Citizens Bank home equity loans provide you with cash for a number of different purposes including debt consolidation, home improvements, purchasing a new car or organizing a vacation. If you have been considering loan, the following article presents a few details about Citizen Bank home equity loans such as features and benefits and how suited to your financial situation they might be.
Main Features of Citizens Bank Home Equity Loans
Principally, Citizens equity loans can be used for a multitude of purposes. If you presently have a number of debts that are difficult to manage and also have equity in your property, you can use a Citizens Bank Home Equity Loan as a debt consolidation loan to roll your debts into one, lowering the interest you pay in the process (consolidating loans are generally cheaper than credit card debts etc. and interest upon them can be tax-deductible). If you require work on your home you can use a Citizens Bank Home Equity Loan to fund some or all of it. Alternatively, you might want to pay for a vaction for you and your family or buy your dream car. Assuming you have sufficient equity in your home to cover a home equity loan, Citizens Bank might just be able to help you out.
Citizens Bank Loans At A Glance
Citizens Bank Equity Loans may offer you the following:
- Lower monthly payments
- Fixed rates and fixed monthly payments
- No application costs
- No annual fees
- No closing costs
- Flexible terms
- Interest on the loan may be tax-deductible
- Loans for multi-purpose – debt consolidation, home improvements, vaction, auto purchase
- Safety and security – Citizens Bank is an established financial organization with a long history in the lending market
- A streamlined loan application process
- Citizens Bank Home Equity Loans can be arranged for terms between 3 and 30 years.
Home Equity Loans Options
Citizens Bank presently offers two types of loans options: Xpress Loan and Choose Your Payment.
Citizens Bank Xpress Loan
The Citizens Bank Xpress Loan has been designed to close in five to seven business days for people who want to arrange their loan simply and quickly. The Xpress loan is available for qualified customers who lodge an application at a Citizens Bank branch or by telephone. To apply for the Xpress loan you should meet the following property ownership conditions:
- You reside in the property, which is a single family home or condiminium.
- The amount you wish to borrow is no more than $100,000.
- The Loan to Value (LTV) rate is 70% or less.
Citizen Bank Choose Your Payment
The Citizen Bank Choose Your Payment option gives you the ability to set a payment that is the best fir for yor financial situation. This works in the following way:
Decide upon the amount of the Citizen Bank loan – You can choose between $10,00 and $750,000. Then decide what your maximum monthly payment could be and the interest rate is subsequently fixed for the loan term.
Applying for a Citizens Bank Home Equity Loan
Making an application for a Citizen Bank equity loan is simple. You can complete an application form on-line in as little as twenty minutes and have access to numerous help functions throughout. If you start an application but are unable to complete it in one sitting, you can save it and come back to it later. Once you have completed your application, a Citizens Bank loan specialist will get in touch with you to discuss options, any questions you might have and what the next steps will be. Once your application is approved, you can choose to close the home equity loan at any Citizens Bank brach or have someone come to your home.
N.B. Citizens Bank Home Equity Loans are secured against the equity in the property you use as collateral. This means that the interest rate will generally be lower than the rates you will pay on most other types of loan, but it also means that you risk ylosing your property if you do not maintain the payments.