Washington Trust Unveils Competitive Home Equity Line of Credit for Homeowners' Needs

Washington Trust Launches New Home Equity Line of Credit

On May 2, 2025, Washington Trust unveiled an innovative Home Equity Line of Credit (HELOC) designed to support homeowners in managing expenses related to home improvements, debt consolidation, and other financial obligations. This new offering is geared towards providing homeowners with a flexible financial solution, particularly when unexpected needs arise.

The highlight of this new product is an appealing introductory annual percentage rate (APR) of 5.99%, locked in for the first 18 months. This attractive rate allows homeowners to borrow funds as needed while ensuring they have access to credit for ongoing expenses, such as major renovations. "Home Equity Lines of Credit are an intelligent choice, allowing homeowners to have readily accessible funds when necessary," commented Rolando A. Lora, Executive Vice President and Chief Retail Lending Officer at Washington Trust.

The unique aspect of HELOC is its ease of use; borrowers can take out what they need, pay it off, and borrow again throughout the lifespan of the line of credit. This makes it particularly advantageous for those whose costs and timelines may vary, like in large-scale home renovation projects.

As part of this limited-time promotion, customers are encouraged to act quickly. To facilitate applications, Washington Trust has made it easy for potential borrowers to apply in-person at any of their branches across New England, call the bank directly at 800-475-2265, or conveniently complete an online application that provides approval in less than a minute.

In addition to the fixed-rate period, customers should be mindful of the terms following the introductory phase. The APR will transition to a variable rate that aligns with the Wall Street Journal Prime Rate, capped at 18.00% and maintaining a minimum of 2.75%. The straightforward nature of the application process and the competitive rates serve to highlight Washington Trust’s commitment to being a supportive community bank.

Founded in 1800, Washington Trust holds the distinction of being the oldest community bank in the United States and the largest state-chartered bank headquartered in Rhode Island. With a focus on enhancing the financial lives of individuals, businesses, and organizations, the bank also provides a comprehensive range of banking services across Connecticut, Massachusetts, and New Hampshire.

Potential borrowers must meet criteria that include a minimum initial draw of $10,000 and mandatory property insurance. The program caters strictly to single-family primary residences or second homes, ensuring a tailored solution for homeowners looking to maximize their financial flexibility.

The attractiveness of the HELOC offering underscores Washington Trust’s dedication to its community, making it a resource for homeowners looking to improve their homes and manage their finances efficiently. Interested parties are encouraged to find out more about the new Home Equity Line of Credit and the limited-time 5.99% APR offer by visiting washtrust.com/HELOC.

In conclusion, this new credit line is not just about borrowing; it empowers homeowners to enhance their living spaces while navigating financial obligations more comfortably. As always, consulting with a financial advisor regarding the deductibility of interest is recommended to fully understand the implications of this exciting new financial product.