Providence, Rhode Island-based Citizens Bank is one of the largest home equity line of credit (HELOC) lenders in the country, with over $19 billion in home equity in its retail portfolio.
It offers two HELOC products: one traditional HELOC and its Citizens GoalBuilder® HELOC, a smaller line of credit ($5,000 to $25,000) for moderate-income homeowners.
Here at CNBC Select, we like that Citizens does not charge origination or application fees. We also like that both products have relatively low minimum draw amounts; most HELOC have minimums between $20,000 and $40,000. The bank also says it will close on the product in seven days, so customers can get their money quickly.
Read more: What is home equity?
However, unlike many of its competitors, Citizens charges an annual fee of $50 for its traditional HELOC product. It also has limited availability — it does not lend in 21 states.
Citizens Bank Home Equity
Type of loans
HELOC
Minimum credit score
680
Maximum loan-to-value
80%
HELOC draw amount
$17,500 to $400,000 for traditional HELOC; $5,000 to $25,000 with Citizens GoalBuilder® HELOC
Terms
HELOC: 10 years draw, 15 years repayment
Availability
Available in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Missouri, Minnesota, North Carolina, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Virginia, Vermont and Washington, D.C.
Pros
- Can close on line in as little as 7 days.
- No application fees, closing costs or prepayment penalty
- Small withdrawal minimum
- Low rates
Cons
- Annual fee of $50
- Not available in 21 states
- No home equity loan products
Citizens Bank home equity overview
Citizens Bank offers two different HELOC products available in 29 states and Washington, D.C. However, it does not finance home equity loans.
The biggest difference between Citizens' two products is the size of the HELOC and certain income requirements.
Its standard HELOC has a maximum draw of $400,000 and its non-traditional HELOC product — the Citizens GoalBuilder® HELOC — is available for people who meet a certain income limit and has a maximum draw of $25,000.
Read more: What is a home equity line of credit?
Terms
- Draw period terms: 10-year draw period, requiring interest-only payments on outstanding debt.
- Repayment terms: 15-year repayment period, shorter than most 20-year repayment terms
- Rate structure: Fixed
- Loan amount: $17,500 to $400,000 for traditional HELOC; $5,000 to $25,000 with Citizens GoalBuilder® HELOC
Fees
- Annual fee (after the first year): $50
- Origination fee: None, which is an uncommon perk
- Application fee: None, which is an uncommon perk
HELOC requirements
In addition to the following requirements, the Citizens GoalBuilder® HELOC is available only to those who fall within a specified income range. The GoalBuilder HELOC is available to customers based in low- or moderate-income census tract locations, or who have a household income below 80% of the area's median income.
- Credit score: 680, but the average Citizens Bank home equity borrower has a credit score of 765, according to a full-year 2025 earnings call presentation.
- Max loan-to-value ratio: 80%
- Max debt-to-income ratio: 65%
Citizens Bank customer service
Citizens Bank received an A+ from the Better Business Bureau for its transparency, truthful advertising and its response to consumer complaints and ranked third on J.D. Power's customer satisfaction survey for mortgage origination. It has over 1,000 physical locations.
Citizens Bank also offers extensive customer support, including a customer service phone line open evenings and weekends, as well as Spanish-speaking staff at many of its locations. Those with existing home equity loans can speak with a representative by calling 1-866-999-0216 from 7 a.m. to 10 p.m. ET, Monday through Friday, and from 9 a.m. to 6 p.m. ET on Saturday and Sunday.
Citizens also has an app and an online portal, so you don't have to go in person to apply or manage your line of credit if you don't want to.
How does Citizens Bank home equity compare?
Here's how Citizens Bank stacks up against two major players in the home equity space.
Citizens Bank vs. Chase Bank
Citizens and Chase are both big banks with HELOC products, in-person locations and online tools to make managing your account simple.
Chase, however, beats Citizens in terms of size and availability. While Citizens lends in 29 states, Chase provides HELOCs in all states except Texas and has quadruple the number of in-person branches.
