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Home Equity Options

Unlock the possibilities – and the value of your home

With a home equity line of credit (HELOC) or home equity loan, you can get the affordable cash you need to reach life's goals.


What are the major differences between a Loan and Line of Credit?

Home Equity Line of Credit (HELOC)

A HELOC allows you to borrow what you need, when you need it, similar to a credit card.

  • Variable interest rate that adjusts with Prime Rate Prime Related Rate
    Prime Related Rate - It’s a benchmark set and used by financial institutions to determine how much interest to charge. Want to Learn More?
  • Lower monthly payments during the 10- year draw (borrowing) period with an interest only payment option
  • Easy access to funds with Online, Mobile Banking or checks1
  • Flexibility to borrow and repay funds over and over again
  • Ideal for home renovations, education expenses, supporting family, emergency expenses
  • Available for first and second lien positions
  • Easy online application
Learn More Ready to Apply? Click Here


Home Equity Loan

Our standard home equity loan is a smart and affordable way to make a one-time purchase - and get the assurance of predictable monthly payments.

  • Fixed interest rate means fixed monthly payments of principal and interest for the life of your loan
  • Receive funds in a lump sum
  • Available for second lien position, meaning you have an existing mortgage, loan, or line on your property and do not intend to pay it off with this new loan
  • Ideal for car purchases, vacations, debt consolidation, or any other one-time purchase
Click here to request a call
Home Equity Line of Credit

Home Equity Line of Credit

A home equity line of credit (HELOC) functions similarly to a credit card, use what you need, when you need it.

Calculate Now

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

Apply Now

Home Equity Loan

Home Equity Loan Benefits

Our standard home equity loan can be used for the same purposes as a line of credit. The main difference is funds are given in one lump sum and a loan has a fixed interest rate and fixed monthly payment. Note, the rates and terms listed in this table are for loans in the second lien position, meaning you have an existing mortgage, loan, or line on your property and do not intend to pay it off with this new loan.

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10 Year Terms

10 Year Terms
Loan AmountTermAPR*
$10,000 - $49,999 10 Years View Rates >
$50,000 - $99,999 10 Years View Rates >
$100,000 - $399,999 10 Years View Rates >
$400,000+ 10 Years View Rates >

15 Year Terms

15 Year Terms
Loan AmountTermAPR*
$10,000 - $49,999 15 Years View Rates >
$50,000 - $99,999 15 Years View Rates >
$100,000 - $399,999 15 Years View Rates >
$400,000+ 15 Years View Rates >

20 Year Terms

20 Year Terms
Loan AmountTermAPR*
$10,000 - $49,999 20 Years View Rates >
$50,000 - $99,999 20 Years View Rates >
$100,000 - $399,999 20 Years View Rates >
$400,000+ 20 Years View Rates >

*Rates listed above include all discounts and are effective as of  #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=currentDate# and subject to change at any time. For important additional information including how to obtain these rates, see full disclosures below.

 

What to Know About Home Equity Options

  • What are the differences between a home equity loan and a home equity line of credit?

    The main differences are:

    • A home equity loan has a fixed rate. A line of credit has a variable interest rate that adjusts with the Prime Rate.
    • With a home equity loan, you make fixed payments of principal and interest. With a home equity line of credit, you are only required to make interest payments during the draw period.
    • With a home equity loan after closing, you get the entire loan amount in one lump sum. By contrast, a line of credit is available for a long-term draw period, which you can access with home equity line of credit checks or through online banking. If you pay down the principal during your draw period, you can borrow that principal again if you want to.

  • What is the difference between a fixed rate and a variable rate?
    Understanding rates is important when you're trying to understand what a home equity loan is and how it is different from a line of credit. Fixed-rate home equity loans have interest rates that don't change during the life of the loan. Variable-rate home equity lines of credit have rates that are linked to an index, such as Prime
    Prime Related Rate - It's a benchmark set and used by financial institutions to determine how much interest to charge. Want to Learn More?
    or LIBOR
    Stands for the London Interbank Offered Rate. The British Bankers Association uses information gathered from a survey of multiple lending institutions to determine LIBOR rates.
    and therefore can change over time.
  • 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 payments?

    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.

  • What are the differences between a home equity loan and a home equity line of credit?

    The main differences are:

    • A home equity loan has a fixed rate. A line of credit has a variable interest rate that adjusts with the Prime Rate.
    • With a home equity loan, you make fixed payments of principal and interest. With a home equity line of credit, you are only required to make interest payments during the draw period.
    • With a home equity loan after closing, you get the entire loan amount in one lump sum. By contrast, a line of credit is available for a long-term draw period, which you can access with home equity line of credit checks or through online banking. If you pay down the principal during your draw period, you can borrow that principal again if you want to.

  • What is the difference between a fixed rate and a variable rate?
    Understanding rates is important when you're trying to understand what a home equity loan is and how it is different from a line of credit. Fixed-rate home equity loans have interest rates that don't change during the life of the loan. Variable-rate home equity lines of credit have rates that are linked to an index, such as Prime
    Prime Related Rate - It's a benchmark set and used by financial institutions to determine how much interest to charge. Want to Learn More?
    or LIBOR
    Stands for the London Interbank Offered Rate. The British Bankers Association uses information gathered from a survey of multiple lending institutions to determine LIBOR rates.
    and therefore can change over time.
  • 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 payments?

    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.

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.

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