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Home Equity Lines


Turn your home’s equity into home improvements. With great low rates right now, a home equity line from Washington Trust is the perfect financial tool to help you get your home improvement project started.

With a home equity line, the amount of equity that you have in your home determines the maximum line amount available to you. Your home is used to secure the line, which has a pre-approved limit. Home equity lines are flexible: funds can be borrowed, repaid, and borrowed again, as often as you desire during the draw period of the line.

Properties must be located in Rhode Island, Massachusetts, or Connecticut. Five-day closings are available. Property insurance required.


Apply online and have your answer in 30 seconds!


How much equity do I have?

Here's an easy way to estimate how much of your home's equity may be available to you in a home equity loan or line. Please note that this figure is an approximation. A professional appraiser must determine the actual market value of your home.

Click here to print this screen and use the worksheet to calculate how much equity you have

This example shows a loan or line of credit up to 80% of a home's equity, less any existing mortgage.

Complete "Your Worksheet"

  Our Example Your Worksheet
Estimated Market Value of Your Home $300,000 $_________________
  X .80 X .80
Less Outstanding Mortgage amount -100,000 - ________________
Total available Home Equity Loan or Line of Credit Limit $ 140,000 $________________**

**Approximate amount available for you to borrow. This is an example only; individual situations may vary; all loans and lines of credit subject to credit approval. Assumes a combined loan to value of 80%; Higher combined loan to value products available for those who qualify. Call us at 401-348-1200 or 1-800-475-2265.

Home Equity Line of Credit rates are variable, and once opened, will adjust monthly, according to movements in the Prime Rate.

*All loans subject to credit approval. 1.99% Annual Percentage Rate home equity line is for the initial 6 months. After the initial 6 months, the rate becomes Prime + .0% on lines of $150,000 or more; Prime + .25% on lines of $75,000 - $149,999; Prime + .75% on lines of $25,000 - $74,999. Rates shown in effect as of 03/24/2014. Your APR will vary monthly if the Prime Rate changes, but will not exceed 18.00% or be less than 3.00%. Check The Wall Street Journal for current rates. Wall Street Journal Prime Rate as of 03/24/14 is 3.25%. Account closure fee of $350 for lines up to $500,000 or $500 for lines over $500,000 will apply if line is paid off and closed within first three years; Freedom Plus Checking account required. $25,000 minimum initial draw to third party required. Annual fee of $50 waived for the first year. Some home improvement projects may be subject to inspection fees and a satisfactory completion certificate. Subject to recording fees of approximately $74 in RI, and $93-177 in MA and CT. Trust review fees of $250 may apply if property is held in a trust. Not intended for homes currently for sale or intended to be sold within 12 months of closing. Offer available for new lines only. Other restrictions may apply. Property insurance is required. Flood insurance where required by law. Single- family, owner-occupied primary residences or second homes only. Maximum loan-to-value of 80%. Subject to credit approval. Offer available for a limited time only and may be withdrawn at any time.

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