Credit Line for Home Equity

Maximize the value of your house's equity. You can pay off debt, begin a home improvement project, or cover any other need that requires additional funds.

securely on the bank's website

  • Enjoy low to no closing charges and rates that are lower than those of most other loans. Your interest may be tax deductible.
  • Only the interest on the money you borrow will be due. Take advantage of interest-only variable rate payments or fix your balance for a fixed time and rate to ensure fixed payments.
  • You can borrow the money back during the 10-year draw term after you pay down your credit line. Any final sum can be paid back over 20 years.

Checking account details

Checking account fees

  • Monthly Fee
  • APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

Credit Line for Home Equity FAQ

1. How are HELOCs operated?

You can use the equity in your house as collateral for a loan if you have any. Your payments will be interest-only and solely dependent on the amount you have borrowed for the first ten years, sometimes referred to as the first draw period. The money becomes usable once again when you pay down your balance. The repayment phase begins after that, and your payments can be more than they were in the first phase. They will consist of principle as well as interest.

Because HELOCs have variable interest rates, your interest rate may fluctuate throughout the line. Although your rate may fluctuate, there is a lifetime cap on the maximum amount of changes the rate may experience throughout your loan, in addition to a cap on how much it may vary each time.

2. How can I get a HELOC approved?

When reviewing your application, we take into account several factors, such as your salary, credit history, amount sought, and equity in your house. The amount of equity you can borrow is contingent upon the remaining balance of your mortgage as a percentage of your home's worth.

3. How can I pay people and access my funds?

Your loan money will be available after the mandatory waiting time of three business days from closure if you are accepted. It's simple to access your money after that. You have several options for transferring money from your loan account to a checking account: online, over the phone, in person at a branch, or via checks you receive from us. Within 7 to 10 business days following closure, your access checks will be sent to you in a welcome package by mail.

Check Out Other Products From BMO Harris Bank
Bank Monthly Service Charge Minimum Deposit to Open APY
BMO Harris Bank Smart Money™ Checking Account $5* $25 0.00%
BMO Harris Bank Smart Advantage™ Checking Account $0 $25 0.00%
BMO Harris Premier™ Checking Account $25 (can be waived) $25 0.01% / 0.05%
These Checking accounts might also interest you
Bank Monthly Service Charge Minimum Deposit to Open APY
Comerica Bank Rich Rewards® Checking Account $18 (can be waived / reduced) $50 0.01%
Comerica Bank Premier Checking Account $22 $50 0.01%
Comerica Bank Comerica Platinum Circle Checking® $0 $50 0.10% / 0.25%