Home Equity Loans

When you choose our Flex+ Revolving Line of Credit, you get the flexibility of borrowing up to 80% of your home’s market value, minus any outstanding mortgage. This open line of credit offers affordable monthly payments, and during the draw period, you can transfer the outstanding balance to a fixed-interest-rate loan for added convenience.

Features and Benefits:

• Flexible line of credit with affordable monthly payments
• The minimum loan amount is $10,000
• Variable annual interest rate based on Prime + 0% for the life of the loan (interest rate may change on a daily basis)
• Option to transfer the outstanding balance to a fixed-interest-rate loan for a fee
• Potential tax-deductible interest
• View our current rates

If you need money for a specific purpose and you would like a fixed monthly payment, consider a fixed-rate home equity loan. With a fixed rate for the life of the loan or a specified period, you’ll have a clear understanding of your rate from the start, allowing you to choose the best loan option for your needs.

Features and Benefits

• The minimum loan amount is $10,000
• The interest rate will be fixed when you apply for the loan
• Convenient terms
• Potential tax-deductible interest
• View our current rates

Looking to save money on your home equity loan payment? Our Bi-weekly Fixed Interest Rate Home Equity Loan might be your solution. Make half of your payment every two weeks, resulting in 26 bi-weekly payments annually instead of the standard 12 monthly payments. Save on interest and enjoy the convenience of automatic deductions from your Canal Bank account.

Features and Benefits:

• The minimum loan amount is $10,000
• Pay less interest over the life of the loan
• Payments are automatically deducted from a Canal Bank checking or savings account
• Potential tax-deductible interest
• View our current rates

If you’re looking to fund your next big project, but need lower monthly payments, our Interest-Only Revolving Line of Credit could be the perfect fit. Pay only the interest on the borrowed amount for the initial 10 years, giving you lower monthly payments during the draw period. Your minimum payment will equal the Finance Charges that accrued on the outstanding balance, plus other charges as reflected on the statement.

Features

• Minimum loan amount is $10,000
• Potential tax-deductible interest
• Flexibility to pay interest only or toward principal during the first ten years of the loan
• View our current rates