Home Equity

AFFORDABLE FINANCING FOR YOUR BIG PLANS.

For many homeowners, borrowing against their home's equity is a practical, cost-effective way to pay for major projects and purchases. When you're ready to put your plans into action, put your home's equity to work with our low rates and friendly local service.

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Renovate your kitchen or bath

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Consolidate debt... and more

icon Fund major purchases

Fund major purchases

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Pay tuition

HOME EQUITY LINE OF CREDIT

Pay for multiple expenses over time with our convenient Home Equity Line Credit. Access funds as needed, up to your approved limit, at any time during the draw period, and only pay interest on the funds you borrow.

  • Competitive variable rate
  • Available for 1-to 4-family homes, 1-family vacation homes and condos, and co-ops*
  • Borrow up to 75% of your home's appraised value (less your existing mortgage balance), or up to $500,000
  • Lengthy 180 month repayment timeline
  • No application fee, origination fee or annual fee
  • We'll help cover your closing costs1
Max. Loan Amount Term (Months) Rate 2 APR2
$500,000.00 60 month draw period, 180 month repayment period 5.25%/5.50% 5.25%/5.50%

*Ridgewood must be the first lien holder.

1 Ridgewood Savings Bank will pay the mortgage tax and recording fees subject to reimbursement on early termination.

2 Annual percentage rate is determined by Combined Loan to Value (CLTV) ratio. If CLTV is 65% or less, rate is prime plus 0.25%. If CLTV is greater than 65%, rate is prime plus 0.50%. All rates can change monthly. Maximum APR is 7% over initial rate.

Loan products and services subject to credit approval. All loans secured by a mortgage lien on property. Rates and terms are subject to change without notice. Rates are effective as of 9/19/2019.

LEARN MORE AND GET STARTED

Our friendly local Mortgage Consultants are here to answer your questions and make the process as simple as possible.

HOME RESOURCE LOAN

Home upgrades can be a great way to increase the value of your house and your quality of life. Our Home Resource Loan can help make them happen. This home equity loan lets you borrow a specific amount and receive the funds in one lump sum to pay for home renovations, repairs and practically anything else.

  • Low fixed rates and predictable monthly payments
  • Available for owner-occupied and investment properties
  • Borrow up to 75% of your home's appraised value (less your existing mortgage balance), or up to $500,000

HOME RESOURCE LOAN - OWNER-OCCUPIED PROPERTY

Term3 Maximum Loan Amount Rate APR CPM4
60 months $500,000 5.000% 5.000% $18.87
120 months $500,000 5.500% 5.500% $10.85
180 months $500,000 5.750% 5.750% $8.30
240 months $500,000 6.250% 6.250% $7.31

HOME RESOURCE LOAN - INVESTMENT PROPERTY

Term3 Maximum Loan Amount Rate APR CPM4
60 months $50,000.00 5.500% 5.500% $19.11
120 months $50,000.00 6.250% 6.250% $11.23

**Ridgewood will only lend in 2nd position. The Loan to Value limits on co-ops, condos and investor properties will vary.

3 Terms over 10 years require a loan of $50,000 or more. Terms over 15 years require a loan of $100,000 or more.

4 CPM: Cost per thousand borrowed. Loan products and services subject to credit approval. All loans secured by a mortgage lien on property. Rates and terms are subject to change without notice. Rates are effective as of 9/19/2019

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MORTGAGE TOOLS AND RESOURCES

Increase your homebuyer IQ with our helpful mortgage calculators and tools.

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