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 |
Rates Effective as of December 18, 2024
DISCLOSURE: Ocean State Credit Union provides loan rates based on a risk rate schedule. The risk rate schedule carefully evaluates an applicant’s credit history, debt to income ratio, assets, and employment stability. Ocean State Credit Union is competitive in the market. Completing an application gives our loan officers the tools to provide you a rate that works for your financial needs. APR = Annual Percentage Rate Some Restrictions Apply. Rates Are Subject to Change at anytime without notice.
USA Patriot Act: Important Information About Procedures for Filing a Loan Application with Ocean State Credit Union. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you is that when you file a loan application with us, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We will also ask to see your driver’s license or other identifying documents no later than at the time the loan is closed.