First Citizens Bank offering HELOC with 2.74% Introductory APR for 12 Months

First Citizens Bank logoCountless homeowners use the equity in their homes to fund some of life’s major expenses, like paying for college tuition for a child or grandchild, completing a home renovation or remodel, or consolidating high-interest debt. While a home equity line of credit can be a smart way to achieve these financial goals, homeowners should be sure they are receiving the most affordable home equity product available, so it’s always a good idea compare home equity line of credit offers from multiple lender. Home equity lines of credit which carry low interest rates for a set period give homeowners the upper hand when borrowing against the value of their homes to cover large expenses.

Promotional Offer Details

Currently, First Citizens Bank is offering a home equity line of credit with an introductory interest rate as low as 2.74% for the first 12 months. Once the introductory period ends, borrowers receive an interest rate as low as 4.25%. Both the introductory rate and the rate offered after the promotional period ends are variable, so may fluctuate over time based on the Prime Rate plus or minus a margin set by First Citizens Bank.

Homeowners eligible for the lowest possible interest rate must take out a new home equity line of credit with a credit line of at least $25,000. Additionally, an initial draw of at least $15,000 must be taken from the line of credit within the first 12 months after establishing an account. Homeowners with a loan-to-value ratio of 80% or less may qualify for the lowest possible interest rate; those with a higher loan-to-value ratio will be offered an interest rate that includes a 0.50% premium.

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All borrowers listed on a new home equity line of credit through First Citizens Bank will be evaluated based on their credit history and score. Once approved, homeowners may owe closing costs ranging from $150 and $1,500, depending on the location of the property and the amount of the credit line.

About First Citizens Bank

First Citizens Bank is headquartered in North Carolina but serves customers spanning 18 states. With more than 100 years of banking experience, First Citizens Bank offers a variety of deposit, lending, personal, and business banking products across 500 full-service branch locations and a network of fee-free ATMs.

Contact Information

Homeowners interested in the home equity line of credit offered by First Citizens Bank may gather additional information or apply by visiting a branch location, calling a customer service representative at 1-888-323-4732, or by visiting the bank online.

Posted on August 9, 2017 by in Home Equity Line of Credit, Mortgages,

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