Empower your life with a HELOC
Your home is many things—shelter, gathering place, comfort zone. It’s also one of your most valuable assets. With a Home Equity Line of Credit (HELOC), you can tap into the equity you’ve built up in your home to take care of projects, debt consolidation, and pay for big-ticket items.
Get inspired! With a HELOC, you’re ready to achieve your life goals.
Wherever you are in your journey, a HELOC can help
What do you need money for?
Home
Renovations
Education
Costs
Rainy Day
Expenses
Explore Rainy Day Expenses
Big Life
Goals
Benefits of a HELOC
Using a HELOC can be a smart financial move
Low rates
- Variable interest rates on HELOCs tend to be lower than those on credit cards and personal loans.
- The interest you pay may be tax deductible if you’re using your HELOC to buy, build or substantially improve the home that secures your loan.
- Talk to a tax advisor to learn more about the deductions.
Flexibility
- Draw against your line over time and only pay back what you use. It’s there when you need it.
- Borrow small amounts, a few large ones or whatever works best for your needs.
Simplicity and speed
- With Citizens FastLine®, our digital application process, you can enjoy a simple, straightforward experience that allows you to get a HELOC faster and with less paperwork.
- Receive a personalized, low-rate offer in 2-3 minutes and start funding your goals in as little as 2 weeks.
HELOC Basics
What is a HELOC?
How is equity determined?
How does a HELOC work?
What can I use a HELOC for?
HELOC Basics
What is a HELOC?
A HELOC is a revolving line of credit, similar to a credit card, that’s secured by the equity you’ve built up in your home.
How is equity determined?
How does a HELOC work?
What can I use a HELOC for?
HELOC Basics
What is a HELOC?
How is equity determined?
Subtract the amount you owe on your first mortgage from the value of your home. Many lenders will let you borrow up to 85% of this value.
For example, if you have property worth $400,00 and the total mortgage balances owed on the property are $200,000, then you have a total of $200,00 in equity.
How does a HELOC work?
What can I use a HELOC for?
HELOC Basics
What is a HELOC?
How is equity determined?
How does a HELOC work?
You’re approved for a set amount of credit that you can use over time. You can draw funds when you need them during a set period, and you only pay back what you use.
What can I use a HELOC for?
HELOC Basics
What is a HELOC?
How is equity determined?
How does a HELOC work?
What can I use a HELOC for?
What do you need or want? A HELOC is a great way to pay for home improvements, education, unexpected costs or whatever matters most to you. You can also use a HELOC to consolidate your existing high-interest balances into a single monthly payment—at a much lower interest rate.