What to expect when applying for a home equity line of credit with Citizens FastLine®

Isaac Kim | Citizens

You’ve worked hard to build equity in your home and you’re now ready to accomplish big life goals with a home equity line of credit (also known as a HELOC). Though it can be dizzying to pick from a countless number of lenders, it’s easier to decide when you know what to expect throughout the process.

How long does it take to get a HELOC?

Traditionally, the process of getting a HELOC was time consuming — it involved a lot of paperwork, back-and-forth and scheduling a home appraisal. Not only that, it typically took a month or more to close. This used to be unavoidable for HELOCs, which affected the start of many projects, and would place those big plans on hold.

Today, it’s much easier and more efficient. Applying for a HELOC with Citizens FastLine cuts the application time down to a few minutes. It bests industry standards of a 30-45 day closing time by providing an instant offer. After accepting that offer, you could close in as few as seven days — and have cash in hand in as little as two weeks.

Think of it as the first step in getting a HELOC that’s decluttered. The process is so easy to understand and, with its digital capabilities — whether you’re on your desktop or mobile phone* — you don’t need to even make a trip to the bank. Not only that, Citizens FastLine was created with customer safety and security in mind — our encrypted site protects your account and personal information.

It’s really that simple to get started on your goals with a HELOC. 

Adam Boyd, Head of Home Lending at Citizens, said, “We’ve completely reimagined the home equity borrowing experience.”

Important voices in the industry agree and echo this sentiment. We’ve been awarded “Best Customer Experience” for home equity loans by Money.com and by Bankrate in 2023 as “Best HELOC by a Bank.”

Here’s what you need to know about applying:

HELOC Requirements: What determines if you qualify

Before you start, these factors determine your eligibility:

Loan-to-value (LTV): This is the amount you owe on your home compared to your home’s value. The amount you owe should not exceed 80%.

Debt-to-income (DTI): This ratio is the amount of your monthly debts divided by what you make every month. The maximum DTI is 65%. Expect to provide documentation that verifies your income.

Good credit: A credit score of 680 is acceptable as long as you meet the other two requirements. Make sure to unlock your credit, if it’s frozen, for protection purposes.

Once you’re set on these basic requirements for a HELOC application, you’re ready for Citizens FastLine.

Applying with Citizens FastLine starts with your personalized offer

A streamlined HELOC application that meets the requirements could bring you much closer to accomplishing your goals. The entire Citizens FastLine process reduces the amount of paperwork usually required. According to Boyd, Citizens FastLine is meant to leverage modern technology and advanced analytics to deliver a much better experience.

Provided you have all the necessary information upfront, the steps involved in the application process can take as little as 2-3 minutes:

• Select if you’re applying alone or with a co-applicant.
• Enter personal details and contact information, e.g. name, date of birth, email, phone number.
• Select your property type and enter the property address.
• Tell us what your annual income is, along with any other sources of income.
• Input the last 4 digits of your Social Security number.
• Confirm your details to see your personalized offer.

Entering the details above to see your offer is non-committal, and will have no impact to your credit score. And keep in mind that your offer is personalized just for you.

Accepting your personalized offer

If you’re qualified for a loan and accept your offer, a Citizens Home Equity Specialist will contact you with a status update. It can take as few as seven days to close, and after closing, you have the standard three-day Right of Rescission. The Right of Rescission allows you to cancel or back out of a HELOC in case you change your mind, but this right is not applicable for second homes.

Accessing and managing your HELOC is much easier when you sign up for online and mobile banking* with Citizens. It allows you to get into your account digitally and transfer funds between other Citizens accounts if you are a customer. Banking with Citizens may also qualify you for our Automated Payment and Loyalty Discounts. If you complete the application online, you will also automatically be enrolled in monthly e-statements that keep you up to date.

Choose a better HELOC experience

Your hard work to build your home equity will finally pay off with a HELOC process that moves faster than industry standards. If you start now with Citizens FastLine, your personalized offer will let you know where you stand and how much money you can borrow. This process condenses the timeline to get your goals off the ground.

Ready to start your plans? Let us help. Click below to get your personalized offer.

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