Use the equity in your home for home improvements,
debt consolidation, travel or education.
Fixed Rate Home Equity Loan
No appraisal, application or title fees
One low fixed rate for the life of the loan
Receive the proceeds in one lump sum
Available in terms up to 30 years
First or second lien options available
Home Equity Line of Credit
You’ll receive monthly bills with minimum payments that include principal and interest
Payments may change based on your balance and interest rate fluctuations, and if you make additional principal payments
No appraisal, application or title fees
Revolving Line of Credit
Fixed rate for the first 12 months
After the first year, variable rate of 0.51% below prime rate
100% Loan To Value Fixed Rate Home Equity Loan
No appraisal, application or title fees
Fixed rate for the life of the loan
Repayment terms up to 30 years
Receive the proceeds in one lump sum
Available at the time of purchase
Various documentation will be requested to process your Home Equity Loan Application. Learn more about the requested documents.
Related Products and Services
HOMEOWNERS INSURANCE
Enjoy exclusive member discounts on your homeowners insurance
DEBT PROTECTION
Protect your loan and your loved ones with Debt Protection
MORTGAGES
Mortgage refinance options available
| Program | Maximum Term | Annual Percentage Rate (APR)* | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Equity Loan Special | 7 years | 7.50% | $15.34 |
| 10 years | 7.75% | $12.00 | |
*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. |
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| Program | Maximum Term | Annual Percentage Rate (APR)* | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Equity Loan | 5 years | 8.00% | $20.28 |
| 10 years | 8.30% | $12.29 | |
| 15 years | 8.60% | $9.91 | |
| 20 years | 8.75% | $8.84 | |
| 25 years | 9.25% | $8.56 | |
| 30 years | 9.50% | $8.41 | |
*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. |
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| Program | Maximum Term | Annual Percentage Rate (APR)* | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Stretch Home Equity Loan | 12 years | 7.50% | $10.55 |
| 22 years | 8.00% | $8.06 | |
| 30 years | 8.55% | $7.72 | |
*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. |
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| Program | Maximum Term | Annual Percentage Rate (APR)* | Monthly payment per $1,000 borrowed |
|---|---|---|---|
| Home Equity Loan 80% - 100% LTV | 20 years | 10.00% | $9.65 |
| Purchase Money Seconds Home Equity Loan | 20 years | 10.00% | $9.65 |
| Purchase Money Seconds Home Equity Loan | 30 years | 10.50% | $9.15 |
| Program | Annual Percentage Rate (APR)* | ||
|---|---|---|---|
| Home Equity Line of Credit | 3.99% | ||
*The Annual Percentage Rate (APR) is 3.99% for the first year of the loan. After the first year, the APR will adjust to .51% below Prime Rate. Prime Rate is 8.50% as listed in The Wall Street Journal as of July 26, 2023. 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. |
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Rhode Island Credit Union NMLS ID: 509121