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             Home Equity Options
             
            

            

            

            

            

            

            

            

            

            Unlock the possibilities – and the value of your home
            

            With a home equity line of credit (HELOC) or home equity loan, you can get the affordable cash you need to reach life's goals.
            

            

            

            

            

            

            

            



            

            

            What are the major differences between a Loan and Line of Credit?
            Home Equity Line of Credit (HELOC)
            

            Great news! Our rates dropped! Now is the perfect time to apply for a Citizens Bank Home Equity Line of Credit.
            

              

            • Variable interest rate that adjusts with Prime Rate Prime Related Rate

              

              
Prime Related Rate - It’s a benchmark set and used by financial institutions to determine how much interest to charge. Want to Learn More? 
              

              • 

            • Lower monthly payments during the 10- year draw (borrowing) period with an interest only payment option
              • 

            • Easy access to funds with Online, Mobile Banking or checks1
              • 

            • Flexibility to borrow and repay funds over and  over again
              • 

            • Ideal for home renovations, education expenses, supporting family, emergency expenses
              • 

            • Available for first and second lien positions
              • 

            • Easy online application
              • 

            
Learn More Ready to Apply? Click Here


            

            Home Equity Loan
            

            Our standard home equity loan is a smart and affordable way to make a one-time purchase - and get the assurance of predictable monthly payments.
            

              

            • Fixed interest rate means fixed monthly payments of principal and interest for the life of your loan
              • 

            • Receive funds in a lump sum
              • 

            • Available for second lien position, meaning you have an existing mortgage, loan, or line on your property and do not intend to pay it off with this new loan
              • 

            • Ideal for car purchases, vacations, debt consolidation, or any other one-time purchase
              • 

            
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Home Equity Line of Credit

            

            

            

            

            Home Equity Line of Credit
            

            A home equity line of credit (HELOC) functions similarly to a credit card, use what you need, when you need it. 
            


	Calculate Now


            
	Find out your estimated rate and payments with our Home Equity Line of Credit Calculator.
            

            
Apply Now
            

            

            

            

            

            

            

            

            


            

            

            

            

            

            
Home Equity Loan

            

            

            

            

            Home Equity Loan Benefits
            

            Our standard home equity loan can be used for the same purposes as a line of credit. The main difference is funds are given in one lump sum and a loan has a fixed  interest rate and fixed monthly payment.  Note, the rates and terms listed in this table are for loans in the second lien position, meaning you have an existing mortgage, loan, or line on your property and do not intend to pay it off with this new loan.
            
 Get Started 
            

            

            

            

            

            

            

            

            10 Year Terms
            

            

            
10 Year Terms 

            
Loan AmountTermAPR*

            
             


            
$10,000 - $49,999
10 Years
View Rates >

            

            
$50,000 - $99,999
10 Years
View Rates >

            

            
$100,000 - $399,999
10 Years
View Rates >

            

            
$400,000+
10 Years
View Rates >

            
            

            

            

            

            15 Year Terms
            

            

            
15 Year Terms 

            
Loan AmountTermAPR*

            
             


            
$10,000 - $49,999
15 Years
View Rates >

            

            
$50,000 - $99,999
15 Years
View Rates >

            

            
$100,000 - $399,999
15 Years
View Rates >

            

            
$400,000+
15 Years
View Rates >

            
            

            

            

            

            20 Year Terms
            

            

            
20 Year Terms 

            
Loan AmountTermAPR*

            
             


            
$10,000 - $49,999
20 Years
View Rates >

            

            
$50,000 - $99,999
20 Years
View Rates >

            

            
$100,000 - $399,999
20 Years
View Rates >

            

            
$400,000+
20 Years
View Rates >

            
            

            

            

            *Rates listed above include all discounts and are effective as of  #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=currentDate# and subject to change at any time. For important additional information including how to obtain these rates, see full disclosures below.
            

            

            

            

            

            

            

            

            

            

            

            

            

            


             
            

            What to Know About Home Equity Options
            

            

            

            

            

              

            • 

              
What are the differences between a home equity loan and a home equity line of credit?

