Home Equity Line of Credit
This year's Home Improvement list may include...
• Roof & gutter replacement
• Driveway and walkway repairs
• Faded paint and broken siding
Let a Home Equity Line of Credit from BankRI FIX IT!
• Variable rate as low as Prime -.26 APR*
• Extra long draw period ~ 35 Years**
• No application fees, points or closing costs+
Apply Online Today! For more information visit any BankRI Branch
or call our Customer Support Center at (866) 422-6574.
*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 1/1/20 the Prime Rate is 3.25%. Minimum Line of Credit is $25,000. For HELOCs of $25,000 - $1,499,999 the APR will be Prime -.26%, currently 2.99% APR. However, 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 minimum APR of 3.00%. 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.
**35 year draw, 15 year repayment applies to 1 to 4 family owner occupied/second homes.
+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.