Limited-time offer: Enjoy a variable introductory rate as low as 5.24% APR for 6 months, with as low as 7.44% APR thereafter. footnote 2
Choose your borrowing option
Choose between only paying interest on the funds you use or locking in a fixed rate and payment. footnote 3 footnote 4
Limited-time offer: Enjoy a variable introductory rate as low as 5.24% APR for 6 months, with as low as 7.44% APR thereafter. footnote 2
The details:
Lower rates than other loans — interest may be tax deductible footnote 5- Low-to-no closing costs footnote 6
- Variable rate for the first 10 years, then repay the balance over the next 20 years
Great for:
Projects like home renos or consolidating debt. Get the flexibility to use it again and again.
Use the equity in your home to borrow a lump sum amount with a fixed interest rate and payment. footnote 3
Limited-time offer:
Get a special rate as low as 7.99% APR for 15 years! footnote star
The details:
Fixed rate and term for predictable monthly payments
Low-to-no closing costs footnote 6
Select the term option that works for you
Great for:
Projects that require financing up front and a payment that won’t change.
Why borrow with BMO?
Put your home equity to work
Use the equity you've built in your home to support your next steps.
Borrow on your own terms
Choose between flexible access to funds with a HELOC or predictable payments with a HELOAN.
Feel confident at every step
No matter what you choose, we’ll provide clear repayment options and guidance so you can borrow with confidence.
Crunch the numbers with our calculators
Find out how much equity you have available in your home. footnote 7
Learn how consolidating your high-interest rate debts into one lower-rate loan can simplify your finances. footnote 7
Calculate your loan and estimate your monthly loan payments. footnote 7
FAQs
For a loan, you generally know the exact amount you need to borrow up front. You’re charged interest as soon as you borrow it and you pay it off in fixed scheduled payments so that it’s paid within a set period. This is a great option when you want to consolidate other high interest debts like credit cards or for big ticket items like appliances.
A line of credit is a form of revolving credit that lets you borrow money when you need it, up to a predetermined amount. This is best for when you’re not sure of the specific amount you need in home renovation projects, you have an unexpected purchase or you need an emergency fund. Plus, interest is generally lower on lines of credit and you only pay interest on the amount borrowed.
When applying for a loan or line of credit, you’ll want to do your research to understand the total costs, terms and conditions for your needs. Some things to have ready for your application include:
- Identification (like a passport or driver’s licence)
- Recent pay stubs
- Tax returns
- Other documents as needed (Example: Bank statements, bills of sale)
You can see your effective interest rate on your statement, or you can give us a call or visit your local branch.
Debt consolidation combines multiple debts into a single loan, usually with a lower interest rate, lower monthly payments, or both. Instead of making multiple payments to different accounts, you merge them all and make one payment. Learn more about debt consolidation. footnote 1
Helpful lending tips and advice
What is a credit score?
Let’s dive into the details of how credit scores work and how you can boost that all-important number.
What is a HELOC?
Everything you want to know about a HELOC, from how it’s calculated, to the rates, repayment options, benefits and considerations.
What is a home equity loan?
We explore how the home equity loan works, its benefits, and how it compares with other loan products.
Have questions? That’s what we’re here for
Visit a financial center
Come into a financial center and let’s talk about your plans — and how we can make them possible.
Call us
24 hours a day, 7 days a week, you can get answers when you need them.
Explore your rates
Use our calculator to estimate your potential rate and payment.
footnote star Special offers subject to change. For Home Equity Loan applications received from 08/03/2026 through 11/02/2026, the 15-year HELOAN term offer is as low as 7.99% APR.
