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Rockland Trust: 2023 Home Equity Review

This New England regional bank offers both a home equity loan and a HELOC at competitive rates.

Rockland Trust

Rockland Trust

Products offered
Home equity loan, HELOC
Starting at 6.49%
Credit score
Contact info
Live phone support is available at 508-732-7072

Rockland Trust is a full-service commercial and retail bank that was founded in Rockland, Massachusetts, in 1907, and now has nearly $20 billion in assets under management with more than 1,700 employees. The regional bank ranked first this year in customer satisfaction in retail banking in New England in J.D. Power’s banking satisfaction study.

Rockland Trust offers both a home equity loan and a home equity line of credit, or HELOC, as well as a fixed-rate conversion option for its HELOC. The bank’s website has an easy-to-use calculator to help you determine the maximum amount you can borrow from your home.

Rockland Trust: At a glance

Types of loans offeredHome equity loanHELOC
APR rangeStarting at 6.49%Starting at 6.49%
Loan amount$25,000 to $400,000$25,000 to $750,000
Credit score minimumN/AN/A
Repayment termsFive to 20 yearsUp to 20 years 
Average time for approvalN/AN/A

Rates as of Dec. 09, 2022

Homeowners who live in Massachusetts or the New England area are best suited for Rockland Trust as it’s a regional bank. It has more than 120 branches, the large majority of which are in Massachusetts, although it also has some locations in Rhode Island. To qualify for Rockland’s best rates, when it comes to your home equity, you’ll need to have a combined-loan-to value ratio, or CLTV ratio, of 75% or less. Your CLTV is simply your mortgage balance divided by all outstanding mortgages and loans taken out against your property.


  • Fixed-rate conversion: You can convert a portion, or all, of your variable-rate HELOC into a home equity loan with a fixed interest rate. The minimum conversion is $10,000.

  • Competitive interest rates: Rockland offers consistently low rates for both types of loans, which saves you tens of thousands of dollars over the lifetime of your loan. Keep in mind, however, that the smaller the amount you borrow with Rockland, the higher your interest rate will be.

  • Minimal fees: There are no closing costs or annual fees for Rockland’s home equity loans, and the fee to convert all or a portion of your HELOC into a fixed-rate loan is only $50.


  • High minimum loan amount: The minimum loan amount for both HELOCs and home equity loans is $25,000, which can be high for borrowers who are only looking to complete a small project, such as renovating a home office or guest room.

  • High minimum balance: For the HELOC, you must maintain a daily minimum balance of $25,000 for the first 30 days of your loan, accruing additional interest.

  • Auto-pay requirements: The bank’s lowest rates require monthly auto-pay from a Rockland Trust checking account. However, if you don’t want to sign up for auto-pay or an account with the bank, it has other loan programs available that don’t include the auto-pay feature.

Home equity loan options

Rockland trust offers home equity loans and HELOCs, as well as various types of mortgages and refinancing.


If you pay off your loan balance and close your HELOC within 24 months of opening your account, you can be charged a $500 early termination fee. If you choose to convert part, or all, of your HELOC into a fixed-rate home equity loan, there’s a $50 rate lock fee for each time you make a conversion.

How to qualify

Although Rockland doesn’t disclose its credit score requirements, the higher your credit score is, the more attractive a candidate you’ll be to banks and lenders. Generally speaking, lenders also want to see a debt-to-income, or DTI, ratio of 36%, but no higher than 43%. 

When it comes to your tappable home equity, Rockland requires that your CLTV ratio be no higher than 75%. What’s more, you must live in the property you’re taking the loan against as your primary residence, and make sure you have up-to-date hazard insurance and flood insurance where it’s required. 

Getting started

You can apply for a home equity loan online through the bank’s Home Equity Customer Portal or at one of Rockland’s physical branches. Although not all of its loan programs require it, to get the bank’s best rates you’ll need to sign up for a checking account with auto-pay. When you apply, you’ll need to have all of your financial documents ready to go. 

Just like applying for a first mortgage, a home equity loan is a second mortgage on your house, so you’ll need to show proof of sufficient income and stable employment with pay stubs and tax returns, as well as documentation of your existing mortgage.

Customer service

If you live in Massachusetts or Rhode Island, you can get support at any local branch location, and schedule your appointment online in advance. Live phone support is available at 508-732-7072 and the bank’s customer service hours are Monday through Friday from 4 a.m. to 5 p.m. PT, Saturday from 5 a.m. to 2 p.m. PT, and Sunday from 7 a.m. to 12 p.m. PT.

Alix is a former CNET Money staff writer. She also previously reported on retirement and investing for and was a staff writer at Time magazine. Her work has also appeared in various publications, such as Fortune, InStyle and Travel + Leisure, and she also worked in social media and digital production at NBC Nightly News with Lester Holt and NY1. She graduated from the Craig Newmark Graduate School of Journalism at CUNY and Villanova University. When not checking Twitter, Alix likes to hike, play tennis and watch her neighbors' dogs. Now based out of Los Angeles, Alix doesn't miss the New York City subway one bit.