Rockland Trust Bank: 2020 Home Equity Review

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Rockland Trust provides home equity loans and HELOCs in addition to consumer banking, mortgages, investment products, commercial banking and commercial loans.

The community bank has nearly 100 branches throughout Massachusetts, but it also serves Rhode Island. Consumers seeking a home equity loan or home equity line of credit from Rockland Trust can apply at a branch, online or by phone.

Rockland Trust snapshot

Loan types offered Home equity loan, HELOC
APR range Home equity loan: Starting at 3.99% (with autopay)
HELOC: Starting at 2.99% (with autopay)
Loan amount range Home equity loan: $25,000 to $400,000
HELOC: $25,000 to $750,000
Minimum credit score required Not specified
Repayment terms Home equity loan: 5 to 20 years
Average time to approval Not specified

Benefits

Here are some of Rockland Trust’s biggest benefits:

  • Competitive interest rates: APRs are in line with rates charged by the top home equity lenders. As of August 2020, Rockland Trust’s fixed-rate home equity loans start as low as 3.99 percent APR, while its variable-rate HELOCs start as low as 2.99 percent APR. The community bank’s fixed-rate Express Mortgage loans start as low as 3.49 percent APR.
  • Online application process: While Rockland focuses on personalized services at its branches, it still offers a robust online application process. Applications can be completed entirely online in just a few steps.
  • Fixed-rate conversion option: Rockland Trust lets you convert some or all of your HELOC balance into a fixed-rate loan for $50.

Drawbacks

A few of Rockland Trust’s biggest drawbacks include:

  • Availability: The community bank mainly serves the Massachusetts area.
  • Lower borrowing limits: Homeowners can borrow up to 75 percent of their home’s value. Many lenders let you borrow up to 85 percent of your home’s value or more.
  • Higher minimum loan amount: Home equity loans and lines of credit from Rockland start at $25,000. That’s high compared to some lenders, like Connexus Credit Union, which has a minimum loan amount of $5,000.

Types of fees charged

Rockland Trust doesn’t charge closing costs or annual fees on any of its home equity products.

However, if you close your HELOC within 24 months of opening it, Rockland Trust will charge a $500 early termination fee. Additionally, if you would like to request a home equity loan less than $25,000, you’ll be charged a $350 application fee.

Loan products offered

Home equity loan

The fixed-rate home equity loan from Rockland Trust Bank allows you to borrow up to 75 percent of your home’s equity. It has a minimum loan amount of $25,000 and a maximum loan amount of $400,000. Fixed rates start as low as 3.99 percent APR with automatic payments from a Rockland Trust checking account. It offers repayment options from five to 20 years.

The lender uses both automated valuations and local appraisers to determine property value.

HELOC

HELOCs from Rockland Trust come with variable rates starting as low as 2.99 percent APR with automatic payments from a Rockland Trust checking account. They have a minimum loan amount of $25,000 and a maximum loan amount of $750,000.

Rockland Trust’s HELOC features one distinct perk: its fixed-rate conversion option. For a $50 fee, you can convert some or all of your HELOC balance (with a $10,000 minimum) into a fixed-rate loan. Repayment terms for these loans are up to 20 years.

Express Mortgage

Rockland Trust Bank’s Express Mortgage is a fixed-rate home equity loan that takes the place of your first mortgage. It comes with a fixed term up to 20 years. There are no closing costs, and the application takes about 15 minutes.

The interest rates start as low as 3.74 percent APR with automatic payments from a Rockland Trust checking account.

Loans between $25,000 and $500,000 are available, and you can borrow up to 75 percent of your home’s equity.

How to qualify for a home equity loan with Rockland Trust

Rockland Trust’s website doesn’t specify eligibility requirements for the bank’s home equity products, but you’ll likely need a good credit score and a debt-to-income ratio below 43 percent. Borrowers will need to provide proof of income, get a home appraisal and be requesting an amount proportionate to the value of their home.

The home you use as collateral must be located in Massachusetts, Rhode Island, New Hampshire or Maine. Additionally, the home must be an owner-occupied one- to four-family, condo or second/vacation home, and the home equity loan must be the first or second lien.

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How to get started

Prospective borrowers can apply for a home equity loan or HELOC from Rockland Trust at a branch, online or by phone.

The online application can be filled out on a smartphone, tablet or desktop. It takes about 10 minutes to complete.

The application will first ask if you’re applying for an individual or joint loan, the type of loan you’d like, the loan purpose and a branch you’d like to close at. You’ll then fill in personal information, employment information, information about your residence, the loan terms you’re requesting and details about your collateral.

If you have questions during the loan application process, home equity specialists are available in Rockland’s branches or by phone at 508-732-7072, or you can contact the bank through online chat.

The customer information center is open from 7 a.m. to 8 p.m. EST Monday through Friday, 8 a.m. to 5 p.m. on Saturday and 10 a.m. to 3 p.m. on Sunday.

How Bankrate rates Rockland Trust Bank

Overall Score 4.2
Availability 3.2
Affordability 4.9
Customer Experience 4.5

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.