*All loans subject to credit approval. Rates and terms subject to change without notice. Property insurance required. Flood insurance may be required. Consult tax advisor regarding deductibility of interest. Other rates, terms and programs available. Annual Percentage Rate (APR) is variable monthly based on the Prime Rate published in the Wall Street Journal on the 4th day of each calendar month (or, if the 4th day is not a business day, as published on the prior business day), effective the 5th day of the month. Prime Rate as of 02/04/20 is 4.75%. If more than one Prime Rate is published, the higher rate shall be used. For lines of credit, establishing automatic monthly payment deduction from a Bank of Canton consumer checking or savings account (“autopay”) at time of loan origination is required to receive 0.50% APR discount. If the account is closed or if autopay ceases, the APR could increase.
For Standard HELOCs: APR will be as low as Prime minus 0.50% (but never lower than 4.50%) with autopay, and Prime without autopay. Maximum APR is 18%. 1-4 family owner-occupied or second homes in MA are eligible. Maximum loan-to-value is 80%. Maximum line amount is $300,000.
For Rate-Capped HELOCs: APR will be as low as Prime minus 0.50% (but never lower than 4.50%) with autopay, and Prime without autopay. Maximum APR for first five years is 6.00% with autopay, and 6.50% without autopay. After five years, maximum APR becomes 18%. 1-4 family owner-occupied homes in MA not held in trust are eligible. Maximum loan-to-value is 75%. Maximum line amount is $350,000.