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Home Equity Loans & Lines

Home Equity Loans & Lines

Home Equity Loans & Lines

Access the Equity in Your Home

Bank of Canton’s home equity loans and lines of credit (HELOCs) provide homeowners with convenient access to credit. Home equity funds can be used for any purpose, including home improvements, education expenses, and consolidating higher-rate debt.

Home Equity Options

We offer both home equity loans and lines of credit:

  • Home equity line of credit
    Our home equity lines of credit provide borrowers with ongoing access to funds. HELOCs have a variable interest rate based on the prime rate – so when the prime rate changes, your rate and monthly payment also change. We offer a standard HELOC, and a rate-capped HELOC* that offers protection from rising interest rates.
  • Home equity loan
    Our home equity loans offer a one-time, lump-sum payout, and a fixed interest rate and monthly payment. Terms range from 5 to 20 years.

You can compare our home equity loans and lines to see which financing option best suits your needs. There are no fees or closing costs with either option, and the interest you pay may be tax deductible (please consult your tax advisor). Our simple application and fast turnaround mean you can receive your funds quickly, in the manner of your choosing.

Investment Property Credit Line

We also offer an equity line of credit for investment properties (sometimes called an investment property HELOC), with a five-year draw and ten-year repayment period for one- to four-family, non-owner-occupied properties.


*For rate-capped HELOCs: Subject to credit approval. Rates and terms subject to change without notice. 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 5/4/21 is 3.25%. APR will be as low as prime minus 0.50% (but never lower than 4.50%) with automatic monthly payment deduction from a Bank of Canton checking or savings account (“autopay”), and prime without autopay. Establishing autopay at time of loan origination is required to receive 0.50% APR discount; if account is closed or if autopay ceases, the APR could increase. 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 70%. Maximum line amount is $350,000. Property insurance required. Flood insurance may be required. Consult tax advisor regarding deductibility of interest. Other rates, terms and programs available.

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