Citizens Bank: 2022 Home Equity Review

Citizens Bank serves individual customers and small to large businesses. Known for its diverse workplace, the Providence, Rhode Island-based financial institution is committed to contributing to a healthy and thriving community.

Citizens Bank logo

Citizens Bank

Citizens Bank offers mobile banking, online banking and customer service over the phone 24/7. It also has branches in 14 states and the District of Columbia for those who prefer in-person service.

Under it home equity division, Citizen Bank offers two types of home equity lines of credit, or HELLOs: A standard HELOC and Citizen GoalBuilder HELOC.

Citizens Bank: In a moment

Types of loans offered


Citizen GlobalBuilder HELOC

APR range

Starting at 6.25%

Starting at 6.25%

Loan amount

Starting at $17,500

$5,000 to $25,000

Credit score requirements



repayment terms

Draw period 10 years, repayment period 15 years

Draw period 10 years, repayment period 15 years


$50 annual fee after the first year


Average time for approval

it varies, but generally less than 30 days

it varies, but generally less than 30 days

What we like

Two HELOC options: Citizens has a standard HELOC and a GoalBuilder HELOC for smaller loan amounts if you’re still working to build your home equity.

Minimum cost: Residents waive most or all closing costs for HELOC applications. It also waives the $50 annual fee for the first year, and there is no annual fee for the GoalBuilder HELOC.

Low start cost: If you play your cards right, the annual percentage rate, or APR, on your HELOC can be as high as 6.25%. Starting interest rates for Resident HELOCs are fairly low with the help of autopay discounts and good credit scores.

What we do not like

Inflexible payment terms: There is only one option for repayment, so you don’t have the flexibility to choose what works best for you.

Only available in some states: Citizens Bank only serves eligible properties 29 states and the District of Columbia. You cannot apply for a HELOC if your property is outside the state.

Not available for certain types of properties: Mobile homes, manufactured homes, cooperatives and investment properties are not eligible for Resident HELOCs.

Home equity loan options

Citizens Bank’s two HELOC options both have a 10-year draw period and a 15-year repayment period. During the draw period, you can borrow as much (or as little) as you need up to your limit. Once you enter the repayment period, your balance will be converted into monthly principal-and-interest payments to repay over 15 years.

GoalBuilder HELOCs are different from standard HELOCs because they are built for individuals who are still working to build equity in their home. These HELOCs are for smaller amounts (between $5,000 and $25,000), while the standard HELOCs offered by Citizens allow consumers to borrow larger amounts.

Interest rates for both types of HELOCs start at 6.25% APR. To qualify for the lowest level requires discount rates to use autopay and have a Citizens customer checking account.


You can expect minimal fees with home equity products at Citizens Bank. Standard HELOCs have no setup or appraisal fees. The annual fee of $50 is also waived in the first year. After that you will be charged an annual fee every year on the anniversary of your account opening.

There is no annual fee for the Citizen GoalBuilder HELOC.

How qualified

Citizen Bank looks like three factor To determine if you qualify for a HELOC: Credit history, loan-to-value, or LTV, ratio and debt-to-income, or DTI, ratio.

While you credit score It should not be unusual to qualify for a loan, the better your score, the better your rate will be. Residents want to see that you are willing to pay your debts and pay them on time. Like many lenders, Citizens Bank allows you to have an LTV of up to 80%. However, these requirements may vary depending on the situation.

Your property must also meet certain requirements to qualify. This property must be occupied by you or as a second holiday home. It cannot be an investment property, but can be owned by one to four families as long as you live there. Your property must also be located in one of the 29 states and the District of Columbia that Citizens Bank services. Finally, the property is currently not for sale and it must be off the market for at least 90 days before you can apply for a home equity product with the bank.

Start up

Using it online application or call 888-333-1206 for a customer service representative to walk you through the application process. To apply online, click the “Apply Now” button. You will then be directed to the online application portal where you will be guided step by step. If you prefer to apply in person, schedule an appointment at a local branch.

Whether you apply online or in person, make sure you have the necessary information before you begin the application process. You will need personal information including your name, contact and key details about your property such as address and DTI. You will also need your employment and income information.

Once you submit your application, a Home Loan Starter will contact you within one business day to verify the details of your application and help you understand the next steps. Once the Resident has reviewed your application, you may need to receive a home appraisal.

Approval for a HELOC is based on factors such as your credit score, the amount requested and your ability to repay. If approved, you can expect your money in 30 days.

Customer service

You can speak with a Citizens Bank home equity advisor via phone or by visiting a local branch. The home equity and bank loan application team is available by phone at 800-340-5626. The Consumer Financial Services department can be reached at 800-708-6680, Monday through Friday from 4 am to 7 pm PT or Saturday and Sunday from 6 am to 3 pm PT.

To chat with someone at a local Citizen Bank branch, find the nearest office on its website. It is recommended that you schedule an appointment to speak with an advisor in person.

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