Home Equity Loans

Looking to make your “home sweet home” just a little sweeter? Whether you are considering an expansion, renovations or other additional work to your home, you can borrow against the value of your home for these improvements.

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The Annual Percentage Yield (APY) is accurate as of: September 29, 2022

Disclosures +

*The $233.35 monthly payment is based on a 2nd lien position, fixed-rate home equity loan of $30,000.00 with an Annual Percentage Rate (APR) of 4.75% over a period of 15 years.  Monthly payments do not include taxes & insurance; actual monthly payment amount may be higher.

Available only on Rhode Island and Southeastern Massachusetts properties that are owner-occupied one-to-four family dwellings, condominiums or second homes (not a rental or investment property).  Minimum loan amount is $20,000.00.   Maximum loan to value 80%.  Homeowner’s insurance is required.  Flood insurance may be required.  Fees will apply if the subject property is held in trust or if a power of attorney is utilized; applicable fees range from $100.00 to $300.00.  Title insurance is required on loans over $350,000.00; the title insurance premium is $2.50 per $1,000.00.  Other terms and conditions may apply.  Please consult a tax advisor regarding the deductibility of interest and charges. Please contact us for other rates and terms available. Rates are subject to change without notice.  Subject to credit approval. 

Choose a Loan Solution

Fixed Rate
Home Equity Loan

Sometimes you need an affordable and versatile way to get the financing you need from your home and fixed rate loans are the perfect fit.

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Home Equity
Lines of Credit

When you need funds quickly, easily and conveniently, home equity lines of credit make borrowing as easy as writing a check.

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Fixed Rate Home Equity Loans*

Term APR Monthly Payment Based on Minimum Loan Amount
10 Year 4.75% $209.70
15 Year 5.00% $158.16
20 Year 5.50% $137.58

The Annual Percentage Rate (APR) is accurate as of: September 29, 2022

Disclosures +

*Minimum loan amount $20,000. Available only on Rhode Island and Southeastern Massachusetts properties that are: one-to-four family, owner-occupied, condominium or second home (which is not rental property). Homeowners insurance is required. Flood insurance may be required. Subject to credit approval. Fees will apply if held in trust or with power of attorney ranging from $100 to $300. Title insurance is required on loans over $350,000 and the premium is $2.50 per $1,000. Other conditions may apply. Please consult a tax advisor regarding the deductibility of interest. Contact us for other rates and terms available.

Maximum loan to value 80%. Rates are subject to change without notice.

Monthly payments do not include insurance & taxes. Payments may be greater.

Home Equity Lines of Credit

A Home Equity Line of Credit keeps your loan funds available whenever you need them simply by writing a check. Other features include:

  • Revolving line of credit that can be reused as you pay it back
  • Activity and billing on monthly statements allows for easy record keeping
  • Interest may be tax deductible and funds can be used for any purpose
  • Minimum loan amount of $20,000
  • 0.25% rate reduction with automatic deduction from a BankNewport BN Smart or BN Premium checking account.**

Product APR Minimum Loan Amount Initial Disbursement at Closing
Standard Line of Credit* (10 Year Draw / 15 Year Repayment) 6.25% $20,000.00 N/A

The Annual Percentage Rate (APR) is accurate as of: September 29, 2022

Disclosures +

*Homeowners insurance is required. Flood insurance may be required. Minimum loan amounts are subject to change without notice. Subject to credit approval. Maximum APR is 21% in RI and 18% in MA. Fees will apply if held in trust or with power of attorney ranging from $100 to $300. Title insurance is required on loans over $350,000 and the premium is $2.50 per $1,000. If the Home Equity Line of Credit is paid in full and closed within one year of the open date, a prepayment penalty of 2% of the balance at the time of payoff will apply. Contact us for rates and terms available. Please consult a tax advisor regarding the deductibility of interest. Maximum loan to value 80%. Available on one-to-four family, owner-occupied, condominium or a second home, (which is not rental property) Rhode Island and Southeastern Massachusetts properties only. The APR is variable and subject to change without notice based on the Prime Rate as published by The Wall Street Journal on the first business day of the billing cycle. Other conditions may apply.

**Available only on BankNewport Lines of Credit where the subject collateral property has not had a lien from BankNewport on it within the prior 12 months from the application date. Cannot be a bridge loan or combined with other special offers, promotions or discounts. Subject to credit approval.