Home Equity Term Loans

 
Ready to make those overdue home improvements?
 
With a home equity term loan from Washington Trust, you’ll benefit from predictable payments and a team of local bankers who know your neighborhood. 

What can a home equity loan unlock for you?
 
 

Home Equity Term Loan Rates

Rates are subject to change without notice. All loans subject to credit approval and eligibility restrictions may apply.

Payment examples2

See more.

15-Year Term

Rate

APR1








Put your home's equity to work with a fixed rate loan.

A home equity term loan lets you use the equity in your home as collateral to borrow money. Like a mortgage, your loan amount and interest rate will depend on factors such as your home's market value, income, credit history, and existing mortgage balance.

Get your funds upfront all at once.

Once approved, receive your loan in one lump sum for a planned project, purchase, or other one-time expense.

Lock in a fixed interest rate from the start.

Your home equity term loan has a fixed rate that stays the same over the life of the loan.

Count on predictable payments.

Your payment amount stays the same over the life of the loan, making it easier to plan and budget.



































What can a home equity term loan help pay for?

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 loan amount 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 rates.
  • Online access to your account.
  • Local decision making.

Home Equity Term Loan Rates

Effective Date  
Loan Length Interest Rate APR
5 Year    
10 Year    
15 Year    

1APR = Annual Percentage Rate. Rates are subject to change without notice. All loans subject to credit approval and eligibility restrictions may apply. Advertised APRs are available to well-qualified borrowers. Actual APR may vary based on credit qualifications, loan amount, loan-to-value ratio, occupancy, and other underwriting factors. Displayed rates assume owner occupied property, FICO score of 700+, LTV of 80% or less and is a refinance loan. 10-year loan minimum is $10,000, 15-year loan minimum is $15,000.

2Payment Examples

5-Year Home Equity Term Loan
A $50,000 Home Equity Term loan for 5 years with a 6.50% interest rate and a 6.917% APR would have 60 monthly principal and interest (P&I) payments of $978.31.

10-Year Home Equity Term Loan
A $100,000 Home Equity Term loan for 10 years with a 6.75% interest rate and a 6.838% APR would have 120 monthly principal and interest (P&I) payments of $1,148.24.

15-Year Home Equity Term Loan
A $150,000 Home Equity Term loan for 15 years with a 7.00% interest rate and a 7.030% APR would have 180 monthly principal and interest (P&I) payments of $1,348.24.

* Payment examples are for illustrative purposes only. Actual payment amounts may vary based on loan amount, APR, term selected, and borrower credit qualifications. Examples assume an owner-occupied property and a qualified borrower meeting advertised rate requirements. Payments do not include taxes and insurance and the actual payment obligation will be greater. 





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 Home Equity Loan Find a location near you

Thinking about a home equity term loan?

Learn more about qualifying for a home equity term loan, understanding rates and costs, and what to expect during the application process.
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 home equity loan. 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. 
The availability of funds depends on several factors. These include what type of loan a customer is applying for, the loan amount, income sources, and more. For a home equity loan, funds are typically available in 30-45 days.
In some cases, interest paid on a home equity loan may be tax deductible. Please refer to current IRS guidelines and consult a tax advisor for further information regarding the deductibility of interest and charges.
In most cases a full appraisal is not required, however it may be necessary in certain situations.

















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 Line of Credit


Access a revolving line of credit using your home's equity.

 

View HELOC Details

Personal
Loans


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

 

Personal Loans









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