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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.

Current Promotions

2.99% APR** Fixed Rate for 24 Months 3.49% APR** Fixed Rate for 36 Months Variable Rate Thereafter based on Prime Rate (currently 4.75%APR)

The Annual Percentage Rate (APR) is accurate as of: December 11, 2019

Disclosures +

*Homeowner’s insurance is required. Flood insurance may be required. Minimum loan amount $20,000. Minimum loan amount is subject to change without notice. Subject to credit approval. Maximum APR is 21% in RI and 20% 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 $2.00 per $1,000. If you pay your Credit Line balance in full you may have to pay a prepayment penalty of 2.0% of the outstanding Credit Line Balance.  Please note: The Prepayment Penalty will only be charged if you pay your outstanding Credit Line balance in full AND you tell us to terminate the Agreement (and we execute a full satisfaction of the Agreement and a Discharge of the Mortgage Deed) within one year of the Agreement Date. The Prepayment Penalty will not be charged for: a) Solely for prepaying the outstanding Credit Line balance, in whole or in part (your credit line will still be available for future use) or b) If you have a balance on your line of credit that is less than the credit limit and you choose to terminate your right to obtain future advances. (Note - If you chose to terminate your right to receive future advances under the agreement, written notice must be sent to the Bank via registered or certified mail at 184 John Clarke Road, Middletown, RI 02842 in accordance with Rhode Island General Laws § 34-25-11). Please contact a tax advisor regarding the deductibility of interest. Maximum loan to value 85%. Available only on Rhode Island and Southeastern Massachusetts properties that are: owner-occupied, one-to-four family residences and condominiums, or second homes (which are not rental properties) where the subject collateral property was not used as collateral for a home equity line of credit from BankNewport within the prior 12 months from the application date. Not available for refinance of existing BankNewport liens. Cannot be a bridge loan or combined with other special offers, promotions or discounts. Offer may be withdrawn at any time. Initial disbursement of $10,000 or more is required on the funding date of the loan. Other conditions may apply. After the initial fixed rate period is completed, the Periodic Rate will not result in a corresponding annual percentage rate that is less than 3.00%. **Introductory Annual Percentage Rate (APR of 2.99%) is fixed for the first 24 months. After the initial 24 monthly billing cycles, the APR is variable and subject to change without notice on the first business day of each billing cycle based on the Prime Rate as published by The Wall Street Journal. ***Introductory Annual Percentage Rate (APR of 3.49%) is fixed for the first 36 months. After the initial 36 monthly billing cycles, the APR is variable and subject to change without notice on the first business day of each billing cycle based on the Prime Rate as published by The Wall Street Journal.

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
5 Year 3.50% $363.84
10 Year 3.49% $197.68
15 Year 3.75% $145.44

The Annual Percentage Rate (APR) is accurate as of: December 11, 2019

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 $2.00 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 85%. Rates are subject to change without notice.

Monthly payments do not include insurance & taxes. Payments maybe 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
Line of Credit* (10 Year Draw / 15 Year Repayment) 4.75% $20,000.00 N/A

The Annual Percentage Rate (APR) is accurate as of: December 11, 2019

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 20% 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 $2.00 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 85%. 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.