BMO Bank

BMO Bank Home Equity Line of Credit

Line of credit · USDIba pa

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Home Equity Line of Credit For a Home Equity Line of Credit, the annual percentage rate (APR) is a variable rate based on The Wall Street Journal® Prime Rate (7.00% on 09/17/2026) plus a margin that varies depending on the state in which property is located, individual credit qualifications, credit limit amount, loan to value ratio and other criteria. Rates shown are for first lien lines of credit of $100,000 secured by an owner occupied 1 to 4 family residence, in Illinois, with a loan-to-value (LTV) of 70% or less, and a FICO credit score of 780+, and includes a 0.25% Auto Pay discount. Rates vary from 7.69% APR to 15.06% APR depending on property state, loan amount and other variables. Please consult a banker for pricing in your region. Your APR will never be lower than the floor rate in the credit agreement, or exceed 18.00% APR or the maximum APR permitted by law, whichever is less. To receive a 0.25% Auto Pay rate discount you must authorize BMO at origination to withdraw your home equity line of credit payment each month from an eligible BMO checking account (Auto Pay). The discount can only be applied to a new Home Equity Line of Credit.

Collateral

Home Equity Line of Credit If you have equity in your home, you can borrow money by using that equity as collateral. For the first 10 years, known as the initial draw period, your payments will be interest-only and only based on what you have borrowed. As you pay down your balance, the funds become available for use again. After that it is the repayment period, and your payments will include both principal and interest, and may be higher than during the first phase.