Capped Rate HELOC
Learn more about capped interest rates on a home equity line of credit
When you need some extra income to remodel your home, buy a car or help pay for college, you may want to consider a home equity line of credit, or HELOC. If you want a home equity line of credit for its flexibility, but are worried about rising interest rates, a capped rate HELOC may be right for you. When opening a home equity line of credit, you have a draw period, usually about ten years, during which you can access the approved amount of credit from the bank. You can also pay back any credit you borrow and even borrow it again during those ten years. A capped rate means that the interest rate on your home equity line of credit won't rise over a set percentage during the draw period of the loan.
The Capped Rate Home Equity Line of Credit from Citizens Bank lets you borrow what you need at an attractive variable rate and gives you peace of mind of knowing it won't exceed the cap at any time during the draw period.We've got you covered so you can borrow what you need and relax.
To see if a capped HELOC rate is right for you, check out the comparison below. The Capped Rate Home Equity Line of Credit is available exclusively at your nearest branch or by phone. To apply or learn more about HELOC rates and terms call 1-800-340-LOAN, or visit your local branch. Our helpful Citizens Bank home loan originators and bankers are available to explain our Capped Rate HELOC in more detail.
Comparison for $50,000 line:
Home Equity Line of Credit
|Prime + 2.25%
||Security of knowing rate will never exceed 9.25%
|$50,000 Home Equity Line of Credit
||Prime + 0.74%
||Standard Home Equity Line of Credit
Line APRs reflect Circle or Circle Gold Checking account discount.
1 APR will be capped at this rate for the life of the 7-year draw. The Capped Rate Home Equity Line of Credit rate assumes minimum required draw amount is taken at closing. Rates subject to change, and minimum line and draw amounts apply. See a banker or call a Home Loan Originator for more details. Circle or Circle Gold Checking account required. Interest- only payment is available only during the first 7 years.
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