Best RI HELOC RatesRhode Island Home Equity Line of Credit Rates

Conditions:
The Annual Percentage Rate (APR) is variable and based on the Prime Rate (Prime) published in the Wall Street Journal (8.50% APR on 4/1/2024) minus 0.25% APR adjusted after each billing cycle. To qualify for the lowest rate, a minimum draw of $25,000 is required at closing with automatic payments from an Eastern Checking Account. Minimum APR is 3.99%. Maximum APR is 18%. Minimum line amount is $10,000 and maximum line amount is $2,000,000. Line must be for first or second lien, secured by your 1-4 family primary or secondary residence located in MA, NH, RI and CT. Investment properties are not eligible to be used to secure the line. Combined loan to value limits apply. Property insurance is required. Flood insurance may be required. Homes currently on the market are not eligible. Subject to credit application and approval. Rates are subject to change without notice. FlexEquity lines (Home Equity Line of Credit) are subject to a $50 annual participation fee (waived for Premier or Select Checking account customers). A $350 early cancellation fee applies if the line is closed or rewritten within the first 24 months. Appraisal fees may apply in instances where the line is greater than $400,000. Appraisal fees range from $490 for single family homes to $610 for multifamily properties. Properties with unique characteristics or location may have higher appraisal and/or other fees. Title Search is paid by Eastern Bank as is Title Insurance unless the amount borrowed is greater than $750,000 then customer may incur a title Insurance fee, the fee varies by loan amount and state (CT, MA, NH & RI). In addition, certain fees could apply depending on your situation. For instance, the customer is responsible for trust and power of attorney review ($100 each) and recording fees for power of attorney and for properties held in trust ($105- $123). An itemized list of fees is available upon request.

Conditions:
The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

Conditions:
Interest-only payments during the 10-year draw period

Conditions:
Home Equity Lines, Refinance, & Second Mortgages Unlock your Home’s Equity for Cash Low Rates: Instant Quote & Credit Approval Over $100 Billion Funded. 21 Years in Business