Let’s do this! What do I need before I apply?
- Government-issued photo ID
- Proof of employment such as a letter from your employer or recent paystubs


Homeowner’s Line of Credit F A Qs
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.
The interest rate for the Homeowner’s Line of Credit is a variable rate based on BMO’s Prime Rate plus an adjustment factor depending on the specifics of your loan.
Yes it can – and it’s good to keep this in mind. For lines of credit, your interest rate is a variable interest rate and will change without advance notice whenever BMO's prime lending rate changes or otherwise with notice in accordance with the terms of your Homeowner's Line of Credit agreement.
Happy to sort this out. A home improvement loan or home equity loan is a one-time loan for a set amount of money you can use only once. With a homeowner’s line of credit, you have more flexibility to borrow what you need as you need it, and keep using it until you hit your credit limit.
Good question. Your credit history shows us how well you’ve handled debt and repayments in the past, so we check it carefully when reviewing your credit application.
- You can get a copy of your credit history from:
- Footnote 1 details. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
- Footnote 2 details. The combined line of credit limit under any prior mortgage and a Homeowner line of credit cannot exceed 65% of the value of your property.
- Footnote 3 details. Conditions apply.
- Footnote 4 details. Convenient access to funds, anytime, up to your credit limit through a branch or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.