Apply for a Home Equity Line or Loan

If you're ready to take advantage of the equity in your home, start the application process by reviewing what to expect and what you'll need for the home equity application process. We'll help you through each step when you apply.

For details about home equity rates, eligibility requirements and other information, view important disclosures.

1. Complete your home equity application

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.


Ready to apply for a home equity line or loan now?

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2. Submit your required documents

After you apply, your lender will need documentation to verify your information. These documents typically include:

  • Tax statements
  • Pay stubs
  • Bank or asset statements
  • Details about any property you own

Depending on your situation, you may be required to submit more or less information.

Download our full document checklist

3. Get your appraisal and title report

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.

4. Get ready to close

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.

5. Close your home equity line or loan

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.

Apply online

Apply by phone

1-877-362-9100

Need help?

Call

1-877-362-9100

Important Disclosures

Terms, conditions and fees for accounts, programs, products and services are subject to change.

For Home Equity Lines of Credit: Variable Annual Percentage Rate can be as low as Prime plus % (currently % variable APR) and as high as Prime plus % (currently % variable ). To qualify for the lowest rate, customers must meet relationship balance requirements (as of the closing date); have excellent credit; use Citibank Auto Deduct (an automated monthly debit from a Citibank deposit account) for repayment; meet certain loan-to-value and lien position requirements; take an initial draw of at least $25,000 at closing; and have a line amount of at least $100,000. Rates will vary depending on the state where the collateral property is located. Additional rate discounts may apply. The variable is indexed to the Prime Rate as published in the "Money Rates" section of The Wall Street Journal. Maximum is 18%. Annual fee: $50 during the draw period (not applicable if collateral property is located in Texas). No annual fee will be charged if at the time of the account opening, you are a Citigold or Citi Priority customer or an employee of Citigroup or its subsidiaries. Customers who elect to pay closing costs will receive an additional rate reduction (not applicable if the collateral property is located in Texas). Closing costs can range from approximately $680 to $32,000, except in New York where they can range from approximately $680 to $38,000. Closing costs may vary based upon the line amount, property location and title insurance required. Home equity lines of credit are not available in 1st lien position if the collateral property is located in New York. An Early Closure Release Fee may be charged to recover all costs incurred for originating your loan and may apply if you close your account within 36 months (not applicable if collateral property is located in Texas). Property insurance and the fee to release an existing mortgage may be required. Applicable for loan sizes up to $1 million. No 3rd lien positions. Home Equity Lines of Credit are available to U.S. residents only.

Home Equity Lines of Credit with an interest-only draw period require the 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. Personal assets include, but are not limited to: deposit, checking, savings, money market, investment, Certificates of Deposit, stocks and bonds, retirement, mutual fund, annuities and trust accounts.

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. Please speak to a personal banker for more details.

For Fixed Rate Home Equity Loans: Your Annual Percentage Rate () may be as low as 6.59% (as low as 6.84% for New York properties) or as high as 8.54% (as high as 8.79% for New York properties). To qualify for the lowest rate, customers must meet loan amount, loan-to-value and term requirements, have excellent credit history, and use Citibank Auto Deduct (an automated monthly debit from a Citibank deposit account) for repayment. If you borrow $50,000 at 7.04% for a 30-year term, assuming no down payment, you will make 360 payments of approximately $334.00. Other rates and terms may be available. Repayments can be made over 5, 10, 15, 20, 25 or 30 years; however, the monthly payment amount may differ from the example used above based on the loan amount and repayment term selected. If you close your account within 36 months an Early Closure Release Fee may be charged to recover all costs incurred for originating your loan (does not apply to collateral properties in Texas). Property insurance and the fee to release an existing mortgage may be required. Fixed rate home equity loans are not available in 1st lien position.

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