A Guide to the Equity Loans Application Process
Apply for a home equity loan or line of credit in 20 minutes or less
If you’re in need of home improvement or debt consolidation loans, you may want to explore home equity loans or lines of credit. These are smarter borrowing options than personal loans for many homeowners: Equity loans feature lower rates, longer repayment terms and larger loan amounts because your home is your collateral, reducing risk for the lender. This makes them popular choices for homeowners who need to fix the roof, update the kitchen or pay off car loans and other debt.
If you’d like more home equity loan information or details on home equity lines of credit, review these quick tips to gain more insight into these products. If you’ve already decided, you’ll find a guide to our online application below.
How do I apply for a home equity loan?
You can start your application for a home equity loan or line of credit online and complete it in just 20 minutes or less. Also, you can call a Citizens Bank home loan advisor at 1-800-340-LOAN if you have questions about the loan or would prefer to complete it over the phone.
The equity loan application is simple, asking for basic background information on your finances and your home. To make the process go smoothly, gather the following information before you sit down to complete your application:
- Basic account information: Decide how much you’d like to borrow and your preferred repayment term. If you already have a Citizens Bank account, tell us that, too. If not, you may want to open one at this time as it could help lower your interest rate. After you enter this information, we’ll provide you with a preliminary estimate of your interest rate.
- Property details: To give us a comprehensive picture of your finances and assets, have these details about your home ready.
- Type of property (single-family home, manufactured home, townhome, etc.)
- Address, including county
- Current property value, mortgage balance and your monthly payment
- Name of your mortgage lender
- Purchase price and date of purchase
- Property age (in years)
- Information if the property is held in trust
- Homeowners insurance agency and insurance premium
- Reason for the loan: Indicate whether you’re interested in home improvements, buying another home, refinancing or something else, like a debt consolidation loan.
- Employment status: Please indicate your line of work, contact information for your employer as well as your gross annual income.
- Financial information: To complete the equity loan application, please provide more details on your mortgage, including the type of mortgage and your annual taxes.
Apply for a debt consolidation loan from Citizens Bank
Applying for a home equity loan with Citizens Bank is convenient: You can save your application for up to seven days and reopen it at any point. And no matter which equity loan you apply for, there are no application fees or closing costs. Start your application today, or call 1-800-340-LOAN to speak with a home loan advisor.
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