Home Equity Lines

Home Equity Lines of Credit

With a Home Equity Line of Credit1 only use the funds you need when you need them, and only pay interest on the amount you use. Simply write out a check, or request a telephone transfer for the amount you need. Plus, because it is a revolving line of credit, to the extent you repay the principal amount you've borrowed, that principal amount becomes available again for you to use during the Draw Period. This is a great choice for ongoing projects or expenditures.

Ideal Choices
Client-friendly
  • Credit lines available from $10,000 to $5,000,000 (if secured by a first lien; maximum reduced to $2,000,000 if secured by a second lien)
  • 10-year Draw Period2 on the revolving line with variable-rate3, interest-only monthly payments4
  • Fixed-rate "loans within a line" option during the Draw Period with 3- to 15-year terms5
  • Replenished credit availability on the revolving line during the Draw Period when fully-amortizing payments are made to a "loan within a line"
  • 15-year fully-amortizing revolving-line Repayment Period following the Draw Period
Accessing the Funds is Easy and Private
  • Home Equity Line of Credit checks work just like your checking account only you know it's a loan.
  • Use City National Online to transfer funds from your Home Equity Line of Credit to your checking, savings or money market account.
Reduced Rates with Auto-Debit

Enjoy a 1/4% interest rate discount when you choose to have payments automatically deducted from your City National Bank checking, savings or money market account.

Getting Started

To learn more, call us Monday through Thursday 6:00 a.m. - 5:30 p.m. and Friday 6:00 a.m. - 6:00 p.m. (PT) at (800) 773-7100, contact us or visit one of our local City National locations.

  1. Home Equity Lines of Credit (HELOCs) are subject to credit review and approval and a property appraisal obtained by and satisfactory to City National Bank. Your HELOC must be secured by a first or second lien on an owner-occupied, 1-4 family residential dwelling (including condominium and cooperative units and second homes but excludes mobile homes and vacant land). HELOCs are not available in all states. Ask City National Bank for more idnformation about the states in which HELOCs are available. Additional restrictions and terms apply. Not all applicants will qualify. All stated APRs, margins, and discounts are subject to change without notice.
  2. Nine years and ten months in Connecticut.
  3. Except for the Annual Percentage Rate (APR) on the loan-within-a-line (installment loan) feature, Home Equity Lines of Credit have variable Annual Percentage Rates subject to change daily without notice. Your APR will be based on the highest Prime Rate published in The Wall Street Journal Money Rates Table (the "Index") each day, plus a margin determined by City National Bank. Your APR may change as often as the Prime Rate changes.The Index as of 09/05/2018 was 5.00%. Current variable APRs as of 09/05/2018 range from 4.500% to 6.250%. Your APR will be based on the specific characteristics of your credit transaction, including combined loan-to-value ratio, property type, and amount of credit. You may be eligible for a 0.25 percentage point discount to the margin determined by City National Bank on your variable-rate APR by establishing an automatic payment from a City National Bank checking, savings, or money market account. The minimum APR, including any applicable margin discount for automatic payment, will be 3.50%. The maximum APR is either (a) the greater of eight percentage points over the APR that would have applied at the opening of your Account or 15% if your residential dwelling is located outside the state of New York, or (b) the lesser of eight percentage points over the APR that would have applied at the opening of your Account or 16% if your residential dwelling is located in the state of New York. If the residential dwelling is located outside the state of New York and the HELOC is $1,000,000 or less, closing fees and costs vary and generally range from $0 to $12,000, including any applicable state and local mortgage registration/recordation/intangible/mortgage tax, depending on the amount of the HELOC and the state where your residential dwelling securing the HELOC is located. If the residential dwelling is located in the state of New York and the HELOC is $1,000,000 or less, closing fees and costs vary and generally range from $0 to $105. In addition, you must pay the borrower's portion of New York mortgage taxes, which generally range between $545 and $25,500 (excludes cooperative units) depending on the HELOC amount and where your residential dwelling is located. Ask City National Bank for an estimate of closing fees and costs for HELOCs greater than $1,000,000. During the Draw Period, HELOCs are subject to a non-refundable $65 Annual Fee (if permitted by applicable; fee is waived the first year); if you are enrolled in Preferred Banking when your HELOC is opened, the Annual Fee will continue to be waived as long as you remain enrolled in Preferred Banking. A $400 Processing Fee will apply if title to the residential dwelling securing your HELOC is vested in a limited liability company. A $250 reappraisal fee will apply if City National Bank reappraises the residential dwelling securing your HELOC after your account is opened. An Early Closure Fee equal to the lesser of $500 or 2% of the credit limit may apply if your line is closed within three years from date of opening (not applicable in New York or in cdertain other jurisdictions, depending on applicable law). Hazard insurance and flood insurance (if the residential dwelling securing the line is located in a special flood hazard area) are required.
  4. Interest-only payments allow you to pay interest only on money borrowed for a specific period of time. Interest-only payments are available only during the Draw Period. Interest-only payments will not repay any of the outstanding principal on the line. At end of the Draw Period, you will no longer be able to obtain advances, and your outstanding variable rate balance will be repayable in 180 monthly payments of principal plus interest. At that time, your monthly payments could increase significantly because you must repay principal and interest, and interest rates may have increased.
  5. The APR on the installment loan feature is based on an Index (the U.S. Treasury securities adjusted to a constant maturity of 3, 5, 7, or 10 years rounded to the nearest 1/8th percent, depending on term of installment loan) plus margin. As of 09/05/2018 this index ranged from 2.720% to 2.870%. Current APRs for installment loans range from 5.750% to 5.875%. The maximum APR that can apply to an installment loan is 18.00% (16.00% for lines secured by residential properties in New York). The minimum APR is 3.50% in all states. Minimum installment loan amount is $10,000. Other restrictions and terms apply.