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 3.990% (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
HELOC: Not specified
|Average time to approval||Not specified|
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 September 2021, Rockland Trust’s fixed-rate home equity loans start as low as 3.990 percent APR, while its variable-rate HELOCs start as low as 2.99 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.
- In-person appointments available: If you prefer to meet with a loan officer in-person, you can find a location near you and schedule an appointment.
- Home equity loan calculator: You can use the handy online home equity calculator to compare products and find out how much you may qualify for.
A few of Rockland Trust’s biggest drawbacks include:
- Availability: The community bank mainly serves the Massachusetts area.
- 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.
- Full appraisal may be required: Depending on your situation, Rockland Trust may ask for a full appraisal in order to consider you for a HELOC or home equity loan.
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 of less than $25,000, you’ll be charged a $350 application fee.
Loan products offered
Rockland Trust offers three home equity products: a home equity loan, a HELOC and an express mortgage.
Home equity loan
The fixed-rate home equity loan from Rockland Trust Bank has a minimum loan amount of $25,000 and a maximum loan amount of $400,000. Fixed rates start as low as 3.990 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.
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.
Rockland Trust Bank’s Express Mortgage is a fixed-rate home equity loan that takes the first lien position. 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 3.49 percent APR with automatic payments from a Rockland Trust checking account. Loans between $25,000 and $500,000 are available.
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.
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
|Bankrate Score||4.1||Scoring factors|
|Availability||3.1||Minimum loan amount is $25,000 and many requirements are not disclosed|
|Affordability||4.8||Low APRs and only minor fees|
|Customer experience||4.5||In-person meeting required to close a loan but 7-day customer support|
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
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.