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Member FDIC Equal Housing Lender

*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. As of 9/22/22 the Prime Rate is 6.25%. Minimum Line of Credit is $25,000. For HELOCs of $25,000 – $49,999 the APR will be Prime +.50%, currently 6.75% APR. For HELOCs of $50,000 – $1,499,999 the APR will be Prime + 0%, currently 6.25% APR. The APR will not be less than 3.00% APR or more than 18% 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 APR of 6.25%. 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. 20 year draw period followed by a 20 year repayment period for 1 to 4 family owner occupied/second homes. Maximum loan-to-value (LTV) of 80% of appraised value.  Properties valued at over $1 million may be subject to lower LTV.  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.

+No closing costs except for properties held in a trust. Typical fees to open HELOC when the property is held in trust are approximately $175 per trust. Additional fees may apply for Power of Attorney.

NMLS ID# 410623

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