Home Equity Loans

Get more from your home with a Flex+ Revolving Line of Credit from Chemung Canal. Borrow up to 80% of your home’s market value, minus your existing mortgage, and enjoy affordable monthly payments. Need more predictability? Convert your balance into a fixed-rate loan anytime.

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 prefer the security of fixed payments, our Fixed Interest Rate Home Equity Loan provides a predictable rate for the entire loan term, making it easier to budget and plan for the future.

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

Make the most of your home’s equity while saving on interest. With a Bi-Weekly Fixed Interest Rate Home Equity Loan, you’ll make half-payments every two weeks instead of once a month, resulting in 26 payments per year—which helps you pay off your loan sooner while reducing interest costs.

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

Planning a major project and looking for lower monthly payments? Our Interest-Only Revolving Line of Credit gives you 10 years of interest-only payments, keeping your payments low while giving you the financial flexibility you need.

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