Frequently Asked Questions
Why apply for a Home Equity Loan?
Home equity interest rates are typically lower than credit cards and other consumer loans. Interest paid on home equity loans may also be tax deductible. Home equity loans can be used for home improvements, debt consolidation and tuition expense.
Are there any application fees?
No. There are no fees to apply for a home equity loan.
How much can I qualify for?
The amount of your home equity loan is determined by several factors, including your personal credit history, household income and the value of your home compared to the amount your currently owe. Based on this information, your banker will structure the best loan product for you.
What is a Home Equity Line of Credit?
A home equity credit line uses the equity in your home to provide you with the financing you need. It lets you borrow only the amount you need at your convenience. Each month, you pay only for the amount you borrowed. You can access cash by using your personal home equity line of credit checks. Home equity lines of credit have a variable interest rate tied to the prime rate published in The Wall Street Journal on the last business day of the month.
How do I apply?
When you visit any one of our 18 conveniently located branches a Loan Specialist will be glad to help you with your application. The application process takes less than 10 minutes. You can also apply online or apply by phone by calling (866) 4-BANKRI/(866) 422-6574 weekdays from 8 a.m. to 8 p.m., and Saturday from 9 a.m. to 4 p.m.
How long does it take my loan to close?
Your home equity loan application process can take as little as 10 days to be completed. After that, a loan specialist will contact you to arrange a convenient time to close your loan and get you the money you need. To make the process easier for you, the loan proceeds can be credited to your Bank Rhode Island Premium Checking or Custom Checking account.