Home Equity Loans/Lines

BankNewport’s Home Equity Loans are low, fixed rate loans secured by your home that can be used any way you wish!

Fixed Home Equity Loans
 

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We offer fixed loans at 5, 10 and 15-year terms with a minimum loan amount of $5,000.

Or refinance your residential mortgage with our 20-year “Home Equity Plus” loan*. Apply online, email us at intouch@banknewport.com or call us at 846-3400 for more information on these innovative refinancing alternatives!

  • Lower rates
  • Reduced term
  • No closing costs†
  • No Points

* Rates are subject to change without notice. Available on one-to-four family, owner-occupied Rhode Island and Southeastern Massachusetts properties only. Other rates and terms available. Fees may apply if mortgage is held in a trust or with power of attorney.

† Certain fees for title insurance and appraisals may apply for 5, 10, 15 and 20-year loans over $250,000. Fees may apply if mortgage is held in a trust or with power of attorney.

Home Equity Lines of Credit
 

Click to apply for a loan online!

Make borrowing money as convenient as writing a check with BankNewport's Home Equity Line of Credit. This is a line of credit, which is secured by a 1-4 family owner-occupied home, condominium or by a second home, (which is not rental property).

  • Loan funds are available whenever you need them, simply by writing a check.
  • Revolving line of credit. Your line of credit can be reused, as you pay it back.
  • Your payments are interest only based on your outstanding principal balance for the first 7 years, with no penalty for early payoff.
  • Activity / Billing on monthly statements. Allows you easy record keeping.
  • Interest may be tax deductible* and funds can be used for any purpose.

*Interest may be tax deductible. Please see your tax advisor.