We can help make buying or refinancing your home easier with a selection of mortgage options to fit your needs. Whether you are looking for a fixed rate or adjustable, conforming or jumbo mortgage, our mortgage specialists will help customize the right mortgage for you.
Home Equity Credit
You can put the equity in your home to work for you with a Loan or Line of Credit from BankRI. Our Home Equity solutions offer attractive rates and terms that make using the equity in your home easier to handle.
We offer Loans to meet short-term borrowing needs and Overdraft Lines of Credit to cover your BankRI checking account.
*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 8/20/20 the Prime Rate is 3.25%. Minimum Line of Credit is $25,000. For HELOCs of $25,000 - $49,999 the APR will be Prime +.50%, currently 3.75% APR. For HELOCs of $50,000 - $1,499,999 the APR will be Prime +.25%, currently 3.50% APR. The APR will not be less than 3.00% APR or more than 18% APR. All APRs reflect a .26% auto-pay discount from a BankRI checking account. In some instances, the APR calculation used could result in a fully indexed APR below the minimum APR of 3.50%. 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. 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.