To apply for a home equity line or loan, you'll first complete an application, including information about yourself, your finances and your home. Depending on your situation, you could be conditionally approved immediately.
As a reminder, some Citi home equity products have eligibility requirements. Home Equity Lines of Credit (HELOC) with an interest-only draw period require you to have $200,000 or more in personal assets with Citi, or $1,000,000 or more in combined personal assets with Citi and other financial institutions. The Fixed Rate Home Equity Loan requires that you have an existing balance on your mortgage. If you don't meet these requirements, the HELOC with a principal and interest draw period may be right for you.
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After you apply, your lender will need documentation to verify your information. These documents typically include:
Depending on your situation, you may be required to submit more or less information.Download our full document checklist
Before approving your home equity line or loan, Citi will order an appraisal to determine the estimated market value of your property. We will take the appraised value into consideration when determining the amount and terms of your financing. Citi will also evaluate any other outstanding mortgages on the property and order a title report to verify ownership.
Once you've received final approval, Citi will verify your employment and homeowners insurance coverage. If you're opening a Home Equity Line of Credit (HELOC), your processor will work with you to determine your initial draw amount and arrange any debt payoffs, if needed.
At closing, you'll need to present a photo ID and review and sign some closing documents. You'll also decide if you'd like to receive your funds by wire transfer, direct deposit or check. Funds are held for 3 days, during which you can cancel your line or loan for any reason. This is called the Right of Rescission period. Your funds will be available to you on the fifth day after your closing. For properties in California, this may take 1 additional day.
Terms, conditions and fees for accounts, programs, products and services are subject to change.
For Home Equity Lines of Credit with an interest-only draw period: Your monthly minimum payments during the draw period can be as low as "interest-only". If you choose to pay only the amount of interest due, then at the end of the interest-only period you will still owe the original amount you borrowed and your monthly payments will increase because you must pay back the principal as well as interest. Your payment could increase even more if your variable rate increases. Home Equity Lines of Credit with an interest-only draw period are also available in combination with a Citi mortgage. Please speak to a personal banker for more details.