              The main differences are:
              

                

              • A home equity loan has a fixed rate. A line of credit has a variable interest rate that adjusts with the Prime Rate.
                • 

              • With a home equity loan, you make fixed payments of principal and interest. With a home equity line of credit, you are only required to make interest payments during the draw period.
                • 

              • With a home equity loan after closing, you get the entire loan amount in one lump sum. By contrast, a line of credit is available for a long-term draw period, which you can access with home equity line of credit checks or through online banking. If you pay down the principal during your draw period, you can borrow that principal again if you want to.
                • 

              

              

              • 

            • 

              
What is the difference between a fixed rate and a variable rate?

              Understanding rates is important when you're trying to understand what a home equity loan is and how it is different from a line of credit. Fixed-rate home equity loans have interest rates that don't change during the life of the loan. Variable-rate home equity lines of credit have rates that are linked to an index, such as  Prime

              

              
Prime Related Rate - It's a benchmark set and used by financial institutions to determine how much interest to charge. Want to Learn More?
              
or  LIBOR

              

              
 Stands for the London Interbank Offered Rate. The British Bankers Association uses information gathered from a survey of multiple lending institutions to determine LIBOR rates. 
              
and therefore can change over time.
              

              • 

            • 

              
Do I need to get a home appraisal?

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

              • 

            • 

              
What will my rate be?

              There's no way to say what your exact interest rate will be on your home equity loan or line of credit until your application is completed, but our Home Equity Line of Credit calculator can help you 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 loan or line amount, to name a few.
              

              • 

            • 

              
What amounts are included in my monthly payments?

              Home equity lines of credit require interest-only payments during the draw period. However, you can pay both interest and principal if you choose. 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. Home equity loans are paid in full over the life of the loan, in equal monthly payments that contain both principal and interest. For both home equity products, you can always make additional payments toward principal. Use our calculator to help estimate your monthly payment.
              

              • 

            

            

            

              

            • 

              
What are the differences between a home equity loan and a home equity line of credit?

              The main differences are:
              

                

              • A home equity loan has a fixed rate. A line of credit has a variable interest rate that adjusts with the Prime Rate.
                • 

              • With a home equity loan, you make fixed payments of principal and interest. With a home equity line of credit, you are only required to make interest payments during the draw period.
                • 

              • With a home equity loan after closing, you get the entire loan amount in one lump sum. By contrast, a line of credit is available for a long-term draw period, which you can access with home equity line of credit checks or through online banking. If you pay down the principal during your draw period, you can borrow that principal again if you want to.
                • 

              

              

              • 

            • 

              
What is the difference between a fixed rate and a variable rate?

              Understanding rates is important when you're trying to understand what a home equity loan is and how it is different from a line of credit. Fixed-rate home equity loans have interest rates that don't change during the life of the loan. Variable-rate home equity lines of credit have rates that are linked to an index, such as  Prime

              

              
Prime Related Rate - It's a benchmark set and used by financial institutions to determine how much interest to charge. Want to Learn More?
              
or  LIBOR

              

              
 Stands for the London Interbank Offered Rate. The British Bankers Association uses information gathered from a survey of multiple lending institutions to determine LIBOR rates. 
              
and therefore can change over time.
              

              • 

            • 

              
Do I need to get a home appraisal?

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

              • 

            • 

              
What will my rate be?

              There's no way to say what your exact interest rate will be on your home equity loan or line of credit until your application is completed, but our Home Equity Line of Credit calculator can help you 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 loan or line amount, to name a few.
              

              • 

            • 

              
What amounts are included in my monthly payments?

              Home equity lines of credit require interest-only payments during the draw period. However, you can pay both interest and principal if you choose. 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. Home equity loans are paid in full over the life of the loan, in equal monthly payments that contain both principal and interest. For both home equity products, you can always make additional payments toward principal. Use our calculator to help estimate your monthly payment.
              

              • 

            

            

            

            

            

            Still looking for more information? 
            
Check out our FAQs section.

            

            

            

            

            

            

            

            Home Loan Originator NMLS Status
            

            Our Home Loan Originators are registered with the Nationwide Mortgage Licensing System and Registry (NMLS). Check your loan originator's status here.
            

            

            

            Before You Apply Checklist
            

            Helpful things to know to make applying easier.
            

