BMO Bank: Home Equity Review 2025

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.

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.

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.