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 Credit	Home Equity Loan
Type of credit	Ongoing source of financing, with a variable rate and monthly payment	Financing for a specific expense, with a fixed interest rate and monthly payment
Access to funds	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 rate	Variable	Fixed
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?	Yes	Yes
Rate discount for autopay	-0.50%	None
Minimum loan/line limit	$5,000	$5,000
Maximum loan/line limit	As high as 75% of home's value (up to $300,000)	As high as 75% of home's value (up to $300,000)
Eligible property types	Owner-occupied, primary residences and 2nd residences/ vacation homes	Owner-occupied, primary residences and 2nd residences/ vacation homes
Can subject property be held in a trust?	Yes. Please note that properties held in trust will require additional recording fees and legal review, at borrower’s expense.	Yes. Please note that properties held in trust will require additional recording fees and legal review, at borrower’s expense.
Potential tax deduction of interest (consult your tax advisor)	Yes	Yes
Online Application	Apply for Home Equity Line of Credit	Apply for Home Equity Loan