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Call 1-888-333-12061-888-333-1206to reach a Loan Specialist
A home equity line of credit (HELOC) from Citizens Bank can help you be ready for what you have planned…and what you haven’t planned. Whether you need home repairs, a kitchen remodel, debt consolidation or help with unexpected expenses, a HELOC is one of the most affordable borrowing options available, with easy access to funds and experienced home lending specialists to guide you along the way. And you can get 0.25% off our already low rates with monthly automatic payments from a Citizens Bank checking account.*
Obtaining the best rate also requires the following criteria to be met: 1) A new home equity line of credit application, 2) A line amount of $100,000 or more, 3) Line must be in first lien position, 4) Having a Citizens Bank consumer checking account, set up with automatic monthly payment deduction at the time of origination, 5) A loan-to-value (LTV) of 80% or less, and 6) Strong creditworthiness.
Benefits of a Citizens Bank Home Equity Line of Credit
Flexibility
Borrow any time for any purpose
Choose interest-only payments or principal and interest payments during the 10-year borrowing period
Apply online, in-person or over the phone
Easy access to funds with mobile and online banking or supplied checks1
15 year repayment term
Great Low Rates
One of the most affordable borrowing options available
Save 0.25% off your rate with automatic monthly payments from a Citizens Bank checking account*
Line amounts of $100K or more have our lowest rates with the flexibility to draw what you need when you need it*
No application fees or closing costs
No set up or appraisal fees
$50 annual fee waived the first year
$350 pre-payment penalty fee if you close your HELOC in the first 36 months
What you need to apply for a Home Equity Line of Credit
We are here to help guide you every step of the way. Call to reach a loan specialist 1-888-333-1206.
Determine How Much Equity You Have
Take your estimated home value and subtract any amounts you owe on your home to determine how much equity you have and what you may have available to borrow. Try our HELOC Borrowing Limit Tool for more information.
Tell Us About Yourself
You will need your employment details, if you are applying with someone else, you will need co-applicant information and employment details.
Tell Us About The Property
You will need your estimated property value, the year the home was built and the year it was bought. Current mortgage payment if applicable, home insurance details and property tax information.
Your Home Value – All Amounts Owed on Property = Your Home's Equity
A HELOC functions similarly to a credit card, use what you need, when you need it. You can use your funds and pay them back as many times as you want during the borrowing period. Use a home equity line of credit to pay for home improvements, education costs, major expenses, cash management and more. You can even use a HELOC to consolidate debt. Use only what you need when you need it from this line of credit, you don't have to use everything you borrow.
There's no way to say what your exact interest rate will be on your home equity loan or line of credit until your application is completed, but our Home Equity Line of Credit calculator can help you estimate based on preliminary factors. Your final interest rate is based on factors such as your credit history (FICO® score*) and ability to repay, the value of your home and the loan or line amount, to name a few.
Home equity lines of credit require interest-only payments during the draw period. However, you can pay both interest and principal if you choose. Note that interest-only payments do not build home equity. At the end of your 10-year draw period, your balance will be converted to a principal and interest monthly payment during the repayment period. At the end of the draw period, even if the interest rate stays the same, your monthly payment will increase, possibly significantly, because you will be required to pay both principal and interest. Home equity loans are paid in full over the life of the loan, in equal monthly payments that contain both principal and interest. For both home equity products, you can always make additional payments toward principal. Use our calculator to help estimate your monthly payment.
Typically it takes about 45 days from application to funding, but that can vary depending on your individual situation and how quickly we receive the required documentation to complete your application.
Your Home Value – All Amounts Owed on Property = Your Home's Equity
A HELOC functions similarly to a credit card, use what you need, when you need it. You can use your funds and pay them back as many times as you want during the borrowing period. Use a home equity line of credit to pay for home improvements, education costs, major expenses, cash management and more. You can even use a HELOC to consolidate debt. Use only what you need when you need it from this line of credit, you don't have to use everything you borrow.
There's no way to say what your exact interest rate will be on your home equity loan or line of credit until your application is completed, but our Home Equity Line of Credit calculator can help you estimate based on preliminary factors. Your final interest rate is based on factors such as your credit history (FICO® score*) and ability to repay, the value of your home and the loan or line amount, to name a few.
Home equity lines of credit require interest-only payments during the draw period. However, you can pay both interest and principal if you choose. Note that interest-only payments do not build home equity. At the end of your 10-year draw period, your balance will be converted to a principal and interest monthly payment during the repayment period. At the end of the draw period, even if the interest rate stays the same, your monthly payment will increase, possibly significantly, because you will be required to pay both principal and interest. Home equity loans are paid in full over the life of the loan, in equal monthly payments that contain both principal and interest. For both home equity products, you can always make additional payments toward principal. Use our calculator to help estimate your monthly payment.
Typically it takes about 45 days from application to funding, but that can vary depending on your individual situation and how quickly we receive the required documentation to complete your application.
Yes, a Home Loan Originator will contact you within 1 business day of submitting your online application to answer any questions you may have and discuss the next steps in the process.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11?state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11?state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:
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