Home Equity Credit

Put your home’s equity to work for you with a home equity line or loan from BankRI. 

Used sensibly, leveraging the equity in your home can be a smart borrowing option and an extra source of credit to help you better manage and organize your financial life.

Which home equity option is right for you? Compare the features and benefits below.

Home Equity Lines of Credit (HELOC)

Use the equity in your home to withdraw funds only when you need to use them and secure a variable rate home equity line.

Home Equity Loans

Use the equity in your home to receive one lump sum and secure a fixed rate and fixed monthly payment.

Use the equity in your home to withdraw funds only when you need to use them and secure a variable rate home equity line.

  • Variable rate as low as Prime + 0% APR*
  • 20-year draw period, followed by a 20-year repayment period
  • No application fees, points or closing costs+
  • Interest may be tax deductible (please consult your tax advisor)

Use the equity in your home to receive one lump sum and a fixed rate and fixed monthly payment.

  • 5-year, 10-year and 15-year terms, fully amortizing
  • No application fees, points or closing costs**
  • Interest may be tax-deductible (please consult your tax advisor)

Calculators

The information provided by our calculators is for illustrative purposes only and is not intended to suggest solutions or provide advice for your individual financial situation. Be sure to consult with a financial professional prior to basing any decisions on the results.

Applying for a Home Equity is easy!

Our experienced bankers are available to help you every step of the way whether you apply online or at any of our branch locations. Best of all, you typically can access your funds in just 3-4 weeks after you apply and are approved!

Curious how much you may qualify for?

It depends on a few factors: the appraised value of your home and the total amount of all your outstanding home loans.

BankRI NMLS ID #410623.

*The Annual Percentage Rate (APR) may vary daily and will be based on the Prime Rate as listed in the Wall Street Journal (Prime) plus a margin. As of 11/3/22 the Prime Rate is 7.00%. Minimum Line of Credit is $25,000. For HELOCs of $25,000 – $49,999 the APR will be Prime +.50%, currently 7.50% APR. For HELOCs of $50,000 – $1,499,999 the APR will be Prime + 0%, currently 7.00% APR. The APR will not be less than 3.00% APR or more than 18% APR. All APRs reflect a .25% auto-pay discount from a BankRI checking account. In some instances, the APR calculation used could result in a fully indexed APR below the APR of 7.00%. If this occurs, your APR will not be less than 3.00%. Property hazard insurance required. Early termination fee of $250 or 2% of the HELOC’s credit limit, whichever is less, applies if HELOC terminates within 12 months of closing. 20 year draw period followed by a 20 year repayment period for 1 to 4 family owner occupied/second homes. Maximum loan-to-value (LTV) of 80% of appraised value.  Properties valued at over $1 million may be subject to lower LTV.  Other terms and conditions and restrictions may apply. Offer subject to change without notice. Consult a tax advisor for further information regarding the deductibility of interest and charges.

+No closing costs except for properties held in a trust. Typical fees to open HELOC when the property is held in trust are approximately $175 per trust. Additional fees may apply for Power of Attorney.

**Credit applications are subject to approval. This is not an offer of credit.  Prepayment penalty fee of $250 or 2% of the loan’s outstanding balance whichever is less applies if loan terminates within 12 months of closing.  Home Equity Loan Rates and terms vary based on factors such as occupancy and loan amount requested. Other conditions may apply.  Contact a representative for more information.  No closing costs except for properties held in a trust, power of attorneys, and cooperatives.  Any Payment examples displayed assume auto-debit from a Bank RI account and do not include any amounts required to be escrowed.9

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