Home Equity

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.

Not sure which of our home equity options is right for you?
Compare the features and benefits below.

Curious how much you may qualify for? Try our Home Equity Calculator.

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Home Lines of Credit

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 -.26% APR*
  • Extra long draw period ~ 35 Years **
  • No application fees, points or closing costs+
  • Interest may be tax deductible (please consult your tax advisor)

Home Equity Loans

Use the equity in your home to receive one lump sum and secure 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)

Talk to an Expert!

Visit any one of our 20 branches or call our Customer Support Center at 866-422-6574 to discuss Home Equity options.


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.The APR will not be less than 3.00% APR or more than 18% APR. As of 7/1/18 the Prime Rate is 5.00%. The APR will also depend on the amount of the Home Equity Line of Credit (HELOC) that we approve. For HELOCs of $25,000 - $499,999 the APR will be Prime -.26%, currently 4.74% APR. For HELOCs of $500,000 to $1,499,999, the APR will be Prime + .24% APR, currently 5.24% 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 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 on 1-4 family owner occupied/second homes. Other terms and conditions and restrictions may apply. Offer subject to change without notice. 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.  Consult a tax advisor for further information regarding the deductibility of interest and charges.

**35 year draw period followed by a 15 year repayment period.
+ No closing costs except for properties held in a trust or investment property.