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 80% of your property’s appraised value (up to $300,000) for standard HELOC, or 75% of your property’s appraised value (up to $350,000) for our 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 4.75% 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 simple 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 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.
Related Products and Services
Our investment property line of credit allows owners to tap into the equity of their 1- to 4-family investment property to finance improvements, consolidate debt, and more.LEARN MORE
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.LEARN MORE