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At a glance
![BMO Harris Bank: 2024: Home Equity Review | Bankrate (3) BMO Harris Bank: 2024: Home Equity Review | Bankrate (3)](https://i0.wp.com/www.brimg.net/system/img/inst/10621_hires_logo_2x.png?auto=webp&fit=bounds&width=200&enable=upscale)
NMLS: 401052
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Customer Rating
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.
5.0
Rating: 5 stars out of 5
2 ratings
Loan amount
$25,000-$150,000
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 reviews
The customer 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, thePrivacy Policy, or the Terms of Use.
Rating: 5 stars out of 5
Simple, transparent process for accessing home equity at a competitive rate
We are long-time BMO customers, but were first-time HELOC applicants. We met with our local BMO Bank officer who outlined the way a HELOC works, how to access the funds, and the differences between a HELOC and a more traditional mortgage. I often fall prey to "analysis paralysis" for these types of...
Ross F.
Libertyville, IL(Mar 6, 2024)
Rating: 5 stars out of 5
HELOC with ease
I’ve never done a HELOC before, so I’m not sure what to compare it to, but BMO made it so fast and simple, they May have just set my expectations pretty high. What I was told could take as much as 7 weeks took barely 3 weeks.
TKeele
Arizona(Jan 30, 2024)
Read 2 customer reviews for BMO Harris Bank
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.
- Doesn't have branches in each of the 48 states it offers HE loans
Home equity loan products offered
You can get either a home equity loan or line of credit (HELOC) with BMO Harris Bank, but the details vary between the two. 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. With a variable-rate HELOC, you have the flexibility to borrow as much or as little as you need, between $25,000 and $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.
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.
Types of fees charged
BMO Harris Bank advertises both home equity loans and HELOCs with no application fees and low to no closing costs. If you close your account within three years, the bank might charge a fee to recoup 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.
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 700 or higher. You’ll also need to have sufficient income and home equity.
How to apply with BMO Harris Bank
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.
How Bankrate scored BMO Harris Bank
Affordability | 10/10 |
Availability | 4.8/10 |
Borrower experience | 8.4/10 |
BMO Harris Bank customer ratings and reviews
NMLS: 401052
5.0
Rating: 5 stars out of 5
2 ratings
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 below are limited to only those that this advertiser has received during the past 12 months.
This lender has 2 recent reviews.
Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 4.5 stars out of 5
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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.
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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Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Knowledge
Level of service
Professionalism
Responsiveness
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?