            

            

            

            

            

            

            

            
Questions? Ask a Citizen.

            

            
Questions? Ask a Citizen.

            

            

            
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            Home equity lines of credit are offered and originated by Citizens Bank, N.A. (NMLS ID# 433960).
            

            Rate and terms are subject to change and credit approval.
            

            * Home Equity Line of Credit: 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=HLS_VARIABLE_APR# APR as of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_last_day#). Maximum APR 21%. Minimum APR 2.50%.
            

            The best rate in CT, DE, MA, MI, NH, NJ, OH, PA, RI and VT is Prime -0.50% (#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_HELOC_APR_OTHER# APR) and in NY the best rate is Prime -0.01% (#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_HELOC_APR_NY# APR).
            

            Obtaining the best rate requires the following criteria to be met: 1) A new home equity line of credit application, 2) A line amount of $100,000 or more, 3) Line must be in first lien position, 4) Having a Citizens Bank consumer checking account, set up with automatic monthly payment deduction at the time of origination, 5) A loan-to-value (LTV) of 80% or less, and 6) Strong creditworthiness.
            

            References to rate percentages and/or rate percentage discounts throughout this web page mean percentage point/percentage point discount.
            

            The monthly payment example is based on a home equity line of credit for $100,000 at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_HELOC_APR_OTHER# APR (Prime -0.50%) and an interest-only monthly payment for the first 10 years. In NY the monthly payment example is based on a home equity line of credit for $100,000 at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_HELOC_APR_NY# APR (Prime -0.01%) and an interest-only monthly payment for the first 10 years. This interest rate is variable and the monthly payments will change over the 10 years. 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. 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.
            

            Eligible properties include owner-occupied 1- to 4- family properties, condominiums, and 2nd/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 CT, DE, IL, IN, KY, MA, MI, NH, NJ, NY, OH, PA, RI or VT. 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 ninety days prior to application. Property insurance required. Flood insurance may be required. No annual fee for the first year, then $50 per year thereafter during the Draw Period. Pre-payment fee of $350 if closed within the first 36 months. Minimum line amounts apply. Citizens Bank offers Home Equity Lines of Credit as low as $17,500, but terms may vary.
            

            FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
            

            Home Equity Loan: All Annual Percentage Rates (APRs) assume payment by auto-deduction from Citizens Bank consumer checking account. Rate and terms may change at any time. Offer subject to change without notice. Not available for homes currently for sale. Homes previously listed for sale must be off the market for at least ninety days prior to application. Property cannot be an investment property, co-op, mobile home or manufactured housing (mobile homes - including those on own land, on permanent foundation, and including single and double wide). Property insurance required. Flood insurance may be required. All accounts and services subject to individual approval. Consult your tax advisor regarding deductibility of interest.
            

            Second Lien Position: The following rates are our best rates for a 10-year term. Other rates and terms available. As of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_date#,  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_APR_OTHER# APR is available for qualifying properties in CT, MA, NH, RI, and VT,  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_APR_DE# APR is available for qualifying properties in DE, #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_APR_NJ_PA# APR is available for qualifying properties in NJ and PA,  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_APR_NY_OH# APR is available for qualifying properties in NY and OH, and  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_APR_MI# APR is available for qualifying properties in MI and IL, with a loan-to-value (LTV) of 70% or less for loans of  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_LOAN_AMT_LO# to  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_LOAN_AMT_HI#, with auto-deduction from Citizens Bank consumer checking account and a 10-year term. An equity loan of  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_LOAN_AMT_LO# with a 10-year term at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_APR_10YR# APR results in 120 monthly payments of  			#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_2ND_LIEN_REPAYMENT#. Your actual APR may be higher based on a review of your credit application. 1 to 4-family owner-occupied properties only. Rate and terms may change at any time and vary by property type, loan amount, credit history, lien position, loan-to-value (LTV) ratio, debt-to-income (DTI) ratio and FICO score. Second lien position home equity loans are currently only available to customers who have an outstanding loan (first lien position) on their property and do not intend to pay it off with this new loan. We do offer home equity loans in third lien position. Third liens are only available if the bank is in second lien position.
            

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