Home Equity Line of Credit Lock Feature: You can switch outstanding variable interest rate balances to a fixed rate during the draw period using the Chase Fixed Rate Lock Option. You may have up to five separate locks on a single HELOC account at one time. There is no fee to switch to a fixed rate, but there is a fee of 1% of the original lock amount if the lock is cancelled after 45 days of the lock date. Minimum lock amount is $1,000 and maximum lock amount is up to 95% of the credit limit at closing or 100% after closing. The minimum lock term is 12 months and the maximum term depends on the remaining term of your HELOC. All locks must be paid in full not later than 2 months before the final HELOC account maturity date.
One of the qualifications of a construction-to-permanent loan is that your new home must be an owner-occupied primary residence or a second home. The property type must be a one-unit, single-family detached home. We also require that you use a licensed builder to construct your home. For a renovation project, please consult your local mortgage professional.
HELOCs give borrowers the benefit of an extended draw period for using the line of credit. The common draw period is 10 years. During the draw period, you can use as much or as little as your line of credit as you want, similar to a credit card. Your monthly payments are typically interest only. For homeowners planning a variety of home improvement projects with different costs and time frames, a HELOC might work best.

If you're ready to do some demolition and renovation, begin the process to apply for a home equity loan by answering a few questions. With a home equity loan, you have the ability to choose your repayment term and no annual fees. Plus, our home improvement loan rates are low, fixed interest rates, designed to make monthly payments more manageable. Contact a Citizens Bank Home Loan Originator for more information on home equity loans and rates today.
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36-month loans are generally lower than rates for 72-month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRALink opens a new window and SIPCLink opens a new window, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.
Home remodeling loans offer an influx of cash for homeowners with big remodeling plans but pocketbooks that won't quite stretch far enough for costly home improvements. When you own a home, remodeling loans can make it possible to build on an addition, put in skylights, add a pool or make any change you want.  But you should know what to expect before jumping in and signing on the dotted line of a home improvement loan.
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