Citizens offers HELOCs with APRs starting at 4.5% as of July 13, 2022, which was below the national average at that time. Citizens does not disclose how low of a credit score an applicant may have to qualify, however.
The bank does not charge an application fee or closing costs. And it offers a 0.25% interest rate discount for borrowers who make automatic payments from a Citizens checking account.
Loan Terms
Citizens offers HELOCs starting as low as $17,500; however, you must have a credit line of more than $200,000 to get the lowest APR available. The draw period is for 10 years, and the repayment period is 15 years. There are no fees, and some discounts are available, including for Citizens checking account customers. A $50 annual fee is waived during the first year of financing.
Not Available Nationwide
Citizens’ HELOCs are only available in the following areas: Connecticut, Delaware, Florida, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Virginia or Vermont as well as Washington, D.C.
How to Apply
Borrowers can start the application online, in person or by phone. Customer support by phone is available from Monday to Friday 7am-10pm ET, and Saturday to Sunday 9am to 6pm ET.
