/home/thebankofcanton/public_html/wp-content/themes/boc-responsive/page.php 631

Compare Home Equity Options

Compare Home Equity Options

Compare Home Equity Options

Compare Home Equity Loans and Lines of Credit

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.

 Standard
Home Equity Line of Credit
Rate-Capped
Home Equity Line of Credit
*
Home Equity Loan
Type of creditOngoing source of financing, with a variable rate and monthly paymentOngoing 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.Continuous. 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 rateVariableVariable but capped for the first five yearsFixed
Application fee$0$0$0
Closing costs$0$0$0
Are interest-only payment options available during initial 10-year draw period? (HELOCs only)Yes. However, borrowers must make principal & interest payments during subsequent repayment period.Yes. However, borrowers must make principal & interest payments during subsequent repayment period.N/A - No draw period; principal & interest payments are due monthly.
Automatic payment from Bank of Canton checking or savings account ("autopay") available?YesYesYes
Rate discount for autopay-0.50%-0.50%None
Minimum loan/line limit$5,000$5,000$5,000
Maximum loan/line limitAs high as 80% of home's value (up to $300,000)As high as 75% of home's value (up to $350,000)As high as 80% of home's value (up to $300,000)
Eligible property typesOwner-occupied, primary residences and 2nd residences/ vacation homesOwner-occupied, primary residences onlyOwner-occupied, primary residences and 2nd residences/ vacation homes
Can subject property be held in a trust?YesNoYes
Potential tax deduction of interest (consult your tax advisor)YesYesYes
Download applicationStandard HELOC ApplicationRate-Capped HELOC ApplicationHome Equity Loan Application

*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 last business day of the month, effective the first day of the following month. Prime rate as of 8/31/19 is 5.25%. APR will be as low as prime minus 0.50% 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. APR will never be lower than 4.50%. 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. Property insurance required. Flood insurance may be required. A one-time Insurance Tracking Fee of $95 will be imposed on lines of credit greater than $250,000. Consult tax advisor regarding deductibility of interest. Other rates, terms and programs available.