Home Equity Lines of Credit

Put your home equity to work for you

Tap into the equity you've stored up in your home

You've built up a lot of equity in your home over the years. With a home equity line of credit, or HELOC, you can unlock this value and use it in a variety of ways.

Competitive rates

Qualify for a low rate when you take equity out of your home.

Flexible payments

We'll work together to find a payment option that's ideal for you.

Overdraft protection

Use your equity line as overdraft protection on First Citizens accounts.

Ready to start using your home equity?
How can I use my home equity?

Get quick, easy access to the funds you need

For a backyard pool

For home renovations

For a rainy day

How can I use my home equity?

Get quick, easy access to the funds you need

For a backyard pool

How can I use my home equity?

Get quick, easy access to the funds you need

For home renovations

How can I use my home equity?

Get quick, easy access to the funds you need

For a rainy day

HELOC Benefits

Open a home equity line of credit

You've worked hard for your home. Now put that equity to work to achieve your goals.D

  • Complimentary PremierD or PrestigeD checking account
  • Interest may be tax-deductibleD
  • Borrow up to 89.99% of your home's equity
  • Conveniently access your funds with checks or your EquityLine Visa® card or transfer to your checking account in Digital Banking
  • Lock in your rate with the fixed-rate option

HELOC payoff schedule calculator
Determine the HELOC that fits your needs

Use this calculator to get a detailed payoff schedule for the HELOC that's right for you.

How to get started

If you're unsure how to apply for a home equity line of credit, don't worry. We're here to guide you and make each step as simple as possible.

Step 1

Submit your application

The first step toward opening a HELOC is starting a conversation with one of our expert bankers and submitting an application for preapproval.

Step 2

Underwriting and appraisal

Once you've submitted your application, we'll work with you to gather and review important documents. This can include a credit report, personal financial information and home appraisal.

Step 3

Get final approval

In this phase, an underwriter reviews all documentation to complete final approval. Your banker will communicate final approval to you.

Step 4

Prepare for closing

Before closing, we'll contact you to discuss and review your HELOC approval. You'll review disclosures, discuss expected fees, provide any additional documentation needed and verify the closing date.

Step 5

Closing and funding options

Finally, you'll sign documents to officially open your HELOC. You can fund your line at closing or any time after closing by transferring funds online, using special EquityLine Checks or using the EquityLine Visa® card.

You may also choose to lock in a fixed interest rate for either a portion or all of the variable balance at or after closing.

FAQ
People often ask us

Here are a few key differences between a home equity loan and a line of credit.

  • Interest rate: Home equity loans offer a fixed rate for the life of the loan or with a balloon payment dependent upon the loan term. Home equity lines of credit, or HELOCs, typically offer a variable interest rate option, although you can choose to fix a portion or all of the variable balance.
  • Access to funds: A home equity loan provides you the money in an upfront lump sum and you repay over a defined period of time. On the other hand, a HELOC gives you ongoing access to your available credit. As you repay the balance during the draw period, those funds are made available for you to use again.
  • Payment options: Most often, a home equity loan will have fixed payments for the entire term of the loan, while a HELOC offers flexible payment options based on the current balance of the loan during the draw period.

Lenders typically set a maximum loan-to-value, or LTV, ratio limit for how much they'll allow customers to borrow in a home equity loan or home equity line of credit. To calculate how much, you must know these three things:

  • Your home's value
  • All outstanding mortgages on the property
  • Your lender's maximum LTV limit

Simply multiply the home's value by the lender's maximum LTV limit and then subtract the outstanding mortgage amount. For reference, First Citizens sets a maximum LTV limit of 89.99% for home equity loans and home equity lines of credit.

Your home's equity can be calculated by subtracting any outstanding mortgage balance(s) from the market value of the property. For example, if the appraised value of your home is $250,000 and the principal balance remaining on your mortgage is $150,000, then your home equity is $100,000. This is the portion of your home that you own.

First Citizens doesn't charge a fee to draw funds and use your home equity line of credit. You have the option to fix your rate with an associated fee of $250 up to three times.

You should be able to access your home equity account normally within 3 business days after your closing.

You can withdraw money from your home equity line of credit using the following methods:

You can convert all or a portion of your variable HELOC balance to a fixed rate. Just visit your local branch or give us a call for assistance.

Even if your loan's already been divided into fixed and variable portions, you can still convert the remaining variable portion into a fixed rate. You can also have multiple fixed-rate portions—with a maximum of three at any given time for a fee of $250 for each amount converted to fixed.

After conversion, the payment on your first statement will likely be higher because it'll include the full payment for the fixed-rate portion plus the accrued interest from the variable-rate portion. The fixed-rate portion is a fully amortizing payment—including principal and interest—on the fixed portion of the balance. Both the fixed-rate portion and the variable-rate portion will be included on the same statement, with one payment amount.

There are several options available to you as you near the end of draw period on your equity line. For more information, please see our Home Equity Line of Credit End of Draw Options.

You have a few options to pay back your home equity line of credit:

  • Interest-only payments
  • Interest plus principal payments
  • Fixed monthly payment by converting to a fixed-rate option—which is available up to three times for a fee of $250 for each amount converted to fixed

Insights
A few financial insights for your life

Home

HELOC versus home equity loan: How to choose

Before tapping into your home's equity, know the pros and cons of a HELOC versus home equity loan.
While the two options share similar benefits, there are some critical differences between a HELOC and home equity loan that may impact which is the right fit for your goals.
Home

Comparing loans for home improvement

Learn the pros and cons of several popular types of loans for home improvement projects.
When it comes to financing home renovations, you have many options to choose from—each with its own pros and cons.
Home

Pros and cons of home renovations

Remodeling your home may be better than buying, but be aware of possible complications.
If you buy on the open market, you're often stuck with some of your wish list but not everything.

Account openings and credit are subject to bank approval.

First Citizens checking account is recommended. Property insurance is required. Title insurance and flood insurance may be required.

Some restrictions apply.

With qualifying EquityLine. The minimum line amount required is $25,000 or more.

With qualifying EquityLine. The line amount required is $100,000 or more.

Consult your tax advisor regarding the deductibility of interest.

We may charge your checking account a flat fee for each day an overdraft protection transfer occurs.

EquityLine will have a 10-year draw period at the variable rate specified in your loan agreement followed by a 15-year repayment period with a fixed rate determined prior to the end-of-draw term as specified in your loan agreement. Closing costs are generally between $150 and $1,500 but will vary depending on loan amount and on the state in which the property is located. First Citizens Bank may choose to advance certain closing costs on your behalf.

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