Home Equity Line of Credit (HELOC)

 
Want to be prepared whenever inevitable home repairs pop up? 
 
A home equity line of credit — or HELOC for short — gives you flexible access to funds up to an approved credit limit. Borrow what you need, when you need it, using the equity in your home.
 
 

Home Equity Line of Credit Rates

10-year draw period2
15-year repayment period2

Rates2 as low as Prime+0% APR1
(includes 5 lock options)
Junior Lien Position

Variable APR1,2 based on WSJ Prime.


First Lien Position

Variable APR1,2 based on WSJ Prime.







Tap into your home's equity to access cash.

A HELOC lets you use your home as collateral for repairs, unexpected expenses, and more.

Borrow what you need.

Access funds up to an approved credit limit and borrow only what you need, when you need it.

Pay for what you use.

With a home equity line of credit, interest is charged on the funds you access, not your full approved credit limit.

Access funds over time.

Use available funds as needed during a 10-year draw period2. As you repay your balance, funds may become available to use again.

More time to repay.

After the draw period2, repay the outstanding balance over a 15-year repayment period2.

Lock your interest rate.

Lock your interest rate2 up to five times during the draw period2 for added payment predictability. 

Use your home's value.

Depending on your loan qualifications, you may be able to borrow up to 85% of your home's value.






















Construction worker carrying buckets of drywall mud

What to expect over the life of your HELOC.

 
Access funds during the draw period.2
During the 10-year draw period, you can access available funds up to your approved credit limit as financial needs arise.
 
Manage your balance along the way.
As you borrow and make payments, your available credit and monthly payment may change based on your outstanding balance and applicable terms.
 
Transition into repayment.2
Once the draw period2 ends, you'll begin the 15-year repayment period for any remaining balance, and additional draws will no longer be available.
 
Plan for a variable interest rate.2
Because a HELOC has a variable rate, your interest rate and monthly payment may increase or decrease over time.


What can a home equity line of credit do for you?

From big plans to surprise expenses, your home's equity can help.
Simple blue stethoscope icon
Medical expenses.
a piggy bank with a coin
Emergency expenses.
wallet with card sticking out
Large purchases
stack of coins
Debt consolidation.
Icon of a palm tree
Travel expenses.
image of house
Home improvement projects.

30s couple looking at their finances on their laptop at their kitchen table

What you'll need when you're ready to apply.

You can apply online, visit a Washington Trust Bank location, or call 800.788.4578 to speak with a banker.
 
Depending on your application, you may be asked to provide:
 
  • A valid government-issued ID.
  • Contact information.
  • Social security number or Tax ID.
  • Income and employment information.
  • Property and mortgage information.
  • Details about the line about you want to request.

Home lending with local support.

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

  • Automatic payment options.
  • Competitive HELOC rates.
  • Online access to your account.
  • Local decision making.
  • Interest-rate lock options.

Home Equity Line of Credit (HELOC) Rates

Effective Date  
Loan Type Interest Rate APR
First Lien    
Junior Lien    
1APR = annual percentage rate. All loans subject to credit approval and must meet eligibility requirements. Rate adjusts monthly, with a maximum 18.00% APR.
2See Important information about Home Equity Lines of Credit to view terms, rates, and payment examples.




Right in your neighborhood

Connect with your local banking team.

With over 40 locations throughout Washington, Idaho, and Oregon, there’s a Washington Trust location near you with a team of bankers ready to serve.

Apply for a HELOC Find a location near you

Thinking about a home equity line of credit?

Learn more about qualifying for a home equity line of credit, HELOC rates and costs, accessing your funds, and what to expect during the application process.

The HELOC amount you may qualify to receive depends on the appraised value of your home, outstanding mortgages, and more.

The more equity you have in your home, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

Use the home equity line of credit calculator to determine the home equity line of credit amount you may qualify to receive.

Yes — Lines of credit can be used for overdraft protection on your Washington Trust Bank checking account.
Applying is simple, whether you start in person, over the phone, or online. A Washington Trust banker will walk you through your options, help you understand what information is needed, and guide you through submitting your application.

After you apply, we’ll ask for supporting documents and keep the process moving toward approval and closing. If approved, we’ll schedule your closing at a convenient Washington Trust branch.
The amount of time it takes to complete an application may vary depending on several factors. In general, though, applications can be completed in under 15 minutes. 
Several factors are considered when it comes to applying for a HELOC. Some notable considerations include your:

  • Home’s market value.
  • Credit score and credit history. 
  • Income and employment. 
In short, banks want to make sure that a customer they’re lending money to will be able to pay them back. The stronger a customer’s credit score, income stability, and financial health, the more likely they are to be approved. 
HELOCs close approximately 30 days after you submit your application.
In some cases, HELOC interest may be tax deductible if the funds are used to buy, build, or substantially improve the property securing the loan. Tax laws can vary based on individual circumstances. Please consult with a qualified tax advisor for guidance regarding your specific situation.
A full appraisal is generally not required if the collateral type and loan-to-value meet requirements. 
Standard third-party fees are typically waived, including:
  • Flood certification fees.
  • Limited title insurance fees.
  • Recording fees.
The fee waiver does not apply to:
  • Full title insurance (when required).
  • Closing and escrow fees.
  • Full appraisal costs (when applicable).
HELOC interest rates are variable and are based on the Wall Street Journal Prime Rate, plus a margin ranging from 0.00% to 2.00%. The margin is determined by factors such as lien position and the borrower's credit profile.
Yes — There is no prepayment penalty, so you may pay off your HELOC at any time without incurring additional fees.












Explore other
financing options.

Looking for financing for a different purchase, project, or financial need? Take a look at additional borrowing options below.

Home Equity Financing


Compare ways to use your home's equity for larger expenses, projects, or other financial needs.

 

View Options

Home Equity Term Loans


Use your home's equity with a fixed rate (principal and interest will not change over time) and predictable monthly payments.

 

Home Equity Loans

Personal
Loans


Borrow for planned purchases, unexpected expenses, and other personal financial needs.

 

Personal Loans









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Important information:
*Subject to credit approval and must meet eligibility requirements.