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Rockland Trust Bank

Rockland Trust Bank was founded in 1907 in Rockland, MA., which is where it’s headquartered. It 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 doesn’t have a nationwide presence in the home equity space, but in 2018 it closed 2,242 home equity loans and HELOCs throughout its community.

The bank prioritizes customer service and digital tools to provide its customers with the ability to bank from wherever they want, whether it’s at a branch, online or by phone.

Lender snapshot

If you’re interested in getting a home equity loan or line of credit (HELOC) from Rockland Trust Bank, here are some key facts to know about the lender before you apply:

  • Mainly serves customers in Massachusetts but does have some home equity customers in Rhode Island and New Hampshire.
  • Requires a minimum FICO score of 660
  • Offers first and second lien home equity loans and HELOCs
  • Applications can be filled out entirely online, a branch or by phone

Pros and cons

Taking a closer look at Rockland Trust Bank’s home equity products, here are some of the biggest benefits and drawbacks:

Pros

  • Competitive interest rates: APRs are in line with rates charged by the top home equity lenders. As of September 2019, its fixed-rate home equity loans start as low as 4.62 percent APR, while its variable-rate HELOCs start as low as 4.49 percent APR. The community bank’s fixed-rate Express Mortgage loans start as low as 3.74 percent APR.
  • Fast approval: Typical application response time is 24 to 72 hours. HELOCs can be cleared to close in as little as 48 hours.
  • 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 and within five to 10 minutes.
  • Security: The bank prioritizes security. Anti-fraud measures include encryption of electronic information, monitoring systems and procedures that are reviewed and independently tested annually.

Cons

  • Availability: The community bank mainly serves the Massachusetts area.
  • Lower borrowing limits: Homeowners can borrow up to 80 percent of their home’s value. That’s lower compared to some lenders, like Figure.com, which offers the ability to borrow up to 95 percent.
  • 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.

Mortgage Products

Home equity loan

The fixed-rate home equity loan from Rockland Trust Bank allows you to borrow up to 80 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 4.62 percent APR with automatic payments from a Rockland Trust checking account. It offers five, 10, 15 and 20-year repayment options.

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

Rockland provides the initial approval decision within one to three business days. And the average time to close on a home equity loan is 30 days.

HELOC

HELOCs from Rockland Trust come with variable introductory rates starting as low as 4.49 percent APR for loans between $100,000 and $1 million. The rate moves up to 4.99 percent for loans between $75,000 and $99,999. Loans between $25,000 and $74,999 start at 6.24 percent. Those rate quotes require automatic payments from a Rockland Trust checking account.

It has a minimum loan amount of $25,000 and a maximum loan amount of $1 million. Repayment terms of up to 20 years are available.

HELOCs can be cleared to close in as little as two days . The average time to close is 20 days.

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 rate for a 20-year term starts as low as 3.74 percent APR with automatic payments from a Rockland Trust checking account.

Loans between $25,000 and $400,000 are available. And you can borrow up to 80 percent of your home’s equity.

Like Rockland’s other home equity products, approval for an Express Mortgage occurs as quickly as one to three days.

Lender fees

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

But it does charge two appraisal fees totaling $1,200 for HELOC amounts greater than $750,000. An appraisal fee of $600 may apply to loan amounts of less than $750,000. If you close your HELOC account within 24 months of opening it, it will charge a $500 early termination fee.

Borrower requirements

You need a credit score of at least 660 in order to be approved for a Rockland Trust Bank home equity loan or HELOC.

The lender has a maximum debt-to-income ratio of 43 percent for home equity loans and 45 percent for HELOCs. Homeowners can borrow up to 80 percent of their home’s value.

It doesn’t specify a cash-in reserves amount, but as with other lenders, borrowers will need to provide proof of income, get a home appraisal and be requesting an amount proportionate to the value of their home.

How to apply

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

The online application can be filled out on a smartphone, tablet or desktop. It takes 10 minutes or less 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) 297-6765.

Here’s what the overall home equity process looks like:

  1. Start and complete the application process online, by phone or at a branch
  2. Get a decision within one to three business days
  3. Visit a branch to sign documents and close on the loan
  4. Receive funds

Get started

If you’re interested in getting a home equity product from Rockland Trust Bank, you can start the process online , by phone (508-732-7072) or in person at a branch.

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 11 a.m. to 3 p.m. on Sunday.

If you have questions, you can contact the bank by phone, online chat or through its secure online banking messaging system.

How Bankrate Rates Rockland Trust Bank

Overall Score 4.2
Availability 3.5
Affordability 4.4
Customer Experience 4.8

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.