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Embrace Your Happy Place With a HELOC
Home Equity Line of Credit
*Offers are subject to credit approval. APR = Annual Percentage Rate. Read Full Disclosures.
Already have a mortgage with a great rate on a home that could use some remodeling? A Home Equity Line of Credit (HELOC) can help cover the costs. HELOCs give you access to an open-ended line of credit with a limit that is based on the amount of equity you have in your home. You can use any amount of that credit whenever you need it, so you’ll always have the means to make sure your next big project is done right. Plus, Citadel offers an interest-only HELOC, which is calculated by multiplying your monthly outstanding balance by your monthly interest rate. Your only responsibility is to make the interest payments unless you choose to pay both interest and principal, which gives you more flexibility from month to month.
Home Equity Line of Credit Rate
Common Uses of HELOCs
How Does a HELOC Work?
A Home Equity Line of Credit, or HELOC, has become more popular than ever. If you're a homeowner, you should know how to capitalize on your most important investment and when it might be the right time. Explore the basics in this video for a quick look at how a HELOC works and what it really means.
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Citadel is a not-for-profit credit union that exists to serve the people, businesses, and neighborhoods of Greater Philadelphia, so they can prosper.
Here’s why you should join us:
Better rates & low (or no!) fees
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Open to anyone who lives or spends time in Southeast PA
All you need to do is open a $5 savings account to join
Frequently Asked Questions
A Home Equity Line of Credit (HELOC) is an open-ended line of credit. A credit limit is set based on the amount of equity you have in your home and can be used whenever you need it. Unlike a home equity loan, once the balance of a HELOC is paid down, the line remains open. Your monthly payment will vary based on your outstanding balance and the variable interest rate. A HELOC is best suited for people who want access to funds in the case of an emergency, have children starting college, or perhaps plan to make a series of purchases or payments over time.
To consider a value higher than the purchase price for purposes of taking equity from the home, the property must be owned for at least 1 year from the settlement date.
You can save thousands of dollars by choosing a 15 year term over a 30 year term. Your monthly payment will be higher. You need to determine what you can comfortably pay.
You can make interest-only payments on a home equity line of credit from Citadel during the first 10 years, known as the draw period. If you prefer, you may choose to make both principal & interest payments instead. At the end of your 10-year draw period, your balance will be amortized for repayment over a period of 20 years.
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*Offers are subject to credit approval. APR=Annual Percentage Rate. Information accurate as of and may be withdrawn or subject to change without notice. Call (800) 666-0191 for current information. Loan to value (LTV) is determined by dividing all outstanding loan balances by the appraised value of the property. Loans above $500,000 will require borrower to purchase title insurance. All accounts, loans and services are subject to approval and membership eligibility requirements. Loans are available on primary homes in PA, NJ, MD, and DE. Consult your tax advisor about deductibility of interest. Property insurance is required. If the collateral is determined to be in an area that has special flood areas, flood insurance will be required as well.
Home Equity Line of Credit Terms and Fees: 6-month introductory APR = 3.99% for line amount of $100,000 or more; 4.49% for $50,000-$99,999; 4.99% for less than $49,999. Home equity line of credit APR is established using The Wall Street Journal Prime Rate 10 days prior to the end of the month and changes on the first of the following month. Current Prime Rate as of 03/20/2025 is 7.50%. Variable APR ranges from Prime (for lines $100,000 and above) to Prime + 2.99%, depending on credit, your final loan amount, loan term, loan to value and actual finance charges. Current home equity line of credit APR floor is 3.25%. Maximum APR is 18%. Maximum LTV = 90% with excellent credit. Closing costs include a recording fee which could vary depending on the state and/or county ($125-$275). If line is closed within three years after opening, there is a $250 early termination fee.