Rockland Trust: 2022 Home Equity Review

Rockland Belief is a full-service business and retail financial institution based in 1907 in Rockland, Massachusetts. This yr, the regional financial institution was ranked #1 for buyer satisfaction in retail banking in New England within the JD Energy Financial institution Satisfaction Survey.

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rockland belief

Rockland Belief home equity loan dwelling fairness credit score line, or Herlock, and its HELOC mounted fee conversion possibility. Your financial institution’s web site has an easy-to-use calculator that can assist you decide the utmost quantity you may borrow from your private home.

Rockland Belief: an summary

Varieties of Loans Supplied

dwelling fairness mortgage


APR vary

from 6.49%

from 6.49%

mortgage quantity

$25,000 to $400,000

$25,000 to $750,000

minimal credit score rating



compensation phrases

5 to twenty years

as much as 20 years

Imply Time to Approval



Rockland Belief is a neighborhood financial institution, so it is good for householders in Massachusetts or the New England space. It has over 120 branches, largely in Massachusetts, but additionally has a couple of areas in Rhode Island. To reap the benefits of Rockland’s greatest charges, residential property, requires a composite loan-to-value ratio, or CLTV ratio, of 75% or much less. Your CLTV is your mortgage steadiness divided by all excellent mortgages and loans made to your property.

what we like

  • Mounted fee conversion: Convert half or all of a floating rate of interest Herlock To a set fee dwelling fairness mortgage. The minimal conversion is $10,000.
  • Aggressive Curiosity Charges: Rockland gives constantly low rates of interest on each forms of loans, which might prevent tens of 1000’s of {dollars} over the lifetime of a mortgage. Bear in mind that rates of interest can be larger.
  • minimal charges: Rockland Residence Fairness Loans haven’t any closing charges or annual charges and solely a $50 price to transform all or a part of your HELOC to a Mounted Fee Mortgage.


  • Excessive Minimal Mortgage Quantity: The minimal mortgage quantity for each HELOC and residential fairness loans is $25,000. This may be costly for renters seeking to full solely small initiatives, akin to dwelling workplace or visitor room renovations.
  • Excessive minimal steadiness: HELOCs should preserve a minimal each day steadiness of $25,000 for the primary 30 days of the mortgage and accrue extra curiosity.
  • Computerized fee necessities: Minimal financial institution charges require computerized month-to-month funds from a Rockland Belief checking account. Nonetheless, if you don’t need to join an autopay or checking account, there are different mortgage packages obtainable that do not embody the autopay function.

dwelling fairness mortgage choices

Rockland belief gives dwelling fairness loans, HELOCs, varied forms of mortgages and refinances.


For those who repay your mortgage steadiness and shut your HELOC inside 24 months of opening your account, it’s possible you’ll be charged an early termination price of $500. If he chooses to transform half or all of his HELOC to a set fee dwelling fairness mortgage, he can be charged a fee mounted price of $50 every time he makes the conversion.

Easy methods to get qualification

Rockland would not disclose credit score rating necessities, however the next credit score rating makes you a extra engaging candidate for banks and lenders. Usually talking, lenders additionally need to see a debt-to-income (DTI) ratio of 36%, however shouldn’t exceed 43%.

In terms of tappable dwelling fairness, Rockland requires a CLTV ratio of 75% or much less. Moreover, be sure you reside within the property being loaned as your main residence and that you’ve got up-to-date catastrophe and flood insurance coverage the place relevant.

getting began

You’ll be able to apply for a house fairness mortgage on-line by means of your financial institution’s dwelling fairness buyer portal or at a bodily Rockland department. Though not required by all mortgage packages, it is best to join an autopay checking account to get the perfect charges out of your financial institution. All monetary paperwork should be prepared on the time of software.

Similar to making use of for a primary mortgage, a house fairness mortgage is a second mortgage for a house, so to show enough earnings and secure employment, you should present payslips and tax returns, in addition to your current mortgage. You could current your mortgage paperwork.

customer support

For those who reside in Massachusetts or Rhode Island, you may get assist out of your native department and pre-order on-line. Stay telephone help is out there at 508-732-7072. Financial institution customer support hours are Monday to Friday 4am to 5pm PT, Saturday 5am to 2pm PT, Sunday 7am to 12pm PT .

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