Canadian citizen. U.S. borrowing needs.
Lending comes together at BMO.
Access the equity in your U.S. home for your borrowing needs
Whether you need to finance a major purchase, consolidate your higher interest debt, renovate your home, or simply want to know that funds are available if the unexpected happens, leveraging the equity you have in your U.S. home can help.
Home Equity Line of Credit (HELOC)
A flexible borrowing option
A HELOC lets you borrow a set amount of money within a set term. You can then use the money all at once or access a portion of it as needed the same way you would access your BMO Harris personal chequing account with a BMO Harris Bank Equity Access Card.1
You’ll only pay interest on the amount you actually borrow, and we pay many of the closing costs.
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- Available in 30 year terms for Canadians – 10 years to borrow and 20 years to pay off your loan.
- Interest rates are variable for the full 30 year term and the HELOC will convert to a variable interest loan after 10 years.
- Borrow funds as needed for 10 years and only incur interest costs on the amount you actually borrow.
- Only pay interest for the first 10 years and then principal and interest for the remaining 20 years.
Home Equity Loan
Up-front financing
A home equity loan provides a one-time lump sum amount at a fixed interest rate. You can borrow as little as $5,000 and payments remain the same throughout the life of the loan making budgeting easier.
Plus you’ll pay no application fees and we pay many of the closing costs.
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- Receive a lump sum loan payment.
- Enjoy fixed monthly payments with a fixed interest rate and payments remain the same for the life of the loan.
- Choose from a range of terms to pay off your loan.
Did you know…
- A HELOC is a great way to have money on hand for variable costs.A HELOC is more flexible than a home equity loan, making it a great choice for things like home renovations or covering unexpected costs.
- With a HELOC you only pay interest on the funds you actually use.That means if you obtain a HELOC for $10,000, but only need $2,000, you only pay interest on the $2,000 that you borrowed.
- A U.S. HELOC is different from a Canadian HELOC.A Canadian HELOC is like a revolving line of credit that can be used indefinitely as long as you make minimum payments. A U.S. HELOC converts to a loan after 10 years.
- You can apply for a BMO Harris mortgage and a home equity lending product at the same time.If you apply for a mortgage with BMO Harris and a home equity loan or line of credit at the same time, you only have to go through the approval process once.
Why choose HELOC or home equity loan?
Why choose BMO?
Here are a few ways we can help you enjoy your cross-border lifestyle.
from your BMO Wealth Professional.
with a Canadian BMO Private Banking or U.S. BMO Harris debit card from the largest ATM network in the U.S. with over 40,000 Allpoint® Network ATMs throughout the country.2,3
wherever and whenever you want with online and mobile banking4, and over 570 BMO Harris branches and 1,400 BMO Harris ATMs in eight States including Florida and Arizona.
with a wide variety of BMO Harris Bank Mastercard® credit cards.
with the help of a mortgage banker specially trained in cross-border mortgages.
FAQs about HELOCs and Home Equity Loans
- What’s an average time for the application process for a HELOC or HELOAN?It takes an average of 30-60 days from the time of application for a Home Equity Line of Credit or a Home Equity Loan to be completed.
- Once I have a BMO Harris Home Equity Line of Credit (HELOC), how do I access the funds?The HELOC will be set up as an account and you can withdraw funds as needed. You can access your available credit the same way you would access your BMO Harris personal chequing account. Using a BMO Harris Bank Equity Access Card1, you can write cheques, transfer funds to your BMO Harris Bank personal chequing account with BMO Harris Online Banking or at a BMO Harris branch.
- What’s the difference between a Home Equity Loan and a HELOC?A Home Equity Loan is a lump sum loan that you can pay off in various terms. Your monthly payments remain the same for the life of the loan. A HELOC lets you borrow up to your credit limit as needed for the first 10 years with only interest-only payments required during that time. After the first 10 years, the HELOC converts to a loan with a 20 year term. During this time you make monthly payments and your interest rate fluctuates as market rates change.
- Is a U.S. HELOC the same as a Canadian HELOC?No. With a U.S. HELOC you have only 10 years to use funds up to your credit limit, after that it converts to a loan with a payback period of 20 years and a variable interest rate. With a Canadian HELOC you can continue to withdraw and pay back funds as you need. As long as you keep up-to-date with your minimum payments and do not exceed your limit your line of credit can be used indefinitely.
- How do I know whether I should get a Home Equity Line of Credit or a Home Equity Loan?It depends on your needs and preferences. If you like to know exactly how much you will be paying and for how long, you could consider a HELOAN. If you don’t know precisely how much you will need and don’t want to borrow more than you need, a HELOC may be a better choice for you.
Want to find out more about cross-border banking?
Get in touch with your BMO Wealth Professional or let us contact you.
BMO Financial Group (NYSE, TSX: BMO) is an integrated financial services provider offering a range of retail banking, wealth management, and investment and corporate banking products. BMO serves Canadian retail clients through BMO Bank of Montreal and BMO Nesbitt Burns. BMO Wealth Management is the brand name for a business group consisting of Bank of Montreal and BMO Harris Bank N.A. and certain of their affiliates in providing wealth management products and services.
BMO Private Banking is part of BMO Wealth Management and is a brand name under which banking services are offered through Bank of Montreal, investment management services are offered through BMO Private Investment Counsel Inc., a wholly-owned indirect subsidiary of Bank of Montreal, and estate, trust, planning and custodial services are offered through BMO Trust Company, a wholly owned subsidiary of Bank of Montreal.
BMO Nesbitt Burns Inc. provides comprehensive investment services and is a wholly owned subsidiary of Bank of Montreal. If you are already a client of BMO Nesbitt Burns Inc., please contact your Investment Advisor for more information. ®“Nesbitt Burns” is a registered trade-mark of BMO Nesbitt Burns Inc.®
®"BMO (M-bar roundel symbol)" is a registered trade-mark of Bank of Montreal, used under license.
- 1The BMO Harris Bank Equity Access Card may not be available in all states.
- 2When using a BMO Harris debit card, Foreign Transaction Fees will apply at Allpoint® ATMs located outside of the United States.
- 3Clients with a BMO debit card (i.e.., not a BMO Private Banking or BMO Harris debit card) may be charged a fee in the U.S.
- 4Message and data rates may apply. Contact your wireless carrier for details.
- 5BMO Private Banking clients are eligible to apply for BMO Harris Bank Mastercard®credit cards. BMO Nesbitt Burns clients with at least CDN $250,000 but less than CDN $1 million in investable assets with BMO are eligible to apply for the following cards: BMO Harris Bank Premium Rewards Mastercard®, BMO Harris Bank Platinum Rewards Mastercard®, BMO Harris Bank Platinum Mastercard®, and BMO Harris Bank Cash Back Mastercard®. BMO Nesbitt Burns clients with CDN $1 million or more in investable assets with BMO are also eligible to apply for the BMO Wealth Management Premium Rewards Mastercard®.
- 6Participation in BMO Harris Rewards subject to terms and conditions found in BMO Harris RewardsSM Program Rules, available at: https://www.bmoharris.com/bmoharrisrewardsconsumer. The Account must be current and in good standing to accrue and redeem points. While points don’t expire, any accrued points will be forfeited upon Account closure.
In the U.S., banking products and services are subject to bank and credit approval and are provided by BMO Harris Bank N.A. Member FDIC.
