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Citizens Bank home equity review

Tap your equity without paying closing costs or fees.

Citizens Bank offers several home equity products to borrowers in its service area. You won’t pay any closing costs, but as a regional bank, you must reside within the service area to take advantage of its loans and lines of credit.

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Loan products offeredHome equity loan, HELOC
APR range2.5% to 21% (for both)
Repayment termsHELOC: 10-year draw period, 15-year repayment period
Loans: 10-, 15- and 20-year terms
Loan limitsHELOC min: $17,500
GoalBuilder HELOC min: $5,000 and max $25,000
Loan min; $10,000
State availabilityCT, DE, IL, IN, KY, MA, ME, MI, NH, NJ, NY, OH, PA, RI, VT

Pros and cons of Citizens Bank


  • No closing costs. Citizens doesn’t charge application fees, closing costs, appraisal fees or setup fees. You only pay a $50 annual fee on your HELOC.
  • Low-limit HELOC option. If you need less than $25,000, Citizens offers the GoalBuilder HELOC, which can help save with lower interest than you’d pay on a normal credit card or personal loan.


  • No nontraditional homes. This lender doesn’t approve its home equity products on investment properties, mobile homes, manufactured houses or co-ops.
  • Limited availability. Citizens is a regional bank, which means it only offers home equity products in 15 states.

What types of fees does Citizens Bank charge?

Citizens doesn’t require an appraisal and doesn’t charge application fees or closing costs on its home equity products. It does charge a $50 annual fee throughout your HELOC’s draw period, but that fee is waived for the first year.

Citizens Bank requirements

This lender doesn’t list specific requirements on its website, but your underwriter will use your credit history, loan-to-value (LTV) ratio and debt-to-income (DTI) ratio to determine whether you qualify for the loan or line of credit and what your rate will be.

For the best rates, Citizens requires the following:

  • A line of credit of $200,000 or more
  • An existing Citizens Bank checking account with automatic monthly payment deduction set up when the loan is originated
  • An LTV of 80% or less
  • A strong credit history


Before you apply, you should have the following information available:

  • Employment and income documentation
  • Property details, including mortgage amount, property value and purchase price
  • Homeowners insurance details
  • Property tax information

How to apply for a home equity loan with Citizens Bank

Follow the steps below to start your home equity application online.

  1. Visit the Citizens Bank website, navigate to the Home Equity page and select Apply Now.
  2. Follow the prompts to answer questions about what kind of loan or line of credit that you want. Choose Next.
  3. Provide your personal information and select Next.
  4. Enter information about your property, insurance and taxes. Choose Next.
  5. Answer the disclosure questions and hit Next.
  6. Review offer details and submit your application. A loan officer will contact you within one business day.

What types of home equity products does Citizens Bank offer?

Citizens offers three ways to tap into your home’s equity.

  • Home equity loan. A fixed rate loan that allows you to borrow against your home’s equity with 10-, 15- and 20-year term options.
  • HELOC. A variable-rate line of credit with a draw period of 10 years and a repayment period of 20 years.
  • GoalBuilder HELOC. A variable-rate line of credit between $5,000 and $25,000 that allows you to draw for 10 years and repay the credit over 15 years with no annual fee and no prepayment penalty.

Other mortgage products offered by Citizens Bank

In addition to home equity, Citizens Bank offers the following mortgage products:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
  • Construction-to-permanent loan
  • Refinance loans
  • Small business loans
  • Commercial loans

How Citizens Bank’s home equity products compare to other lenders

Citizens offers both a loan and line of credit option, which is typical of a bank its size. But the bank also offers the GoalBuilder HELOC, which is designed for homeowners who need to draw a smaller amount of money. By using their home’s equity, they can get a better rate than taking out a personal loan.

Compare HELOC lenders

Compare these lenders and lender marketplaces by the type of home equity product you’re searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
No hidden fees, multiple loan terms, and member discounts available.
(NMLS #1717824)
Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
(NMLS #1136)
HELOC, Home Equity loans
Available in all states
Connect with vetted lenders quickly through this free online marketplace.
Hometap Equity Partners
Hometap Equity Partners
Home equity investment
Only available in: AZ, CA, FL, MA, MD, MI, MN, NC, NJ, NY, OR, PA, VA, WA
Sell a portion of your home's equity for cash without monthly payments or hurting your credit score.

Compare up to 4 providers

Citizens Bank reviews and complaints

Citizens isn’t accredited with the Better Business Bureau (BBB), but as of August 2021, it has an A+ rating for answering 898 customer complaints over the past three years. The bank also has 147 customer reviews, scoring 1.07 stars out of 5. It doesn’t fare much better on Trustpilot, where the bank has a 1.8-star TrustScore with only 25 reviews.

Our verdict

As a regional bank, Citizen Bank’s service area is pretty limited. But if you live in one of the 15 states of this lender’s footprint, you can choose between three home equity loans and pay no closing costs, which could save you thousands of dollars.

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