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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.

 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
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.N/A - No draw period; principal & interest payments are due monthly.
Automatic payment from Bank of Canton checking or savings account ("autopay") available?YesYes
Rate discount for autopay-0.50%None
Minimum loan/line limit$5,000$5,000
Maximum loan/line limitAs high as 70% of home's value (up to $300,000)As high as 70% of home's value (up to $300,000)
Eligible property typesOwner-occupied, primary residences and 2nd residences/ vacation homesOwner-occupied, primary residences and 2nd residences/ vacation homes
Can subject property be held in a trust?YesYes
Potential tax deduction of interest (consult your tax advisor)YesYes
Download applicationHome Equity Line of Credit ApplicationHome Equity Loan Application