Home Equity Lines & Loans
Put your home equity to work
- Loan amount up to 75% of tax-assessed home value*
- Advance more money as you need it (HELOC)
- Option to refinance from HELOC to home equity loan at any time*
- Flexible repayment terms
• Understand Home Equity Loans vs. Line of Credit Learn More
• 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 home equity loan or 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
|Home Equity Line of Credit||Home Equity Loan|
• Flexible in the amount you borrow and the time you need it
• A set amount of money at a fixed rate secured by your home
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 home equity loan or 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 loan or line payment be? Use our loan or 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, up to 65% of the tax-assessed value for second homes and up to 60% of the tax-assessed value for non-owner occupied home.
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.
- Use the Home Equity Line of Credit Calculator to determine the HELOC amount you may qualify to receive.
- The Loan & Credit Line Payment Calculator helps you determine your monthly loan or line payment.
- The Loan Comparison Calculator can help you pick the loan that works best for you by comparing important variables side by side.