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Canadian citizen. U.S. borrowing needs.

Lending comes together at BMO.

Get in touch with your BMO Wealth Professional today for more information, or let us contact you.

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.

  • Tell me more
    • 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.

  • Tell me more
    • 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…

Why choose HELOC or home equity loan?

Consolidate your debt

You may be able to pay off your high interest debt and simplify your payments by starting fresh with a HELOC or home equity loan.

Renovate your home

A HELOC or home equity loan can help you pay for renovations like adding a new bathroom or updating your kitchen to make your home more comfortable and potentially more valuable.

Make a big purchase

A HELOC or home equity loan can be used to help cover a large purchase — whether it's a car, boat, appliance, or vacation. You can borrow as little as $5,000 with a home equity loan.

Prepare for the unexpected

With a HELOC, you can borrow on an as-needed basis so you’ll be ready for a rainy day. For example if your plumbing bursts (we've been there!), you can access your HELOC to take care of those expenses.

Why choose BMO?

Here are a few ways we can help you enjoy your cross-border lifestyle.

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Get an extra level of cross-border support

from your BMO Wealth Professional.

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Make free, unlimited withdrawals

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

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Meet your day-to-day banking needs

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.

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Earn BMO Harris RewardsSM5,6

with a wide variety of BMO Harris Bank Mastercard® credit cards.

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Get a U.S. mortgage

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.