Citizens HELOC Rates in 2025

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Citizens Bank is a strong option for homeowners looking for a home equity line of credit, especially if you’re already a customer or want to avoid additional fees like prepayment penalties or closing costs that can increase the total cost of the loan.

In this guide, we’ll cover what Citizens Access offers, how its rate and fees stack up, who qualifies, and how it compares to other lenders. 

Is Citizens Bank the Right Fit for You?

If you’re wondering if Citizens is the right choice for you, here’s a few considerations that can help:

Ideal for:

• Customers who may want to pay off their loan early if possible. 
• Customers who want a 15-year repayment period. 
• Existing customers who can take advantage of the CitizensPlus Loyalty Program. 
• Customers who may not qualify for other HELOCs. 

Not ideal for:

• People with credit scores under 620. 
• People who need access to funds within two weeks. 

Pros and Cons of Citizens’ Home Equity Products

There are both pros and cons of Citizens’ home equity products, including their home equity line of credit products. 

Pros

• No closing costs.
• No prepayment penalties. 
• Rate discounts and waived fees available for loyalty members. 
• Flexible draw options. 
• Customer-friendly mobile app and payment options for ease-of-use. 

Cons

• There’s a 15-year repayment period, which can mean higher monthly payments compared to 20-year repayment periods. 
• Must have a good credit score. 
• Funding can be available in as little as two weeks, which may be longer than some alternatives.  

What Types of Home Equity Products Does Citizens Offer?

Citizens offers several home equity products. Let’s review each.

Home Equity Line of Credit (HELOC) 

The Home Equity Line of Credit (HELOC) offers the following:

• Variable rate based on factors like your financial history and current credit score.
• Can borrow up to 80% of your home’s loan-to-value (LTV). 
• 10-year draw period, 15-year repayment period. 
• Must have a credit score of 680. 

GoalBuilder HELOC 

Citizens’ GoalBuilder HELOC may be a good option for borrowers who don’t qualify for their traditional line of credit. Key details include:

• Borrow $5,000-$25,000. 
• No application fees, prepayment penalties, or closing costs.
• 10-year draw period and 15-year repayment period. 
• Rates that are typically lower than credit card or home equity loan rates. 
• Must have a credit score of at least 620 to qualify. 

What Rates and Discounts Can You Get?

It’s important to remember that HELOCs have variable interest rates, which means they fluctuate along with prime rates and are influenced by economic conditions and the Federal Funds Reserve. 

The typical APR range is as low as 2.5% APR and as high as 21% APR. The most recent published rate was 7.5% APR on December 31, 2024. 

Their HELOC does come with a $50 annual fee, though this is waived the first year. 

There are discounts available, which include: 

• Waived $50 annual fee for CitizensPlus members,
• .25% rate discount for auto-pay. 

Are There Fees or Closing Costs?

One of the biggest benefits of Citizens Bank is that they don’t charge fees or closing costs the way some other lenders do. 

For their HELOC, there are:

• No application fees. 
• No closing costs, though you may have to pay for an appraisal or title fees.
• No prepayment or early closure fees.
• A low annual fee of $50 after the first year, though this is waived for CitizensPlus members. 

Who Qualifies for a Home Equity Product?

To qualify for a home equity product through Citizens, you’ll need to meet the following requirements: 

• Credit score: Minimum 680 for traditional HELOC, 620 for GoalBuilders. 
• Equity requirement: Typically 20%. 
• Other requirements:
  • Proof of income, including recent pay stubs, bank statements, and tax returns. 
  • Low debt-to-income ratio.

If you’re self employed, you may need to submit additional proof of income, including additional years of tax returns, profit and loss statements, and business bank statements. 

What’s the Application Process Like?

The application process is incredibly efficient, thanks to Citizens FastLine process. You can apply in a few minutes, and can close in as quickly as seven days if underwriting goes smoothly. 

• How to apply: Online or in-person options available.  
• Prequalification: Available with a soft credit pull. 
• Funding time: Can be as soon as two weeks. 
• Documents needed: Proof of income, property tax information, mortgage statement. You may also need an appraisal or new title insurance. 

How Does Citizens Compare to Other Lenders?

Final Verdict: Should You Choose Citizens Bank?

Choose Citizens if:

• You’re an existing customer eligible for discounts. 
• You want $0 closing costs and can wait at least two weeks. 
• You want a quick and easy online application process. 
• You aren’t eligible for the traditional HELOC but can take advantage of the GoalBuilders option. 

Look elsewhere if:

• You need quicker funding. 
• You prefer a fully fixed-rate product. 
• You want a 20-year repayment period instead of a 15-year repayment period. 

Key Takeaways

• Citizens offers home equity lines of credit with competitive rates and $0 fees for most users.
• Minimum credit score: 680 for HELOC, 620 for GoalBuilders. 
• Online tools and customer support are strong. 

Best for: Customers who don’t want significant fees increasing their overall cost of the loan.

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