A home equity line of credit can help you reach your financial goals, whether you’d like to renovate your kitchen, replace your roof or consolidate debt from other high rate balances. A Citizens Bank Home Equity Line of Credit gives you the security, stability, and confidence of a dependable source of funds.
Great low rates and manageable payments
Calculate the monthly payments and rate for your line amount
To determine your home’s value, use your best guess or find a home value estimator. We can also help you determine your home’s current worth.
Ex: If you have a property worth $200,000, and the total mortgage balances owed on the property are $120,000, then you have a total of $80,000 in equity.
LTV is used to determine how much you are eligible to borrow and is one of the factors used in determining your interest rate. A lender typically allows you to borrow up to 80% LTV. The lender will multiply the lower of the purchase price or the estimated market value by 80%, then subtract the outstanding liens on the property. The remaining balance represents your available equity. Keep in mind that LTV requirements may vary by state and lender.
Ex: Using the example from the FAQ above, if a lender typically allows you to borrow up to 80% LTV, then you would be eligible to borrow $40,000 in equity.