BMO Bank: Home Equity Review 2026

Affordability: 3.4 stars

BMO earns 3.4 out of 5 stars for affordability, as its higher rates outweigh its promotional rates and low fees.

• APR: BMO’s rates skew higher than national averages, as calculated by Bankrate. 
• Introductory APR: BMO advertises a promotional rate on its variable-rate HELOC, along with the subsequent lowest rate after the generous six-month intro period ends.
• Fees: No closing costs or origination fees, but if you close your account within the first three years, the bank may charge a fee to recoup its costs. The HELOC comes with a $75 annual fee during the draw period, and you'll pay a $75 fee every time you convert to a fixed-rate option after closing.

Availability: 5 stars

BMO ranks 5 out of 5 for affordability, primarily due to its low credit score requirements and low loan minimums.

• Footprint: BMO is licensed to provide HELOCs in 48 U.S. states (except New York and Texas). It’s a big footprint, though not all states have physical branches.
• Credit score: This bank requires a minimum score of 640 for its home equity loans and 650 for its HELOCs, which is lower than some lenders require.
• Loan minimum: $5,000 for home equity loans and $10,000 for HELOCs, which is great for borrowers who need smaller amounts
• Draw requirement: None

Borrower experience: 5 stars

With multiple fixed-rate product options, easy and hassle-free rates posted online and virtual or in-person customer service, BMO offers a solid customer experience, for which we’ve ranked them 5 out of 5.

• Rate transparency: BMO posts its rates, both introductory and regular, online. It is exceptionally transparent about its rate calculations, including how its promotional rates are calculated.
• Convenience: BMO offers both in-person (in-branch) and virtual customer service with evening and weekend availability. 
• Customer service: Branch locations and online/phone support are both available for customer service. You can call BMO Customer Service at 855-290-4759, Monday through Friday 7:30 AM - 10:00 PM CT and Saturday 9:00 AM – 2:00 PM CT.
• Fixed-rate options: Draws of $2,000 or more from a HELOC may be converted to a fixed-rate loan. Each lock incurs a $75 fee, which is common. You can have three fixed-rate lock options open at one time. 

While BMO Bank has an A+ rating from the Better Business Bureau, reviewers give a less-than-favorable 1.04-star rating. Some of the frequent complaints were account-related issues. Similarly, BMO receives a bad or 1.1-star rating on Trustpilot, with customers reporting strong dissatisfaction with the service.