Competitive interest rates and low fees
Citizens Bank HELOC – The Flexible Home Equity Line of Credit You Need!
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With its flexible draw period and repayment options, this home equity line of credit is designed to meet the needs of homeowners who need access to cash for major expenses. With competitive interest rates and low fees, the Citizens Bank HELOC is the ideal choice for homeowners who want to get the most out of their home’s equity.
With its flexible draw period and repayment options, this home equity line of credit is designed to meet the needs of homeowners who need access to cash for major expenses. With competitive interest rates and low fees, the Citizens Bank HELOC is the ideal choice for homeowners who want to get the most out of their home’s equity.
Don't miss out on the benefits of the Citizens Bank HELOC! With its competitive interest rates, flexible repayment options, and low fees, this home equity line of credit is ideal for homeowners who need access to cash for major expenses. To learn more about the benefits of the Citizens Bank HELOC, explore the information provided below.
A Home Equity Line of Credit (HELOC) works as a revolving line of credit secured by the equity you have in your home. You can borrow up to a certain amount of money during a set period of time, known as the draw period, which typically lasts 10 years. During this time, you can withdraw funds as needed and pay interest only on the amount you’ve borrowed. After the draw period ends, you’ll enter a repayment period, typically lasting 20 years, during which you’ll make monthly payments on both the principal and interest.
To qualify for a Citizens Bank HELOC, you must have a minimum credit score of 680, a maximum loan-to-value (LTV) ratio of 80%, and a minimum annual income of $50,000. You must also own a primary residence or second home in one of the states where Citizens Bank operates, including Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.
Citizens Bank offers HELOCs ranging from $17,500 to $2 million, depending on your creditworthiness, income, and home equity. Your maximum borrowing amount will also be based on your LTV ratio, which is calculated by dividing the outstanding mortgage balance plus the amount you want to borrow by the appraised value of your home. For example, if your home is appraised at $500,000 and you have a mortgage balance of $300,000, your LTV ratio would be 60%.
Apply for the Citizens Bank HELOC
Interested in a home equity line of credit from Citizens Bank with flexible terms? Learn how to apply for Citizens Bank HELOC!
Looking for another option? Check out the Figure Home Equity Line of Credit for your best alternative!
Apply for Figure Home Equity Line of Credit
Applying for the Figure Home Equity Line of Credit is quick and easy, and you can complete the process entirely online. Check out!
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