Achieve Your Dreams Sooner with a HELOC

Enjoy an introductory rate as low as 2.49%* APR and a variable rate as low as 5.25%* APR after 6 months.

Home Equity Line of Credit

Do you need cash for a large purchase, such as a home project or renovation? A Citadel home equity line of credit (HELOC) gives you access to your home’s equity to use for cash. Use what you need, when you need it, on a recurring basis.

If you're unsure how to determine equity in a home, the types of home loans Citadel offers or for assistance calculating HELOC payments contact us today so we can help!

Home Equity Line of Credit Rate

AS LOW AS
2.49%INTRO
5.25%APR
Home Equity Line of Credit
6 Month Intro Term
variable

Additional Features

  • Low Closing Costs
  • Revolving Line of Credit – Up to 90% of your primary home’s appraised value or 80% of your vacation home’s appraised value, minus outstanding mortgages ($10,000 minimum).
  • Online & Mobile Banking – Make payments and manage your loan account. Learn more.
  • Tax-Deductible Interest (Consult your tax advisor for details)
  • Calculating HELOC payments – Use Citadel's home equity line of credit calculator to calculate your monthly payments
  • Flexibility – You can advance payments from your loan at any time you’d like.

 

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Best For...
Home projects or renovation
Debt consolidation
Unexpected expenses
Education expenses

How much can I borrow from my home equity?

With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.

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Assumptions

Current market value of your home($)

$0 $1,000,000

Outstanding mortgage balance($)

$0 $1,000,000

Loan To Value (L.T.V)(0 to 90%)

0% 90%
Calculate

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Frequently Asked Questions

What is a HELOC?

A HELOC (Home Equity Line of Credit) is a revolving credit where you are borrowing against the available equity in your home & the house is used as collateral for the line of credit. 

What is the difference between a home equity loan and a home equity line of credit?

A Home Equity loan lets you borrow amounts based on the amount of equity you have in your home. This type of loan provides a lump sum of money up-front and the loan balance is paid back monthly, with a fixed payment amount and a fixed interest rate. A home equity loan is good for people who have an immediate and specific purpose for the funds, such as home improvements or a big-ticket purchase.

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.

How much interest can I save if I reduce the term?

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.

What is a home equity?

Home Equity is the current market value of your home, minus what you owe. It is also defined as an asset that comes from a homeowner's interest in a home.

How to I determine the equity in a home?

Equity in a home is determined by reviewing the current mortgage amount or funds owed compared to the market value. The difference in these numbers translates into equity.

When calculating HELOC payments, should I always rely on those numbers?

HELOC payments are based on 1% of the outstanding balance or $75.00 (Whichever is greater) / interest-only or $75.00 (Whichever is greater)

Still have questions? Visit our help center.

*Agreements and Disclosures

View *Agreements and Disclosures

*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 $250,000 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. Adequate homeowner’s insurance coverage is required. Citadel is an equal opportunity lender.


Home Equity Line of Credit Terms and Fees: 6 Month introductory APR =2.49% for line amount of $100,000 or more, 2.99% $50,000-$99,999, 3.49% 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 is 5.25%. Variable APR ranges from Prime to Prime + 3.99% 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 3.99%. Maximum APR is 18.00%. Maximum LTV = 90% with excellent credit. No upfront closing costs. If line is closed within three years after opening, there is a $250 early termination fee.


Home Equity Loan Terms and Fees: Home equity third party fees ($415-$1000). Maximum LTV = 95% with excellent credit.