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BMO Bank: Home Equity Review 2025

Written by

Meaghan Hunt,

Edited by

Troy Segal

Expert verified

Updated on May 14, 2025

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NMLS: 401052

Bankrate score

4.9

Our methodology

Customer score

2.6

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SCORE BREAKDOWN

Affordability

5.0

Availability

4.6

Borrower experience

5.0

EDITOR'S TAKE

BMO is a strong lender. It offers a wide spread of home equity products with both fixed and variable rate options, across a spread of repayment terms to suit a variety of circumstances. Its website offers transparent rates and the ease of calculating a rate estimate online, along with all the digital banking conveniences of a large and well-established bank.

PROS

• No application fees and covers closing costs for borrowers.
• Offers loans on multi-family residences (up to 4 units).
• Offers a 0.5 percent interest rate discount for setting up autopay from a qualifying BMO account. Premier Services customers might get an additional 0.25 percent rate discount on HELOCs.

CONS

• You’ll need a high credit score (typically at least 700) to qualify, though it could be lower for HELOCs.
• Doesn't have branches in each of the 48 states it offers HE loans.
• Could charge a fee to recoup closing costs if you terminate the loan early.

Affordability

5.0

Availability

4.6

Borrower experience

5.0

• No application fees and covers closing costs for borrowers.
• Offers loans on multi-family residences (up to 4 units).
• Offers a 0.5 percent interest rate discount for setting up autopay from a qualifying BMO account. Premier Services customers might get an additional 0.25 percent rate discount on HELOCs.

• You’ll need a high credit score (typically at least 700) to qualify, though it could be lower for HELOCs.
• Doesn't have branches in each of the 48 states it offers HE loans.
• Could charge a fee to recoup closing costs if you terminate the loan early.

Find competitive home equity rates near you

BMO Bank overview

BMO began life as the Montreal Bank in 1817 (it opened a U.S. office the following year). Today, ranked the eighth-largest North American bank by assets, it serves approximately 13 million customers globally and trades publicly under the stock symbol BMO. Its U.S. division is headquartered in Chicago.

After almost 40 years, BMO dropped the “Harris” from its name — along with mascot Hubert the Lion — in late 2023, after its acquisition of Bank of the West.

Home equity loan products offered

BMO Bank offers both home equity loans and home equity lines of credit (HELOCs). The credit lines include both first- and second-lien HELOCs. You can choose a variable-rate HELOC, but also convert all or a portion of it to a fixed rate. With a fixed-rate home equity loan, you’ll choose a repayment term from five years to 20 years, with amounts ranging from $25,000 to $150,000. Repayments can be made over 5, 10, 15 or 20 years.

With a variable-rate HELOC, you have the flexibility to borrow as much or as little as you need, between $25,000 and $1,000,000. You’re only charged interest on the amount that you actually borrow. There’s a 10-year draw period when you can access your available credit. After the draw period, you’ll pay the remaining balance over a 20-year term. Notably, you do have the option (for a fee) to convert some of the variable-rate balance to a fixed rate.

How Bankrate scored BMO Bank

Affordability: 5/5

APR: BMO’s rates skew lower 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 12-month intro period ends.
Fees: No closing costs or origination fees, though if you close your account within the first three years, the bank might charge a fee to recoup. The HELOC comes with a $75 annual fee during the draw period, and there’s a $75 fee every time you convert a fixed-rate lock option after closing.

The low rates and lender-paid closing costs, plus a fee-free application process, earns BMO top marks: 5 out of 5.

Availability: 4.6/5

Loan products: Fixed- and variable-rate HELOCs, home equity loans – a robust roster of options
Footprint: BMO serves 48 states in the U.S. — a big footprint, though not all states have physical branches
Credit score: While it has stringent credit requirements for home equity loans (700-plus), requirements for HELOCs are a bit looser– scores 650 and up are considered.
Loan minimum: $25,000, which is about average
Draw requirement: None, which is pleasant

BMO ranks them 4.6 out of 5 for availability, pulled down a bit by its lack of branches in every state it serves.

Borrower Experience: 5/5

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.

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.

BMO Bank reputation

In 2023, BMO ranked first in the J.D. Power Canada Retail Banking Satisfaction Survey. Across the financial industry, reviews consistently recognize this lender as a reliable option for home equity loans and lines of credit.

With just over 1,000 reviews on TrustPilot, BMO Financial Institution averages 1.3 out of 5 stars, though it is common for large lenders to attract disgruntled clients and mixed reviews on the site.

In 2024, the U.S. Eighth Circuit Court of Appeals overturned a 2022 Minnesota jury verdict that BMO had aided and abetted a multibillion-dollar Ponzi scheme, along with the $563.7 million in damages awarded the lawsuit’s plaintiffs. Though the suit did not directly impact bank customers, the reversal did restore BMO’s image.

Overall, like many large lenders, BMO has fielded its share of mixed reviews and news online. But with two hundred years of service history and a solid reputation in the North American market, it continues to stand the test of time.

How to qualify for a home equity loan with BMO

The qualifications for a HELOC or home equity loan with BMO are very similar: You’ll need to have a credit score of 650 (more likely 680) or higher for a HELOC, and 700 or above for a home equity loan. You’ll also need to have sufficient income and home equity to qualify for either.

How to apply with BMO

To get started with a home equity loan or HELOC from BMO, you can apply online, over the phone or in person at a branch. The bank displays rates on its website for properties in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. For all other states, you’ll need to call 800-546-6101 for HELoan and fixed HELOC rates and availability, or 1-855-290-4759 for variable-rate HELOCs. The bank’s business hours are Monday through Friday, 8 a.m. to 7 p.m. CT and Saturday, 8 a.m. to 5 p.m. CT.

Bankrate insights

You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.

However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.

To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
- Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
- Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10%
- Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%
Learn more about our methodology.

Compare BMO Bank with other lenders

Selected lender BMO Bank NMLS: 401052 Bankrate score 4.9 Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score. Customer score 2.6 Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.	Bankrate score Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score. Customer score Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months. Read review	Bankrate score Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score. Customer score Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months. Read review
Loan amount
$25,000-$1,000,000
Min. credit score required
700
Repayment terms
10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan
Funds available in
Undisclosed
Recent customer review
The absolute worst HELOC underwriting ever! Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing.... Jim .

To help you make the most informed decisions, our home equity lender reviews team suggests an alternative home equity lender for each lender reviewed. In most cases, this alternative 1.) shares the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rates highly for Bankrate Score. In the event more than one lender meets these standards, we suggest the one with the higher Bankrate Score.

BMO Bank customer ratings and reviews

NMLS: 401052

2.6

5 ratings

Knowledge

Level of service

Professionalism

Responsiveness

40% of customers would recommend this lender.

of 3 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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BMO Bank: Home Equity Review 2025

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