You can use the equity in your home to borrow for home improvements, education, debt consolidation or any other purpose. Whether you’re looking for a fixed rate or a line of credit, our loan 
personnel, available in all branch locations, are ready to assist you with your home equity loan. All home equity loan programs feature no appraisal, application or title fees. Home Equity Loan Required Documentation and Important Terms of our Home Equity Line of Credit Plan.
| Program | Maximum Term | Annual Percentage Rate (APR) | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Equity Loan Special | 7 years | 4.50% | $13.90 |
| 10 years | 4.75% | $10.48 | |
| Minimum loan of $10,000 and maximum of $250,000. LTV up to 80%. Rate based on individual creditworthiness and subject to change without notice. 1-4 family owner-occupied properties only. Existing Rhode Island Credit Union loans are eligible with at least $10,000 in new money. Flood insurance may be required. Applicable trust review fees may apply. Other home equity loan programs, rates and terms available. Certain restrictions apply. | |||
| Program | Maximum Term | Annual Percentage Rate (APR)* | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Equity Loan | 5 years | 4.90% | $18.83 |
| 10 years | 5.20% | $10.70 | |
| 15 years | 5.50% | $8.18 | |
| 20 years | 5.65% | $6.97 | |
| 25 years | 6.15% | $6.54 | |
| 30 years | 6.15% | $6.10 | |
| *Minimum loan of $5,000 and maximum of $250,000. LTV up to 80%. Rate based on individual creditworthiness and subject to change without notice. 1-4 family owner-occupied properties only. Existing Rhode Island Credit Union loans are eligible with at least $5,000 in new money. Flood insurance may be required. Applicable trust review fees may apply. Other home equity loan programs, rates and terms available. Certain restrictions apply. | |||
| Program | Maximum Term | Annual Percentage Rate (APR)* | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Stretch Home Equity Loan | 12 years | 4.50% | $9.00 |
| 22 years | 5.00% | $6.25 | |
| 30 years | 5.55% | $5.71 | |
| *Loan requires a first lien equity position. Minimum loan of $10,000 and maximum of $250,000. Rate based on individual creditworthiness and subject to change without notice. 1-4 family owner-occupied properties only. Existing Rhode Island Credit Union loans are eligible with at least $10,000 in new money. Flood insurance may be required. Applicable trust review fees may apply. Other home equity loan programs, rates and terms available. Certain restrictions apply. | |||
| Program | Maximum Term | Annual Percentage Rate (APR) | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Equity Loan - 100% LTV, $250,000 maximum loan | 20 years | 7.50% | $8.06 |
| Purchase Money Seconds Home Equity Loan, 100%LTV, $250,000 maximum loan | 20 years | 7.50% | $8.06 |
| Purchase Money Seconds Home Equity Loan, 100% LTV, $250,000 maximum loan | 30 years | 7.75% | $7.17 |
| Program | Annual Percentage Rate (APR)* | ||
|---|---|---|---|
| Home Equity Line of Credit | 2.49% | ||
| *The Annual Percentage Rate (APR) is 2.49% for the first year of the loan. After the first year, the APR will adjust to .51% below Prime Rate. Prime Rate is 5.50% as listed in The Wall Street Journal as of July 28, 2022. Rate based on individual creditworthiness and subject to change without notice. APR will not exceed 21% or fall below 3.00%. Minimum line of credit is $20,000 and maximum of $250,000. Existing Rhode Island Credit Union loans are eligible with at least a $20,000 line increase. 1-4 family owner-occupied properties only. Flood insurance may be required. Applicable trust review fees may apply. Other home equity loan programs, rates and terms available. Certain restrictions apply. We will pay all of the bona-fide third party fees to open the plan. If you close your home equity line of credit plan within the first three (3) years from the opening date, you agree to reimburse us for any bona-fide third party fees we paid on your behalf. | |||
Rhode Island Credit Union NMLS ID: 509121
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda).
