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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.
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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.
Home equity lines and loans are not offered for collateral properties located in Alaska. A home equity line or loan is available for single family residential properties (including co-ops in New York, Illinois, District of Columbia, New Jersey and Maryland). Home equity lines are also available for 2-4 family homes that are primary residences (excluding Texas). Home equity loans are also available for 2-family homes that are primary residences (excluding Texas). In Texas, home equity lines and loans are only available on collateral properties that are single family, primary residences. Home equity loans are not available in 1st lien position if the collateral property is located in New York. Home equity lines and loans are not available for mobile homes in any state. Certain limitations apply. Lines of credit and loans are subject to credit approval. Rates are subject to change without notice. All rates are current as of 01/24/2017.
For Home Equity Lines of Credit: Variable Annual Percentage Rate (APR) can be as low as Prime plus 0.59% (currently 4.34% variable APR) and as high as Prime plus 3.74% (currently 7.49% variable APR). 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 APR is indexed to the Prime Rate as published in the "Money Rates" section of The Wall Street Journal. Maximum APR is 18%. Annual fee: $50 during the draw period (not applicable if collateral property is located in Texas). 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 $672 to $18,217, except in New York where they can range from approximately $716 to $24,527. Closing costs may vary based upon the line amount, property location and title insurance required. 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.
For lines with a 5-year 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. Citibank offers Home Equity Lines of Credit with 5-year draw and 10-year draw periods. Home Equity Lines of Credit with a 5-year draw period are also available in combination with a Citi mortgage. Please speak to a personal banker for more details.
For Fixed Rate Home Equity Loans: Your Annual Percentage Rate (APR) may be as low as 5.99% APR (as low as 6.24% for New York properties) or as high as 7.74% APR (as high as 7.99% for New York properties). To qualify for the lowest rate, customers must meet loan amount and term requirements, use Citibank Auto Deduct (an automated monthly debit from a Citibank deposit account) for repayment and have excellent credit history. If you borrow $50,000 for 30 years at 7.24% APR, assuming no down payment, you will make 360 payments of approximately $340.75. An Early Closure Release Fee may be charged to recover all costs incurred for originating your loan if you close your account within 36 months (not applicable if the collateral property is located in Texas). Property insurance and the fee to release an existing mortgage may be required.