*ASSUMPTIONS: The rate shown is an estimate of the lowest rate available based on the above
selected criteria and requires strong creditworthiness. This interest rate is variable and the monthly payment is an
interest-only payment that will change over the 10-year draw period. At the end of the 10-year draw period, your monthly
payment will increase, possibly significantly, as you will be required to pay principal and interest every month for a
15-year repayment period. If you pay more than the minimum payment each month it will reduce your outstanding principal
payments. Your actual rate may be different based on credit history and property value. Citizens Bank reserves the
right to modify interest rates at any time without notice. Such changes will only apply to applications taken after
the effective date of change.
Home Equity Line of Credit: As of 1/31/2017, our best rates are as follows:
- CT, DE, MA, MI, NH, NJ, OH, PA, RI and VT: Prime minus 0.50% (3.25% APR) for line amounts of $100,000 or more.
- NY: Prime minus 0.01% (3.74% APR) for line amounts of $100,000 or more.
Obtaining the best rate featured above requires the following criteria to be met:
- A new home equity line of credit application for line amounts of $100,000 or more.
- Line must be in first lien position.
- An initial draw of at least $25,000 at loan origination to qualify for the 0.25 percentage points discount.
- At origination, sign up to have your monthly payments automatically deducted from any Citizens Bank consumer checking account to qualify for the 0.25 percentage points discount.
- A loan-to-value (LTV) of 70% or less (80% or less in NY).
- Strong Creditworthiness
Variable Annual Percentage Rate (APR) based on The Wall Street Journal "Prime Rate" ("Prime") published on the last business day of the
month (3.75% APR as of 1/31/2017). Maximum APR 21%, (18% in NJ and PA). Minimum APR 2.50%.
1- to 4-family owner-occupied properties, condominiums, and 2nd / vacation home owner-occupied properties. Home equity line of credit
(HELOC) originated only on properties located in CT, DE, IL, IN, KY, MA, ME, MI, NH, NJ, NY, OH, PA, RI or VT. 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).
Rate and terms may change at any time and vary by property type, state where property is located,
loan amount, credit history, lien position, loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, credit score, and draw amount at closing.
Subject property ownership for a minimum of six months may be required and 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. Trust review fees ranging from $75 to $100, as well as recording fees ranging from $10 to $175, may apply
for properties held in trust. For accounts with power of attorney (POA), a POA recording fee ranging from $10 to $175 and a POA affidavit
fee ranging from $10 to $175 may apply. If your property is held by a business, a review fee may apply from $75 to $100. No annual fee
first year, then $50 per year. Pre-payment fee of $350 if closed within first 36 months. No pre-payment fee in NJ and PA.
Rates subject to change, and minimum line amounts apply.
Please call a Home Loan Originator or see a banker for more details. Draw not required to open an account.
Home equity lines of credit are available in first, second or third lien positions. Third liens are only available if
Citizens Bank is in second lien position. Consult your tax advisor regarding deductibility of interest.
Rates apply to new accounts and may not be applied to existing accounts. All accounts, loans, and services are subject to individual
approval. Offers may be withdrawn without notice.