Pay off high-rate credit cards with a home equity line

Consolidating debt with a home equity line can eliminate high credit card interest and lower your monthly payment immediately. What's more, the total amount that you pay in interest charges could be greatly reduced, and any interest that you do pay may be tax-deductible. Be sure to consult your tax advisor regarding your individual situation.

  • Pay off high-rate credit cards
  • Lower your interest rate
  • Qualify for potential tax deduction
  • Simplify paperwork with single monthly bill

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Properties must be located in Connecticut, Massachusetts, New Hampshire, or Rhode Island. Property insurance required. All loans subject to credit approval. 1.99% Annual Percentage Rate home equity line is for the initial 12 months. 2.40% Annual Percentage Rate home equity line is for the initial 24 months. After the initial 12 or 24 months, the rate becomes Prime - .375% on lines of $250,000 - $1,000,000; Prime -.125% on lines of $100,000 - $249,999; Prime + .125% on lines of $25,000 - $99,999. Rates shown in effect as of 03/18/2020. Your APR will vary monthly if the Prime Rate changes, but will not exceed 18.00% or be less than 2.75%. Check The Wall Street Journal for current rates. Wall Street Journal Prime Rate as of 03/18/2020 is 3.25%. Account closure fee of $350 for lines up to $500,000 or $500 for lines over $500,000 will apply if line is paid off and the account closed within first three years. Best rate featured above requires line to be in first lien position; other rates apply to second lien position; a Washington Trust personal checking account required. $10,000 minimum initial draw to third party required. Annual fee of $50 waived for the first year. Some home improvement projects may be subject to inspection fees and a satisfactory completion certificate. Subject to the recording fee of approximately $75 in RI and $100-$207 in CT, MA, and NH. Trust review fees of $250 may apply if property is held in a trust. Not intended for homes currently for sale or intended to be sold within 12 months of closing. Offer available for new lines only. Other restrictions may apply. Property insurance is required. Flood insurance where required by law. Single-family, owner-occupied primary residences or second homes only. Maximum loan-to-value of 80%. Offer available for a limited time only and may be withdrawn at any time.