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Home Equity Loans

Home equity loans have a fixed rate and term, so your monthly payment remains the same throughout the life of the loan. All funds are advanced at closing in one lump sum, making this loan option perfect for one-time expenditures such as debt consolidation, new vehicles or that dream vacation you’ve always wanted. Many fixed rate loan terms are available.  Please see below for important information about term lengths, rate information and other requirements to obtain a home equity loan. 

Features include:   

 
  • No application fee
  • No closing costs
  • Fixed rate and fixed monthly payments
  • Reduced rate with automatic debit from a Bank Rhode Island Premium Checking account

Interested? Call 1.866.422.6574 to learn more or click to apply online – you’ll get an answer in minutes.

Important information about Home Equity Loans (HELoans).   First or second lien position required. Max LTV is 80%.  Single-family owner occupied residences only. To obtain the best rate  auto-debit from a BankRI Premium/Custom Checking account. Rates and terms are subject to change without notice and vary by property type, loan amount, and loan-to-value (LTV). Maximum LTV 80%. Payment amount does not include taxes or insurance. A fee may apply for properties held in trust. $250 early termination fee if loan closed within first 12 months. Property insurance is required. Flood insurance required where stated by law. Subject to verification of credit information. Satisfactory title examination and appraisal required. HELoan applies to owner-occupied, single family properties only. Not available for homes currently for sale or intended to be sold within 12 months of closing.