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 Rate (APR) is accurate as of: April 22, 2024

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*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, 18% in MA, and 12% in CT. 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 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 80%. Available only on Rhode Island, Southeastern Massachusetts, and Connecticut 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 Offer may be withdrawn at any time.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. BankNewport checking account is required. $50.00 Annual Fee. 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 will be 6.99% for the first six months, then variable thereafter 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.

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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 easy.

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Fixed Rate Home Equity Loans*

Term APR Monthly Payment Based on Minimum Loan Amount
10 Year 7.250% $234.80
15 Year 7.500% $185.40

The Annual Percentage Rate (APR) is accurate as of: April 22, 2024

Disclosures +

*Minimum loan amount $20,000. Available only on Rhode Island, Southeastern Massachusetts, and Connecticut properties that are: one-to-four family, owner-occupied, condominium or second home (which is not rental property) and the loan will be 1st Lien on the 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

When you need funds quickly, easily and conveniently, home equity lines of credit make borrowing easy. 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) 8.500% $20,000.00 N/A

The Annual Percentage Rate (APR) is accurate as of: April 22, 2024

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, 18% in MA, and 12% in CT. 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 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 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, Southeastern Massachusetts, and Connecticut 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. $50 annual fee.

**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.