Variable rates as low as: 6.70% APR
There's no better time to apply. As interest rates drop, so does the rate on your variable rate HELOC.
A Citizens Home Equity Line of Credit offers many benefits
What you can do with a Home Equity Line of Credit
Home renovation
Increase your home value and enjoyment with a dream renovation.
Debt consolidation
Save money by consolidating debt into a lower monthly payment.
Pay for education
From kindergarten to college, a HELOC can help you and your family pay for education.
Make large purchases
Enjoy the flexibility to pay for vacations, big-ticket items or unexpected costs.
Home Equity FAQs
LTV stands for loan-to-value. It is the total amount of liens on the property divided by its fair market value.
LTV is used to determine how much you are eligible to borrow and is one of the factors used in determining your interest rate. A lender typically allows you to borrow up to 80% LTV. The lender will multiply the lower of the purchase price or the estimated market value by 80%, then subtract the outstanding liens on the property. The remaining balance represents your available equity. Keep in mind that LTV requirements may vary by state and lender.
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.
We almost always require an appraisal to qualify for a home equity line of credit. After we review your application and collateral information, we will determine the type of appraisal needed and talk to you about how it will get done at no cost to you.
There's no way to say what your exact interest rate will be on your home equity line of credit until your application is completed, but we will give you our best 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 line amount, to name a few.
Typically, it takes under 30 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.
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^ Variable Annual Percentage Rate: Variable Annual Percentage Rate ("APR") based on The Wall Street Journal Prime Rate ( Prime ) published on the last business day of the month, (#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=PRIME_RATE# APR as of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=PRIME_RATE_DATE#). Maximum APR 21%. Minimum APR 2.50%. Our best rate, including all rate discounts, cannot be lower than 2.50% APR.
Eligible properties include owner-occupied 1-to 4-family properties, condominiums and second/vacation homes. Ineligible properties include, but are not limited to: investment property (defined as non-owner-occupied property), a co-op, mobile home or manufactured housing. Property must be located in AL, AR, CT, DC, DE, FL, GA, IA, IL, IN, KY, MA, MD, ME, MI, MN, NC, NE, NH, NJ, NY, OH, OK, PA, RI, SC, SD, TN, VA or VT. Rate and terms are subject to change and credit approval. Home equity lines of credit are available in first or second lien positions. Not available for homes currently for sale. Homes previously listed for sale must be off the market for at least 90 days prior to application. Property insurance required. Flood insurance may be required. Citizens offers Home Equity Lines of Credit as low as $17,500, but terms may vary.
No annual fee for the first year, then $50 per year thereafter during the draw period. The Annual Fee is waived for the Citizens Home Equity Line of Credit if you have a Citizens Private Client™, Citizens Private Bank™ or Citizens Quest® Checking account open and active at the anniversary of your Credit Line when the Annual Fee would be assessed. If you do not meet this requirement, the Annual Fee of $50 will be charged to your Credit Line Account.
Legal Disclosure: Home Equity Lines of Credit are offered and originated by Citizens Bank, N.A. (NMLS ID# 433960) All loans are subject to approval.
Best Rate Requirements: Obtaining the best rate requires, but is not limited to, meeting the following criteria: 1) A new home equity line of credit application, 2) A line amount of $200,000 or more, 3) Line must be in first lien position, 4) A loan-to-value (LTV) of 80% or less, 5) Strong creditworthiness, and 6) At the time of origination, having a Citizens consumer checking account set up with automatic payment deduction for monthly home equity line of credit payments.
Interest-only payments disclosure: The interest rate is variable, and the monthly payments will change over the 10 years depending on changes to the Prime Rate. At the end of your 10-year draw period, your balance will be converted to a principal and interest monthly payment with a 15-year repayment period. If you select interest-only payments, 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.
Wireless: Wireless carrier, text, and/or data charges may apply.
FICO disclosure: FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
