Home Equity Financing

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

  • 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 at (800) 773-7100, Monday through Thursday, 6:00 a.m. to 5:30 p.m., and Friday, 6:00 a.m. to 6:00 p.m. (PT). You can also contact us online or visit one of our local City National locations.

  1. Home Equity Lines of Credit (HELOCs) are subject to credit and property review and approval. Your HELOC must be secured by a first or second lien on a 1-4 family residential dwelling (including condominiums, cooperative units, second homes, and some investment properties, but excluding manufactured homes and vacant land). HELOCs are not available in all states. Additional terms and conditions 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. HELOCs have variable annual percentage rates subject to change daily without notice. Your APR will be based on the highest U.S. Prime Rate plus a margin. Your APR may change as often as the Prime Rate changes. The index as of August 1, 2019 was at 5.25%. Current variable APRs as of August 1, 2019 range from 4.25% to 10.65%. The minimum APR is 3.25%. The maximum APR is 15%. For HELOCs of $1,000,000 or less, closing costs vary and generally range from $0 to $12,000 ($25,500 in New York). Ask City National Bank for an estimate of closing costs for HELOCs greater than $1,000,000. Additional fees: $65 annual fee (waived the first year; applies only if line is inactive); $400 processing fee (if property is vested in an LLC); $250 reappraisal fee (if necessary after account opening); $438 reconveyance and recording fees (California only). An early closure fee of $500 may apply if your line is closed within the first three years (not applicable in all states). Hazard insurance and flood insurance (if in a flood zone) 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 240 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 (U.S. Treasury securities adjusted to a constant maturity of 1, 2, 3, 5, 7, or 10 years, depending on the term of installment loan) plus a margin. Rates may change daily. As of August 1, 2019, the index ranged from 1.82% to 2.06%. APRs for installment loans range from 3.32% to 7.31%. The maximum APR is 15%. The minimum APR is 3.25%. Minimum installment loan amount is $10,000. Other terms and conditions apply.