Citizens Bank offering HELOC Fall Special with 0.25% Interest Rate Reduction

Citizens Bank logoA home equity line of credit can be an incredibly beneficial financial tool for homeowners. With a higher credit line and lower interest rate than the average credit card, a home equity line of credit (HELOC) can be used to responsibly borrow for major expenses. Financing a home renovation, funding a child’s college, or consolidating other consumer debt are all options for homeowners with access to a home equity line of credit. Before applying for a new HELOC, it’s helpful to shop around with different financial institutions to ensure you’re receiving the best rate and terms.

The Offer

Currently, Citizens Bank is offering an additional discount on new home equity lines of credit. Homeowners who apply on or before October 31, 2017, can receive an additional 0.25% interest rate reduction through Citizens Bank as part of its Fall Special promotion. The interest rate deduction could mean an interest rate as low as 3.50% for the most qualified homeowners on credit lines of at least $100,000.

The interest rate reduction offered by Citizens Bank can be added to a 0.25% reduction that is offered to homeowners who establish automatic payments from a qualified checking account. Automatic payments must be set up at the time the home equity line of credit established to receive the additional discount. The Fall Special promotion is only available to homeowners who do not currently have a Citizens Bank HELOC and who qualify based on creditworthiness, income, and the appraised value of the home.

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Citizens Bank allows homeowners with a home equity line of credit to borrow against the untapped credit limit for up to 10 years, after which time repayment begins. There are no application fees or closing costs with a Citizens Bank HELOC, so long as the property used as collateral is a single-family home, a condominium or a second vacation home. An annual fee of $50 is charged to the line of credit, but it is waived for the first year. If a home equity line of credit is closed within the first three years, Citizens Bank may assess a penalty of $350.

About Citizens Bank

Headquartered in Rhode Island, Citizens Bank has roots dating back to 1828 serving states located on the East Coast. Currently, the bank offers personal and business banking in addition to home equity products, as well as personal lending and wealth management services through more than 1,200 branch locations and 3,200 ATMs.

Homeowners interested in the Fall Special promotion from Citizens Bank may gather more information or apply by visiting a full-service branch location, contacting a lending specialist at 1-888-684-6615, or by visiting the bank online.

Posted on October 10, 2017 by in Home Equity Line of Credit, Mortgages,

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11/01/2017