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Last Updated: 04/18/2025

BMO Harris HELOC

from BMO

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

$25,000 - $1,000,000

Maximum LTV

85%

Minimum Draw

N/A

Loan Term (Years)

Up to 30

BMO Harris HELOC Review

BMO Harris HELOC is offered by BMO , a bank founded in 1882 and based in Chicago, IL. BMO Harris are available in 48 states and Washington, DC.

Key Takeaways

Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
No origination fees. BMO Harris HELOC does not charge fees for processing your application. BMO Harris will pay closing costs for loans secured by a owner-occupied 1 to 4 family residence. Customer may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, the customer is responsible for mortgage and government taxes as well as title fees. If the customer closes their account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs BMO paid on their behalf.
High maximum LTV ratio. BMO Harris HELOC has a maximum loan to value ratio of 85%.

BMO Harris HELOC Pros & Cons

Pros

Cons

No origination fees.
Available in 48 states.

Charges prepayment fees.
No co-sign option available.

BMO Harris HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $1,000,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 85%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $65k in credit.

What are the terms for BMO Harris HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

BMO Harris HELOC offers home equity loans with a maximum term of 30 years and a draw period of up to 10 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does BMO Harris charge for a HELOC?

BMO does not charge origination fees. However, there is an annual fee of $75. BMO Harris will pay closing costs for loans secured by a owner-occupied 1 to 4 family residence. Customer may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, the customer is responsible for mortgage and government taxes as well as title fees. If the customer closes their account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs BMO paid on their behalf.

What types of property can you use as security for a HELOC with BMO Harris?

BMO may consider HELOCs secured by the following property types:

Primary residences
Secondary or vacation homes

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Contact

Headquarters

320 S Canal St

Chicago, IL 60606

(888) 340-2265

Visit Site

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SuperMoney Net Recommendation Score

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-1000+100

No one recommends

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