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For New Englanders looking to tap the equity, this bank is worth a look. Rockland Trust offers both home equity lines of credit (HELOCs) and home equity loans (HE Loans) — along with an equity-backed product it calls an “Express Mortgage.” The institution is transparent about its starting annual percentage rates (APRs) and doesn’t charge closing costs or fees. Main downside: Its highly regional footprint — plus it’s a tad tightfisted when it comes to the amount of home value you can borrow.
Rockland Trust Bank was established in 1907 in Rockland, MA, where it’s still headquartered today. Providing a variety of personal and commercial financial services to New England residents, the financial institution now has nearly $20 billion in assets and 120 branches and eight mortgage centers spread across Massachusetts.
Rockland Trust Bank also operates a commercial lending center and investment office in Rhode Island.
Bankrate insight
Rockland Trust Bank’s parent company signed a merger agreement with Enterprise Bank and Trust for $562 million in December 2024. This acquisition expands the bank’s footprint to southern New Hampshire.
Rockland Trust Bank offers three home equity products: a home equity loan, a home equity line of credit (HELOC) and what the bank calls an “Express Mortgage.”
The fixed-rate home equity loan has a minimum loan amount of $25,000 and a maximum loan amount of $400,000, with repayment terms from five years to 20 years.
The HELOC comes with a variable rate, a minimum loan amount of $25,000 and a maximum loan amount of $750,000. The HELOC draw term goes up to 10 years and comes with a repayment period of 15 years. Alternatively, you can convert the HELOC balance (a minimum of $10,000) to a fixed rate during the draw period, with up to 20 years to repay.
The Express Mortgage, meanwhile, is a first-lien, fixed-rate home equity loan with a term of up to 20 years. That means it’s only an option if you’ve already paid off your mortgage, or will use this new loan to replace your mortgage (i.e., refinance). With Rockland Trust’s Express Mortgage, you could qualify for between $25,000 and $500,000. The Express Mortgage doesn’t come with any closing costs.
For the first two equity-backed products, borrowers need a combined loan-to-value (CLTV) ratio of 75 percent or less. To qualify for the best rate with a Rockland Trust Bank HELOC, you need to set up automatic repayment from a Rockland Trust checking account, take an initial draw of at least $25,000 and maintain a $25,000 balance for the first 30 days of your draw period.
Because Rockland Trust Bank offers starting APRs that are competitive against current average rates and doesn’t attach closing costs to any of its equity-backed products, we gave it a perfect score of 5 out of 5 for affordability.
While Rockland Trust Bank does offer a variety of equity-backed financing options, we only scored it 2.2 out of 5 because of its small footprint and lack of transparency about credit scores.
Because Rockland Trust offers the convenience of online application and the predictability of fixed-rate loans, we scored it 4 out of 5 for borrower experience. It lost a point because navigating its customer service phone tree isn’t overly easy and only one state has physical branches.
For a home equity product from Rockland Trust Bank, your property must be in Massachusetts, Maine, New Hampshire or Rhode Island. In most cases, you’ll also need to have a loan-to-value (LTV) ratio of no more than 75 percent (in other words, you’ll need at least 25 percent equity to qualify).
Financing is generally available on one-to-four-family, owner-occupied properties. The Express Mortgage is also available on second/vacation homes. Hazard and flood insurance may be required.
You can apply for a home equity loan or HELOC from Rockland Trust Bank at a branch, online or by phone. If you have questions during the application process, you can call 508-732-7072 or use the bank’s online chat feature. The bank’s customer information center is open Monday through Friday, 7 a.m. to 8 p.m. ET, Saturday, 8 a.m. to 5 p.m. ET and Sunday, 10 a.m. to 3 p.m. ET.
Bankrate insight
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Rockland Trust Bank gets consistently high marks in terms of customer satisfaction. In the 2024 J.D. Power U.S. Retail Banking Satisfaction Study, it earned second place for the New England region. Its other recent awards and accolades include being named to the Boston Globe’s Top Places to Work list and S&P Global Market Intelligence's Top 50 Public Banks List. Forbes also ranked it the #1 bank in Massachusetts.
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Rockland Trust Bank
Bankrate score
3.7
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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$25,000-$750,000 for HELOC; $25,000-$400,000 for home equity loan |
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Min. credit score required |
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660 |
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Repayment terms |
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Up to 20-year repayment term for HELOC; 5-20 years for home equity loan |
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Funds available in |
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30–45 days |
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Recent customer review |
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Customer review No reviews available yet. N/A |
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