Rockland Trust Bank: 2024 Home Equity Review

Benefits

• Rockland Trust Bank allows you to convert some or all of your variable-rate HELOC balance into a fixed-rate loan (for a fee).
• While the bank focuses on personalized services at its branches, it still offers a robust online application process.

Drawbacks

• The community bank mainly serves the Massachusetts area.
• Rockland’s home equity products start at $25,000. That’s high compared to some other home equity lenders.

Home equity loan products offered

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 variable rates, a minimum loan amount of $25,000 and a maximum loan amount of $750,000. For a $50 fee, you can convert some or all of the HELOC balance (a minimum of $10,000) to a fixed-rate loan. The HELOC repayment terms go up to 20 years.

The Express Mortgage, meanwhile, is a first lien, fixed-rate home equity loan with a term of up to 20 years. You could qualify for between $25,000 and $500,000 with this option.

Types of fees charged

Rockland Trust Bank doesn’t charge closing costs or annual fees on any of its home equity products. However, if you close your HELOC within two years of opening it, the bank will charge you a $500 early termination fee. Additionally, if you’d like to request a home equity loan of less than $25,000, you’ll be charged a $350 application fee.

How to qualify for a home equity loan with Rockland Trust Bank

For a home equity product from Rockland Trust Bank, the property must be in Massachusetts, Maine, New Hampshire or Rhode Island. 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 15 percent equity to qualify).

How to apply with Rockland Trust Bank

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.

How Bankrate scored Rockland Trust Bank

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.