Home Equity Loan
If you want a low, fixed-rate loan for a large purchase, consider Citadel’s home equity loan. You can borrow up to 95% of your primary home’s appraised value or 80% of your vacation home’s appraised value, minus outstanding mortgages ($10,000 minimum).
- Low Closing Costs
- Fixed Monthly Payment
- Online & Mobile Banking – Make payments and manage your loan account. Learn more.
- Tax-Deductible Interest (Consult your tax advisor for details)
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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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Frequently Asked Questions
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.
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.
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*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 5.00%. APR equals Prime, Prime + .49% – 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%. Maximum LTV = 90% with excellent credit. No upfront closing costs. $250 home equity line of credit early termination fee if account is closed within 36 months.
Home Equity Loan Terms and Fees: Home equity third party fees ($415-$1000). Maximum LTV = 95% with excellent credit.