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.

Get your personalized variable rate, with no impact to your credit score, via Citizens FastLine^® before accepting your offer and completing your application. Your interest rate is based on factors such as your credit history (FICO^® score) and ability to repay, the value of your home and the line amount, to name a few.

It could take as little as 2 weeks from application to funding, but that can vary depending on your individual situation.

The choice is yours: you can make interest-only payments during the draw period, or you can choose to pay both interest and principal during this period. But 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.

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