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A bank is what we are, Rhode Island is who we are.

Member FDIC Equal Housing Lender

Rhode Island's BEST 
Home Equity Line 
of Credit

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1 35 year draw, 15 year repayment applies to 1 to 4 family owner occupied/second homes.

2 No closing costs except for properties held in a trust or investment property. 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.

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 12/20/18 the Prime Rate is 5.50%. 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 5.24% APR. For HELOCs of $500,000 to $1,499,999, the APR will be Prime + .24% APR, currently 5.74% 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 4.99%. 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 for 1 to 4 family owner occupied/second homes. Other terms and conditions and restrictions may apply. Offer subject to change without notice. Consult a tax advisor for further information regarding the deductibility of interest and charges.

PRIME -.26APR*

Unique Term ~ 35 Year Draw Period1

No Application Fees, Points or Closing Costs2

NMLS ID# 410623

Not Ready for a Home Equity Line of Credit, but Would like to Buy or Refinance a Home?

Fill out the form to be contacted by an experienced mortgage specialist dedicated to helping you with every step of the process. Plus, you’ll get  competitive rates, a variety of down payment options, as well as short and long-term repayment options.

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