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BMO Harris Bank: 2023 Home Equity Review

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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.3 stars out of 5
  • Affordability
    Rating: 4.3 stars out of 5
  • Customer Experience
    Rating: 4.3 stars out of 5

About BMO Harris Bank

  • Moneybag

    Loan amount

    $25,000 to $150,000

  • Credit Good

    Min. credit score

    700

  • Rates

    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

    Not specified

BMO Harris Bank features

Here's a breakdown of some of the benefits and drawbacks of BMO Harris Bank home equity loans.

BMO Harris Bank overview

BMO Harris Bank is North America’s eighth-largest bank. It has over 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. The bank offers a variety of lending products, including home equity loans and both variable- and fixed-rate home equity lines of credit (HELOCs).

BMO Harris Bank snapshot

Home equity loan types offered Home equity line of credit (HELOC)
Home equity loan
Loan amounts $25,000-$150,000
Credit score minimum 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
Average time to approval Undisclosed

How Bankrate rates BMO Harris Bank

Bankrate Score 4.0
Affordability 4.3/5
Availability 3.3/5
Borrower experience 4.3/5

Methodology

To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.

Benefits

  • At BMO Harris Bank, home equity loans and lines of credit have no application fees and low or no closing costs.
  • A fixed-rate HELOC option gives you the flexibility of a line of credit with the benefit of knowing your interest rate won’t rise.

Drawbacks

  • You’ll need a high credit score (typically at least 700) to qualify.
  • The bank’s branches are limited to only a handful of states.

Types of fees charged

BMO Harris Bank advertises both home equity loans and HELOCs with no application fees and low to no closing costs. This can be a big advantage when you’re looking to use one of these lending products to get extra cash. One important note, however: If you close your account within three years, the bank might charge a fee to recoup the closing costs. Additionally, the variable-rate 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.

Home equity loan products offered

You can get either a home equity loan or a HELOC with BMO Harris Bank, and the terms and conditions vary between the two. You’ll receive a 0.5 percent interest rate discount for setting up autopay from a qualifying BMO Harris account. BMO Harris Premier Services customers might get an additional 0.25 percent rate discount on HELOCs.

With a home equity loan from BMO, you’ll choose a term from five years to 20 years, with loan amounts ranging from $25,000 to $150,000. Having your rate and term fixed at the beginning of your loan ensures you have a set monthly payment for the life of your loan.

With a HELOC, you have the flexibility to borrow as much or as little as you need, between $25,000 to $150,000. 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 to qualify for a home equity loan with BMO Harris Bank

The qualifications for a HELOC or home equity loan with BMO Harris Bank are very similar: You’ll need to have a credit score of around 700 or higher. You’ll also need to have sufficient income and home equity. (The more equity you have, the lower your interest rate will be.)

How to get started

To get started with a home equity loan or HELOC from BMO Harris Bank, 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 to get rates. The bank’s business hours are Monday through Friday, 8 a.m. to 8 p.m. CT and Saturday, 8 a.m. to 6 p.m. CT.