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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)
  • Interest may be tax deductible (consult your tax advisor)

Before applying, compare the features of a home equity loan to a line of credit. Our local branch staff can explain the advantages of each, and help you choose the best financing option to meet your needs.

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.

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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.

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

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