A Guide to the Equity Loans Application Process

Start the home equity loan or line of credit application process today

If you’re in need of home improvement or debt consolidation loans, you may want to explore home equity loans or home equity lines of credit (HELOC). These borrowing options are often preferred over personal loans for many homeowners. Home equity loans and lines of credit 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 information below that will help make the application process go more smoothly.

How do I apply for a home equity loan or line of credit?

You can start the home equity loan or line of credit application process online by filling out a simple form and a Home Loan Advisor will contact you by the end of the next business day to complete your application. You may also call a Home Loan Advisor if you have questions about a loan or line of credit, or if you would prefer to complete the application over the phone. The Home Loan Advisor should be able to help you through the application in 20 minutes or less.

The equity loan and line of credit applications ask for basic background information on your finances and your home. To make the process go smoothly, gather the following information before you talk with a Home Loan Advisor 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.
  • 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: You will need to indicate whether you’re interested in home improvements, buying another home, refinancing or something else, like a debt consolidation loan.
  • Employment status: You will need to provide information about your line of work, contact information for your employer as well as your gross annual income.
  • Financial information: To complete the equity loan application, you will also need to provide more details on your mortgage, including the type of mortgage and your annual taxes.
  • Apply for a home equity loan or HELOC from Citizens Bank

    Whether you want to apply for a home equity loan or line of credit for debt consolidation, home improvements or some other large expense, Citizens Bank can help. Simply call a Home Loan Advisor today or answer a few questions online to start the process and a Home Loan Advisor will contact you to discuss your options and help you complete the application.

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