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 20 years

Receive the proceeds in one lump sum

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

ProgramMaximum TermAnnual
Percentage Rate
(APR)*
Monthly payment
per $1,000
borrowed
Home Equity Loan Special7 years6.99%$15.09
10 years7.25%$11.74


*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.


ProgramMaximum TermAnnual
Percentage Rate
(APR)*
Monthly payment
per $1,000
borrowed
Home Stretch Home Equity Loan12 years7.00%$10.28
22 years7.50%$7.75
30 years8.00%$7.34


*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.


ProgramMaximum TermAnnual
Percentage Rate
(APR)*
Monthly payment
per $1,000
borrowed
Home Equity Loan5 years7.50%$20.04
10 years7.80%$12.03
15 years8.10%$9.61
20 years8.25%$8.52
25 years8.75%$8.22
30 years9.00%$8.05


*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.


ProgramMaximum TermAnnual
Percentage Rate
(APR)*
Monthly payment
per $1,000
borrowed
Home Equity Loan
80% - 100% LTV
20 years9.25%$9.16


*Maximum loan amount is $250,000.00 and maximum CLTV is 100%. Maximum DTI ratio is 45%. Rate is based on individual creditworthiness and is subject to change without notice. Owner occupied Single Family/Condo/Townhouse/Duplex properties only. Flood Insurance may be required. Applicable Trust review fees may apply. Other home equity loan programs, rates & terms available. Certain restrictions apply.

 

ProgramAnnual
Percentage Rate
(APR)*
Home Equity Line of Credit 4.99%


*The Annual Percentage Rate (APR) is 4.99% 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.


Rhode Island Credit Union NMLS ID: 509121

 

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All branches will be closed on Monday, May 27, 2024 in observance of Memorial Day.