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Compare Home Equity Options

Compare Home Equity Options

Compare Home Equity Options

Comparing Home Equity Loans and Lines

The chart below illustrates the respective benefits of our home equity loans and lines of credit. Our personal bankers can provide you with more information and help you determine which option might be right for you.

 Home Equity Line of CreditHome Equity Loan
Type of creditOngoing source of financing, with a variable rate and monthly paymentFinancing for a specific expense, with a fixed interest rate and monthly payment
Access to fundsContinuous. Funds disbursed electronically, by mail, or in a branch, as requested.One-time. Funds disbursed electronically, by mail, or in a branch, in one lump sum.
Interest rateVariableFixed
Application fee$0$0
Closing costs$0$0
Must make principal & interest payments on outstanding balance?No; during initial 10-year draw period, borrowers may make interest-only paymentsYes
Automatic deduction available?YesYes
Rate discount with automatic payments from Bank of Canton account?0.50%None
Minimum loan/line limit$5,000$5,000
Maximum loan/line limitLine limits as high as 80% of home's value (up to $300,000)Up to 80% of home's value (up to $300,000)
Potential tax deduction of interest (consult your tax advisor)YesYes
Download applicationHome Equity Line of Credit ApplicationHome Equity Loan Application