Home Equity in RI, MA, & CT

With no application fees and fast approvals, we have a variety of home equity loan options to fit your needs:

  • Fixed Rate Home Equity Loans
  • Variable Rate Home Equity Lines of Credit
  • Products for loan to value (LTV) of 80 percent
  • Payment terms of up to 20 years
  • Local decision making from a Credit Union that cares about its members and community

Home Equity Options

Home Equity Loans

A great way to finance home improvements, education or medical bills. Our home equity loans come with a fixed rate and multiple terms.

  • Traditional loans when the loan to value is less than 80%
  • Terms from 1 to 20 years
  • First position or second position available

Home Equity Lines of Credit

If you don’t need the funds all at once, you can enjoy a low variable rate and a draw period of up to 10 years.

  • Traditional loans when the loan to value is less than 80%
  • Low variable rate of interest
  • Repayment period of up to 15 years


Our convenient financial calculators can help you make more informed decisions. 

How much mortgage might I qualify for?

This calculator will help answer how much mortgage you might qualify for based on your total monthly gross income and expenses.

Should I refinance?

This calculator will tell you if the amount you save in interest will exceed these refinancing costs.

How much will my fixed rate mortgage payment be?

This calculator computes the payments (principal and interest) for a fixed rate loan.

How much home can I afford?

This calculator computes the most expensive house you can buy based on the highest payment you can afford, but does not indicate whether you would qualify for the loan.

Which mortgage is better for me?

This calculator will help you compare the total cost of any two or three mortgages.

How much will I save by increasing my mortgage payment?

Find out how much interest you can save by paying an additional amount with your mortgage payment.

Rate Reduction Mortgage

Reduce Your Rate with Just a Call When Rates Go Down.
For purchases or refinance.

Frequently Asked Questions

What can we help you with today? 

A Home Equity Loan gives you the money up front with a fixed rate and a fixed term.  Monthly payments are principal and interest.

A Home Equity Line of Credit gives you easy access to your money when needed.  Lines of Credit have a variable rate and will adjust with the Prime Rate.  Monthly payments are interest only but you can paydown on the principal at any time. 

Our rates are tiered by credit score and depend on the product and term you choose.    

Typically, it is taking about 4-6 weeks from application to closing for Home Equity Loans.

Most of our Home Equity products do not have closing costs unless the loan amount exceeds $250,000.  You may be required to pay some closing costs (estimated $500 unless a Full Appraisal is needed) on our promotional Home Equity products.    

Yes, you can prepay your Home Equity loan without penalty.

Yes, we offer Home Equity Loans and Lines of Credit on investment properties.  We have competitive rates and a variety of options. Typically the member is required to pay closings costs and the appraisal fee.


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Laura Klaus

Helpful Resources

At People’s Credit Union, we are passionate about providing resources, information, and solutions to help you get ahead.


Active as of 07.18.2024

Fixed Rate Home Equity Loan

First and Second Position

ProductInterest RatePointsAPR*Apply Now
10 Years
Primary Residence6.875%06.875%Apply Now
Second Home
7.375%07.375%Apply Now
Investment Property7.875%07.875%Apply Now
15 Years
Primary Residence6.99%06.99%Apply Now
Second Home
7.49%07.49%Apply Now
Investment Property7.99%07.99%Apply Now
20 Years
Primary Residence7.49%07.49%Apply Now
Second Home
7.99%07.99%Apply Now
Investment Property8.49%08.49%Apply Now

Centennial Home Equity Line of Credit

First and Second Position

ProductInterest RatePointsAPR*Apply Now
Primary Residence7.50%07.50%Apply Now
Second Home
8.00%08.00%Apply Now
Investment Property8.50%08.50%Apply Now