For a Home Equity Loan, the annual percentage rate (APR) depends on the state in which property is located, individual credit qualifications, loan amount, combined loan-to-value ratio, term, and other criteria. Your APR may be as low as 7.74% and as high as 13.97%. To qualify for the lowest rate, you must meet requirements of a $50,000 minimum loan amount, loan-to-value, term length, a FICO credit score of 780+, and have Auto Pay from a BMO personal checking account. Repayments can be made over 20 years. If you borrow $50,000 at 7.99% APR assuming a 70% loan to value ratio for a 15-year term, you will make 180 payments of approximately $477.54 each. Your monthly payment may differ from this example based on your actual loan amount and repayment terms. To receive a 0.25% Auto Pay rate discount you must authorize BMO at origination to withdraw your home equity loan payment each month from a BMO personal checking account using Auto Pay. The discount can only be applied to a new Home Equity Loan.
Footnote 1 details Please consult with your financial advisor as to the benefits and whether consolidation of your debts makes financial sense for you.
Footnote 2 details Variable Introductory Rate Offer Information
The variable introductory rate offer is available on new applications received from 8/3/2026 through 11/2/2026. The introductory rate is variable during the introductory period. No customer or other discounts are available during the variable rate introductory period. The 6-month introductory rate of 5.24% APR will change with Prime and is calculated by subtracting 1.51% from the then-current Prime Rate on a line of credit. Rates are for illustrative purposes only and are subject to change without notice.
Variable Rate Information After Introductory
For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal® Prime Rate (6.75% on 06/17/2026) plus a margin that varies depending on the state in which property is located, individual credit qualifications, credit limit amount, loan to value ratio and other criteria. Rates shown are for first lien lines of credit of $100,000 secured by an owner occupied 1 to 4 family residence, in Illinois, with a loan-to-value (LTV) of 70% or less, and a FICO credit score of 780+, and includes a 0.25% Auto Pay discount. Rates vary from 7.44% APR to 14.81% APR depending on property state, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. To receive a 0.25% Auto Pay rate discount you must authorize BMO at origination to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay). The discount can only be applied to a new Home Equity Line of Credit.
Footnote 3 details Relationship Requirement: If the property is not located in one of the following locations: A Z, C A, C O, F L, I D, I L, Iowa, I N, K S, M N, N E, N V, N M, N D, M O, O K, O R, S D, U T, W A, W I, W Y and EL Paso County, TX (BMO does not offer Home Equity Products in Texas) in order to be eligible for our real estate lending products, you must be a pre-existing BMO customer for at least six month at the time of application; contact a Banker for details. A BMO customer relationship includes any consumer or small business deposit account, or investment account; Alto accounts are excluded. Not applicable to Physicians loans, Private Bank clients or BMO employees.
Footnote 4 details Fixed Rate Lock Option Information
The minimum line of credit withdrawn from a HELOC that can be converted to a fixed rate loan is $2,000 and the maximum that can be converted is 100% of the line amount. The minimum term is 5 years and the maximum loan term is 30 years. 30 year term only available at time of origination. No more than three fixed rate lock options may be open at one time. A $75 fee applies each time you convert a fixed rate lock option after the date of origination. Minimum payment due on a fixed rate lock option includes principal and interest in fixed monthly payments. As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate during the draw period.
Footnote 5 details BMO does not provide tax or legal advice. You should consult a tax advisor for information regarding any tax impacts associated with your loan.
Footnote 6 details Closing Costs and Fee Information
BMO will pay closing costs for loans secured by a primary residence 1 to 4 family residence, excluding investment properties. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees, and mortgage and government taxes. You will be assessed a $75 annual fee on your first monthly billing statement. Thereafter, this $75 fee will be assessed annually on the anniversary of your closing date through the ninth anniversary of your loan opening. A fee waiver may be available based on your relationship balances, contact your banker for details. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, you are responsible for mortgage and government taxes as well as title fees in Alabama, Arkansas, Connecticut, Florida, Kansas, Hawaii, Idaho, Minnesota, Mississippi, New Jersey, New Mexico, Oklahoma, Pennsylvania, Tennessee, and District of Columbia. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs we paid on your behalf.
Insurance Information You must obtain property insurance and may be required to obtain flood insurance.
Footnote 7 details Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.
The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.