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Homeowner’s Line of Credit

Take on bigger projects by using up to 65% of your home’s value, while also lowering your borrowing costs.1,2

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Why you'll like it

Use it anytime

Borrow what you need, when you need it. Starting at $5,000, this ongoing line of credit lets you borrow up to 65% of your home’s value1,2. And as long as you have available credit and make your minimum payments, you can keep borrowing at any time. No need to reapply.

Turn home equity into cash

Your home’s equity is the difference between its market value and how much you still owe on your home. As housing prices rise or you pay off your mortgage, you’ll have more home equity to tap into.

Repay at your own pace

Low minimum monthly payments help keep the cost of borrowing affordable. Enjoy interest-only payments.3

Tip: With a line of credit, you’re only charged interest on the amount you borrow. So, if you have a $75,000 line of credit and only borrow $20,000, you’re only charged interest on the $20,000.

How to apply for a Homeowner’s Line of Credit

step one

Book an appointment at a BMO branch to talk with a lending expert.

step two

Come in, bring the documents below and let’s talk about what can work for you.

step three

We’ll review your situation and come up with a line of credit plan for you.

step four
Access your money at a BMO branch or with line of credit cheques.4 If you have a BMO chequing account, use your line of credit via online or mobile banking.

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
For full details on what to bring, check out What to bring to a borrowing appointment.

Protect your Homeowner’s Line of Credit

  • Balance Protection (Life Insurance and Critical Illness Insurance)

    May reduce or pay off your line of credit balance up to the maximum insurable limit if you pass away or if you’re diagnosed with a covered illness.

    Learn More

  • Payment Protection (Disability and Job Loss Insurance)

    Your regular line of credit payments may be fully or partially covered if you’re unable to work due to a disability or involuntary job loss.

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:
    Equifax Canadawww.equifax.ca1-800-465-7166
    Trans-Union Canadawww.transunion.ca1-877-713-3393 (Quebec only)1-800-663-9980 (All other provinces)

Have more questions?

  • Find a branch

    Locate a BMO branch near you.

  • Come talk to us

    Visit a branch to get expert insight and discuss your options.

  • Call us

    Give us a call, 24 hours a day, 7 days a week.

    1-877-225-5266
  • 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.