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A Bank of Canton Home Equity Line or Loan offers you low rates, with tax deductible interest† for money you may use any way you choose. You can use the money for things like home improvement projects, tuition, a wedding, to consolidate debt or purchase a car. Whatever the reason, they are a fast and easy way to get the money you need with no points fees or closing costs. |
Home Equity Loans
Home Equity Loans are available in amounts from $5,000 to $300,000 with terms from 1 to 20 years.
With a Home Equity Loan:
- You get a low fixed rate and receive the funds all at once at your loan closing
- You get the security of a fixed monthly payment amount
Home Equity Lines
With a Home Equity Line of Credit, you have access to a revolving line of credit any time you need extra cash. To tap into your credit line, simply fill out one of your bank provided checks. Home Equity Lines have a low variable rate with a 10 year access period and 10 year repayment period. The line is especially attractive in that you borrow only what you need. We also have flexible payment options. You may choose to pay principal and interest or interest only for the first 10 years. You then have a repayment period of 10 years. Line amounts are available in amounts from $5,000 to $300,000.
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| See our rates or apply online now! | |||||
| Product | Term | Annual Percentage Rate (APR) |
Monthly Payment Per $1000 |
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|---|---|---|---|---|---|
| Home Equity Line | 20 Years | 4.75%* | |||
| Home Equity Loan | 1 - 5 years | 5.50% | $19.20-$85.82 | ||
| 6 - 10 years | 5.75% | $10.98-$16.45 | |||
| 11 - 15 years | 6.00% | $8.44-$10.37 | |||
| 20 years | 6.50% | $7.45 | |||
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Rates and terms subject to change without notice. *Annual Percentage Rate (APR) will be as low as Prime minus 0.50% with automatic deduction
from a Bank of Canton account and Prime without automatic deduction. APR will never be lower than 4.75%. Prime Rate as of 5/01/08 is 5.00%. APR is variable monthly based on the Prime Rate published in the
Wall Street Journal on the last business day of the month, effective the first day of the following month.
Maximum APR is 18%. 1-4 family owner-occupied or second homes in MA. Maximum loan-to-value of 75%.
Property insurance required. Flood insurance may be required. $350 early termination fee for closing line within 3 years.
Offer valid for new equity customers only. Consult tax advisor regarding deductibility of interest.
Other rates, terms and programs available. Maximum lines and loans of $300,000. |
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†Consult tax advisor.
