Home Equity Lines
Put your home equity to work
• Discover the best way to finance home improvements Learn More
• Save money by consolidating debt at a lower interest rate Learn More
• Finance your child’s college education Learn More
What you need for a HELOC
- Complete an application online or at any of our branches
- A Borrowing Specialist will contact you to discuss your application and answer any questions you may have
- We’ll send you a welcome package and initial disclosures for you to sign and return
- Depending on your loan details, we may order an appraisal from a licensed appraiser who is familiar with home values in your area. This will help determine how much equity you have
- Once your loan is approved, your Borrowing Specialist will schedule your loan closing
- Use the money for whatever you dream!
What home equity is
If you’re like many homeowners, you either bought your property knowing it needed a little work or your tastes have changed over time. Century Bank is here to finance your home renovation projects so you can live comfortably in your dream home.
Taking out a HELOC for home improvements may be one of the wisest investments you make. That is because you could be borrowing money to increase the market value of your home and create a better living environment for yourself. Projects like installing new garage doors, replacing siding and minor kitchen remodels are some projects homeowners are most-likely to recoup their costs, according to Remodeling’s Cost vs. Value Report.
To help ensure you get the biggest return on investment (ROI) possible, there are a few things to keep in mind. Start off by creating a realistic budget so you don’t overborrow. You’ll need to shop around not just for materials, but also for contractors. Some home improvement projects are done out of necessity, such as driveway or roof replacement. Other renovations, like remodeling a bathroom, may be more for comfort. If your project falls into the latter category and you are planning on reselling your home, remember that personal taste does vary. If you select cupboards and countertops in trendy materials, your resale value may be affected.
How much will your monthly line payment be? Use our line payment calculator!
A: Please see our rate sheet for the most up-to-date rate information.
A: At Century Bank, you may be able to get a loan amount not to exceed 75% of the tax-assessed value for owner occupied and up to 65% of the tax-assessed value for second homes.
A: Assessed value is the valuation placed on a property by a public tax assessor.
A: It depends on the use of the loan. According a 2019 IRS press release, interest paid on home equity loans is tax deductible if it’s used to buy, build or improve a home. Other uses, such as to pay off credit card debt, is not. Each person’s situation is different, that is why we recommend you consult a tax professional.