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  Citizens Bank Home Equity Line of Credit

Citizens Bank Home Equity Line of Credit

in Home Equity Lines of Credit from Citizens Bank

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Citizens Bank Home Equity Line of Credit

Unaffiliated

in Home Equity Lines of Credit from Citizens Bank

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Highlights
Highlights
Loan Amount N/A
APR  (Variable APR) 2.5% - 21%
Maximum LTV 80%

Citizens Bank Home Equity Line of Credit Review

Citizens Bank Home Equity Line of Credit is offered by Citizens Bank, a bank founded in 1828 and based in Providence, RI. Citizens Bank Home Equity Line of Credit is available in 11 states across the USA.

Citizens Bank Home Equity Line of Credit FAQ

What are the terms for a Citizens Bank Home Equity Line of Credit?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Citizens Bank Home Equity Line of Credit offers home equity loans with terms ranging from 25 to 25 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Citizens Bank Home Equity Line of Credit offer?

Citizens Bank Home Equity Line of Credit offers APRs starting at 2.5% and up to 21%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What is the estimated funding time for a home loan via Citizens Bank Home Equity Line of Credit?

Citizens Bank Home Equity Line of Credit will typically fund home equity lines of credit within 45 and days of approval.

What fees does Citizens Bank Home Equity Line of Credit charge for a HELOC?

Citizens Bank Home Equity Line of Credit may charge a loan origination fee. Expect an initial processing fee of $0. There is also an annual fee of $50.

What types of property can you use as security for a HELOC with Citizens Bank Home Equity Line of Credit?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Citizens Bank Home Equity Line of Credit will consider lines of credit secured by the following property types:

  • Primary homes.
  • Secondary homes and vacation properties

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Availability

  Available in 11 states
  • Connecticut
  • Delaware
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Vermont

Feature Breakdown

Initial Processing Fee $0
Annual Fee $50
Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted Co-borrower
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Maximum LTV 80%
Draw Period 10 years
Funding Time Range Starting at 45 days
Repayment Period 15 years
Loan Term 25 years
APR (Variable APR) 2.5% - 21%
Interest Rate Types Offered Adjustable-Rate Mortgage (ARM)

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