Home Equity Loans & Lines of Credit

When you own a home, there’s never a shortage of projects, fixes, and improvements.

With home equity lending from Washington Trust Bank, you can tap into your home’s capital to access cash to use for home improvements, unexpected expenses, or other needs.*

Choose from a home equity term loan or a line of credit based on your borrowing needs.

Two exceptional options. Same signature service.

Whether you apply for a home equity loan or a home equity line of credit, you’ll be supported by local bankers who are ready to explain your options and walk you through the application process.

Home equity
term loan.

Receive funds upfront in one lump sum with a fixed interest rate and predictable payments over a set repayment term.

Home equity term loan >

Home equity line of credit (HELOC).

Access funds as needed up to an approved credit limit, with the flexibility to borrow again during the draw period.

Home equity line of credit (HELOC) >

What's home equity?

Your house is an asset. It’s valuable because it’s the roof above your head and the place where your family calls home. But it’s value can also be key to unlocking funds to keep it maintained for generations to come.

Home equity loans and lines of credit are ways to use your home’s value to borrow money. In other words, your home acts as collateral for these types of loans.

Equity refers to the difference between what you owe on your mortgage and what your home is worth today. Leveraging that equity is a common way to borrow money — especially if you need cash for important repairs or home improvement projects.

Like a mortgage, home equity loans and lines of credit require you to pay interest. And similar to other loans, the amount you can borrow and your interest rate will depend on several factors like the market value of your home, your income, and your credit history.

What's the difference between a home equity term loan and a home equity line of credit?

Compare the differences to determine which type of home equity financing fits your needs.

	Home Equity Term Loan	HELOC
Access to funds	Funds are provided upfront in one lump sum.	Flexible access to funds up to an approved credit limit.
Interest rate	Fixed interest rate. Principal and interest will not change over time.	Variable interest rate that may change over time.
Payments	Predictable payments over a set repayment term.	Payments may change as the interest rate and balance change.
Ability to borrow again	Once funds are disbursed, no additional draws are available.	As the balance is paid down, funds become available to use again during the draw period.*

Built for the way you bank.

We know banking and your neighborhood. As the oldest and largest privately held commercial bank in the Northwest, we pride ourselves on our local teams who are ready to serve their communities.

Our bankers know that your needs are unique. Whatever your situation, we have the wisdom, talent, and knowledge to find the right option for you.