Home Equity
Our home equity accounts let you put your home’s value to work. We offer flexible options and competitive rates to help you fund projects, consolidate debt, or cover major expenses with confidence.
Explore Home Equity Types
Tap into your home’s equity today. Connect with our team to explore your options and get started.
Home Equity Options For You
Home Equity Line of Credit
Whether funding a college education, making home improvements, taking a vacation of a lifetime or consolidating debt, Ocean State Credit Union’s Home Equity Line of Credit puts it all within your reach.
- OSCU will finance up to 80% of the value of your 1-4- family owner occupied home minus the first mortgage loan.
- Draw period is 10 years with a 15 year repayment schedule at the end of the draw period. During the draw period, payments will be due monthly. Your minimum monthly payment will equal the amount accrued interest and credit insurance premiums (if any) or $50.00 whichever is greater.
- Financing up to 80% value of residence
- Prime rate with no closing costs
- Fast turn around and friendly service
| Term | Rates(as low as) |
|---|---|
| 300 months | Prime Rate Variable - 80% of Appraised Value |
*APR = Annual Percentage Rate
Rates Are Subject To Change at anytime without notice
Did you know that there are more ways to bank with OSCU? Bundle Services & Get Even More Member Benefits!
Home Equity Loans
- The security is a mortgage on your home.
- OSCU will finance up to 80% of the value of your 1-4 family owner-occupied home minus your first mortgage balance.
- Terms of repayment range from 36 months to 240 months.
- Payments can be made automatically from your checking or savings account or by cash or check.
- Fixed Rate Term Loans are offered.
- Financing up to 80% value of residence
| Term | Rates (as low as) | Notes |
|---|---|---|
| 60 months | 6.75% APR | 80% Maximum Loan to Value |
| 120 months | 7.00% APR | 80% Maximum Loan to Value |
| 180 months | 7.25% APR | 80% Maximum Loan to Value |
| 240 months | 7.50% APR |
*APR = Annual Percentage Rate
Rates Are Subject To Change at anytime without notice
Home Equity PLUS Loans
| Term | Rates (as low as) | Notes |
|---|---|---|
| 60 months | 7.75% APR | 100% Maximum Loan to Value |
| 120 months | 8.00% APR | 100% Maximum Loan to Value |
| 180 months | 8.25% APR | 100% Maximum Loan to Value |
| 240 months | 8.50% APR | 100% Maximum Loan to Value |
We at OSCU strive to make the construction process as stress free and efficient as possible. Our Construction Loan offers a competitive adjustable rate. During the first year of your 30 year Construction Loan the payments are “interest only” payments, and they are only on the amount of the funds that are disbursed for the construction. For the remaining 29 years (once the construction has been completed) payments will consist of both principle and interest.
We will lend up to 80% of the appraised value of the land plus construction costs. The appraisal is completed prior to the construction and is based on the plans, specifications and land value. OSCU Construction Loans are specifically for the new construction of owner occupied or second homes.
Ocean State Credit Union NMLS 408223
For a list of Ocean State Credit Union employees currently licensed with a NMLS#, visit the NMLS Consumer Access website or feel free to contact us.