payments.
If you’re purchasing a new home, you will need a minimum down payment of 20%.
If you have an existing home and are looking to switch to a Homeowner ReadiLine®, you will need at least 20% equity in your home.
Helpful resources
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footnote 1. Conditions apply. Account needs to be in good standing for customers to access line of credit. Convenient access to funds, anytime, up to your credit limit through online banking, a BMO branch, or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
footnote 2. You can allocate the amount you borrow between a mortgage portion and a line of credit portion. The amount you allocate to your line of credit portion cannot exceed 65% of the value of your property.
footnote 3. When you make a mortgage payment, a portion of that amount will become available to reborrow through your line of credit limit, up to 65% of the value of your property.
footnote 4. Any amount you borrow under a Homeowner ReadiLine® in excess of 65% of the value of your property must be in an amortizing installment. The Homeowner ReadiLine® must be registered in first priority on title on your property.
footnote 5. We guarantee your interest rate for the selected fixed rate mortgage type and term for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to BMO standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of March 13, 2023.
footnote 6. Conditions apply. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
footnote 7. Pay back on your own terms as long as minimum payment requirements are met; minimum payments arrangements include flexible interest-only payments, subject to the terms of your Homeowner ReadiLine® agreement.
footnote 8. You can increase your regular installment payments by up to 20% in each calendar year. You can also choose to make lump-sum payments (minimum of $100) without a prepayment charge, up to 20% of your original installment amount, each calendar year.
footnote 9. On Purchase - 20% of the purchase price from traditional sources; on Refinance - 20% of the appraised value.
footnote 10. You can increase your mortgage payment once each calendar year by up to 20% of the current mortgage payment. You can also choose to make lump-sum payments (minimum of $100) without a prepayment charge, up to 20% of your original mortgage amount each calendar year.
footnote 11. The existing mortgage with another Financial Institution needs to be discharged before moving to the BMO Homeowner ReadiLine®.