- Existing Chase customers can get a rate reduction
- Above-average customer satisfaction scores, meaning you're likely to get stellar service and customer service pros who are ready to answer your questions and guide you through the process
- Closing timeline guarantee so you won't have to worry about whether or not you'll close on time.
- Homebuyer grants of up to $7,500, a huge cash infusion that homebuyers can put towards closing costs and down payments.
- The Chase DreaMaker℠ loan only requires 3% down payment for qualifying homebuyers, lower than the typical 5% minimum required for a conventional mortgage, making it a great option for those who haven't saved much for a down payment.
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
But if you're a homeowner in a place where Citizens HELOCs are available, you'll have more options with the New England bank than you would with Chase. Across two products, Citizens' customers can get a HELOC with a draw of $5,000 to $400,000. Plus, to qualify, you only need a credit score of 680.
Chase only offers one HELOC product, with a maximum draw of $400,000 and a minimum draw of $25,000. Homeowners need a minimum credit score of 720 to qualify.
Citizens Bank vs. Figure
Citizens offers HELOC borrowers a traditional banking experience, drawing on nearly 200 years of financing experience.
Figure provides HELOC borrowers the opposite: a fully online experience. It's the largest non-bank HELOC lender in the country, with a sole focus on HELOCs.
Figure
Loan types
HELOC, DSCR, cash-out refinance, crypto-backed loan, small business loans
Minimum credit score
600
Maximum loan-to-value
85%
HELOC draw amount
$15,000 to $750,000
HELOC draw period
2 years or 5 years
Repayment period
10 years, 15 years, 20 years, 30 years
Availability
Figure HELOCs are available in all states but Hawaii.
Pros
- Funding as soon as 5 days, much shorter than most fund timelines so you'll get your money as soon as possible.
- E-closing available, which means you can tap your home equity from your couch.
- No opening fees, prepayment fees or maintenance fees, saving you on closing costs and ongoing costs over the life of the financing
- High LTV maximum, meaning that you'll be able to maximize the amount you take out.
Cons
- Not available in all states
- Maximum draw period is five years
Available APRs range from 6.75% to 14.35%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn't permit eNotary ($350), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0- $1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
If you're looking for speed and efficiency, Figure is the preferred option: it will fund your line of credit in as little as five days, while Citizens says on its website it will take a couple of weeks.
You can close online in states that allow online HELOC closings (Citizens also offers an online closing option for some borrowers). Figure will also accept applications from those with a credit score as low as 600, well below Citizens' 680 minimum.
Citizens provides more options and in-person support. Citizens offers a 10-year draw period — the typical length for a HELOC — while Figure offers a five-year draw period. Plus, with a Figure HELOC, you have to withdraw the full line amount at the outset, unlike with Citizens.
How to apply with Citizens
You can apply for a Citizens HELOC in-person at a branch, on the phone or online with its FastLine digital application.
Like with all home equity financing, you'll need to provide personal information, including a photo ID, Social Security number, pay stubs and the most recent W-2s. If you're self-employed, you'll also need two years of personal tax returns.
You must also provide details about the property, including the deed and recent mortgage statements. During the underwriting process, the home will be inspected and appraised.
You may be able to close online, depending on where you live.
Is a Citizens home equity right for me?
With its 1,000-plus branches and no origination fees, Citizens is a great option if you're looking for a solid traditional bank lender and low up-front costs. It's also a great option if you're a moderate-income homeowner looking to take out a small line of credit.
However, if you're looking for a home equity loan, live in one of the 21 states where Citizens HELOCs aren't available, or are looking for a no-annual-fee lender, you should shop elsewhere for your HELOC.
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Why trust CNBC Select?
At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select reviews home equity products using a variety of criteria, including average rates, terms, availability, fees, types of loans offered, online experience and customer satisfaction.
Additionally, we incorporate findings from independent sources, including lender scores from the J.D. Power mortgage origination and servicing surveys and ratings from the Better Business Bureau.
For HELOCs, we review rates, repayment terms, the amount of equity required and the minimum and maximum loan amounts available.
We also consider requirements for credit scores, debt-to-income ratios and combined loan-to-value ratios.
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