Home Equity Loans

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.  Click here for Home Equity Loan Required DocumentationImportant Terms of our Home Equity Line of Credit Plan available here.

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ProgramMaximum TermAnnual Percentage Rate (APR)Monthly payment per $1,000 borrowed
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.
Home Equity Loan Special7 years2.95%$13.20
10 years3.15%$9.73
ProgramMaximum TermAnnual
Percentage Rate
(APR)*
Monthly payment
per $1,000
borrowed
*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.
Home Equity Loan5 years3.99%$18.42
10 years4.49%$10.37
15 years4.99%$7.91
20 years5.24%$6.74
25 years5.49%$6.14
30 years5.74%$5.84
ProgramMaximum TermAnnual
Percentage Rate
(APR)*
Monthly payment
per $1,000
borrowed
*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.
Home Stretch Home Equity Loan12 years3.24%$8.40
22 years3.84%$5.62
30 years4.44%$5.04
ProgramMaximum TermAnnual
Percentage Rate
(APR)
Monthly payment
per $1,000
borrowed
Home Equity Loan - 100% LTV, $250,000 maximum loan20 years6.50%$7.46
Purchase Money Seconds Home Equity Loan, 100%LTV, $250,000 maximum loan20 years6.50%$7.46
Purchase Money Seconds Home Equity Loan, 100% LTV, $250,000 maximum loan30 years6.75%$6.49
Program Annual
Percentage Rate
(APR)*
 
*The Annual Percentage Rate (APR) is 1.79% for the first year of the loan. After the first year, the APR will adjust to .51% below Prime Rate. Prime Rate is 4.25% as listed in The Wall Street Journal as of June 16, 2017. 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.
Home Equity Line of Credit 1.79%

Rhode Island Credit Union NMLS ID: 509121

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