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Home Equity Line of Credit (HELOC)

Call to reach a Loan Specialist 1-888-333-1206

Mission Possible

Whatever your mission, from an upgraded kitchen to debt consolidation, a Citizens Bank HELOC is one of the most flexible and affordable ways to help it come to life.


Calculate

Estimate your rate and monthly payments

Calculator

Calculate my Rate

Rate

Rate represents the rate of interest charged for the loan.

Interest would be expressed as a dollar amount.

 
Annual percentage rate (APR)

APR is the total cost of the loan and its origination, including interest, points and fees, expressed as a percentage.

 
Points

Points are a one-time fee that a borrower pays to lower the interest rate on a loan. It’s a form of pre-paid interest.

 

What you can do with a Home Equity Line of Credit

Renovation.
Possible.

Relief.
Possible.

Caretaking.
Possible.

Education.
Possible.

Unexpected.
Possible.

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

Guiding You Every Step of the Way

  1. 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.

  2. 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.

  3. 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.

Accessing Your Funds

Accessing your funds is easy. You can transfer funds any time with Citizens Online Banking or use HELOC checks we supply. Although timing varies, typically, you will have your funds in 45 days from the date of your application.

Home Loan Originator NMLS Status

Our Home Loan Originators are registered with the Nationwide Mortgage Licensing System and Registry (NMLS). Check your loan originator's status here.

Home Equity Line of Credit Calculator

Find out your estimated rate and payments with our Home Equity Line of Credit Calculator.
Calculate Now


 

What to Know About Getting a HELOC

  • How does a HELOC work?

    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.

  • Do I need to get a home appraisal?

    We will determine the type of appraisal needed and contact you after we review your application and collateral information.

  • What will my rate be?

    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.

  • What amounts are included in my monthly payment?

    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.

  • How quickly will I get my money?

    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.

  • How does a HELOC work?

    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.

  • Do I need to get a home appraisal?

    We will determine the type of appraisal needed and contact you after we review your application and collateral information.

  • What will my rate be?

    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.

  • What amounts are included in my monthly payment?

    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.

  • How quickly will I get my money?

    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.

  • Will someone contact me after I have submitted my online 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.

Call to reach a Loan Specialist 1-888-333-1206

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