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.
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. The APR will not be less than 3.00% APR or more than 18% APR. As of 5/9/19 the Prime Rate is 5.50%. The APR will also depend on the amount of the Home Equity Line of Credit (HELOC) that we approve. For HELOCs of $25,000 - $49,999 the APR will be Prime -.26%, currently 5.24% APR. For HELOCs of $50,000 to $1,499,999, the APR will be Prime - .76% APR, currently 4.74% APR. This promotional rate is available for new home equity line of $50,000 or more; refinances of existing BankRI lines are required to increase their existing home equity line of credit by $25,000 and have a new credit limit no less than
$50,000. 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 4.74%. 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. Available 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.
1 35 year draw, 15 year repayment applies to 1 to 4 family owner occupied/second homes.
2 No closing costs except for properties held in a trust or investment property. Typical fees to open the HELOC when the property is held in a trust are approximately $175 per trust. Additional fees may apply for a Power of Attorney.