PERSONAL LOANS | HELOC
THE SMART PLACE TO BORROW? YOUR PLACE.
You’ve put a lot into your home. Isn’t it time for your home to return the favor? Get one loan in an easy-to-use and access line of credit for all your goals whether you want to upgrade your home or your life. Unlock the possibilities using your home equity today with a special introductory rate and no closing costs unless an appraisal is needed. To apply, contact your local The Citizens Bank branch, reach out to a Citizens mortgage lender directly or call 1-800-397-0344.
WANT LOWER RATES? PUT AWAY THE CREDIT CARD AND TAP INTO YOUR HELOC.
Get fast and flexible access to cash for home improvements, large purchases and more with a variable rate Home Equity Line of Credit (HELOC). Access funds when you need them, plus you can withdraw only what you need and your equity replenishes as you repay.
COMMON QUESTIONS
How do I take advantage of the HELOC promotion offer?
The current HELOC promotional offer is only available for “new” Home Equity Line accounts in excess of $10,000 and is a limited time offer. Thereafter, your APR is a variable rate based upon the prime rate as published in The Wall Street Journal plus a margin based on your creditworthiness and other credit criteria. This offer is available with no closing costs unless an appraisal is needed. To apply, visit your local branch or connect with a local lender.
What is a HELOC?
A HELOC, or Home Equity Line of Credit, is a revolving line of credit secured by your home, allowing you to borrow against the equity you’ve built, similar to a credit card, but with potentially lower interest rates. You can draw money from the HELOC as needed, up to a set credit limit, and only pay interest on the amount you borrow.
How is a HELOC different from a home equity loan?
HELOCs and home equity loans are similar in that you’re borrowing against your home equity. But a home equity loan typically gives you a sum of money at once, while a HELOC is a revolving line of credit.
What can I use my HELOC for?
One of the advantages of a HELOC is its versatility in terms of usage. You can use the funds to purchase or pay for nearly anything such as home improvements, to consolidate debt, to cover unexpected expenses or to take that dream summer vacation. There are a few restrictions on how the funds provided through this line of credit can be spent. This is a major benefit of a HELOC as compared to loans that may only be used for a specific purpose.
How much can I borrow with a HELOC?
The maximum loan to value is 89.9% on 1st lien and 80% on 2nd lien HELOCs.
How does the prime rate affect my HELOC rate?
After the six-month introductory period, the prime rate has considerable influence over a Home Equity Line of Credit. A HELOC is usually tied to this benchmark figure, which impacts both borrowing power and the real dollars paid in interest. For example, the month-over-month interest repayment typically required during the draw period can fluctuate up or down in sync with the prime rate.
How do I access my HELOC funds?
You can access your HELOC funds through online or mobile banking transfers or checks drawn against the HELOC.
What happens if I sell my house?
Having a HELOC doesn’t prevent you from selling your house. When a home is sold, a HELOC must be paid off, along with any other debts secured by the property. Outstanding HELOC balances are typically settled during the closing, out of the sale proceeds.
Important Information:
*APR=Annual Percentage Rate. Offer is only available for “NEW” Home Equity Line accounts in excess of $10,000. Introductory rate and term are as follows: Fixed APR of 3.99% for 6 months. Thereafter, your APR is a variable rate based upon the prime rate as published in The Wall Street Journal plus a margin based on your creditworthiness and other credit criteria. Rates and terms are subject to change. Prime rate is 7.00% until December 31, 2026. The minimum APR is 3.99% and the maximum APR is 15%. Maximum loan to value is 89.9% on 1st lien and 80% on 2nd lien HELOCs. Closing costs are paid by the bank excluding Appraisal, and when needed that cost ranges from $350 to $1,500. Property insurance is required, including flood insurance where applicable. The credit limit established will be based on the amount of lendable equity in your home. Some restrictions may apply. The Citizens Bank may refuse this extension of credit based on other criteria. Subject to credit approval. Limited time offer.