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Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC)

Ongoing Access to Credit

A home equity line of credit (HELOC) allows homeowners ongoing access to funds at a low, variable interest rate. Borrowers can draw on their line as frequently as needed, within their line limit. Our HELOCs feature:

  • Competitive rates, plus a 0.50% rate discount for autopay (automatic monthly payments from a Bank of Canton checking or savings account)
  • No fees or closing costs
  • No initial draw required
  • Line is available for 10 years, with an additional 10 years to pay off any outstanding balance
  • Line limits as high as 70% of your property’s appraised value (up to $300,000 for standard HELOC or up to $350,000 for rate-capped HELOC)
  • Interest may be tax deductible (consult your tax advisor)

Protection from Rising Rates

In addition to our standard HELOC, we also offer a rate-capped HELOC* that protects you from rising interest rates for 5 years.

Once approved, you’ll receive our current variable rate of 4.50% APR with autopay, and no matter how much the Fed raises interest rates, you won’t pay more than 6.00% APR with autopay during the first 5 years – guaranteed.

Choosing Rate-Capped or Standard HELOC

We’ve created a comparison chart to help you determine which HELOC option might be right for you. Or send us a message, and we’ll review both options with you:

Help Me Choose


If you’re looking for a credit line up to $350K and you have outstanding credit (740+ FICO), you might consider the rate-capped HELOC. It’s also available for FICO scores between 680-739, with lower line limits. If you desire a line limit up to $300K but have less than outstanding credit, our standard HELOC might be the better choice.

Prefer to talk to a banker about HELOC options? Just call 888-828-1690.


*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 5/4/22 is 3.50%. 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.

Related Products and Services

A home equity loan combines an attractive fixed interest rate with the security of a fixed monthly payment. Loan proceeds are delivered as a one-time, lump-sum payout.


Fixed- and adjustable-rate mortgages with a range of terms and down payment options, plus special programs for first-time homebuyers and low- to moderate-income buyers.


Providing borrowers with competitive rates and easy, convenient access to credit when they need it.