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Home Equity Loans

Loans

With a home equity loan, the amount of equity that you have in your home determines the maximum loan amount available to you. Your home is used to secure the loan, which is for a specific amount and purpose. Your monthly payments are for a fixed amount.

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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
  240,000  
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.

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September 21,2014
10:00 p.m. until 11:00 p.m.

Due to system maintenance, Online Banking and Mobile Banking will be unavailable on Sunday, September 21 between the hours of 10:00 p.m. and 11:00 p.m.