Citizen Bank offers a complete customer experience and has earned many good customer reviews, including a high ranking from consumer research companies. The Bank has two main HELOC offerings: their GoalBuider HELOC and a standard home equity line of credit.
The two Citizen Bank products have a fifteen-year repayment term and a ten-year borrowing period. Borrowers who enroll in the Bank's automatic monthly payment plan are guaranteed a rate discount of 0.25%.
However, the two HELOC products differ in the minimum and the maximum amount you can borrow. The Citizens GoalBuilder HELOC has credit limits ranging from $5,000 to $25,000, while the Standard HELOC has a minimum borrowing amount of $17,500. Clients in the standard HELOC pay an annual fee of $50 after the first year, while those with a GoalBuilder HELOC are not charged yearly fees.
In addition to its competitive HELOC product offerings, Citizen Bank is also known for its outstanding customer experience. On the contrary, the Bank does not openly display its credit requirements for its home equity products. They have a product approval policy based on LTV, DTI, and credit score ratios.
Eligible properties include:
· Investment Properties
· Owner-occupied properties/condominiums.
· Mobile homes
· Manufactured homes