What’s the difference between a home equity loan and a home equity line of credit?

The main difference is that with the loan, you receive a one-time lump sum of money; the line of credit allows you to withdraw money when you need it up to a pre-determined amount.

Are interest payments on home equity loans and HELOCs tax-deductible?

In many cases they are, but as Central Bank is not a tax agency, we recommend you consult your tax advisor regarding the tax deductibility of home equity loans or lines of credit.

Does the purpose of my home equity loan make a difference?

The purpose of your home equity loan doesn't make a difference to us and won't affect your approval decision. It does make a difference to the federal government, however. We'll use the information you provide about the purpose of your loan to determine if certain characteristics of your loan must be reported.

What is the process of applying for a home equity loan or home equity line of credit?

Please call your nearest Central Bank location and set up a consultation with one of our loan experts, or apply online.