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Your Home Equity Line of Credit is Changing
If your Home Equity Line of Credit (HELOC) is in the interest-only draw period, your minimum monthly payment is about to increase. Start planning now for your repayment period.
Variable interest payment
Your new monthly payment
Understanding the payment change ahead
Why is your payment changing?
Your HELOC began with a draw period, when you could access your funds, and your minimum monthly payments were interest-only. Your draw period will soon come to an end and the repayment period will begin. During the repayment period, you'll be paying off both the principal of your loan and any interest due.
How is your payment changing?
During the draw period, your minimum monthly payments were interest-only. Once the repayment period begins, your minimum monthly payments increase to include an amount applied to the principal balance as well as the interest payment. By making the minimum monthly payments, you'll pay off your entire loan balance over the course of the repayment period.
How much will your payment increase?
Depending on your rate, outstanding balance and term, you can generally expect your minimum monthly payment to double when you enter the repayment period. Your payments will decrease every month as your repay your loan. Information about how your monthly payment will be calculated can be found in your account agreement. For help estimating your new monthly payments, get in touch with a Citi personal banker at 1-800-685-0935.
Will the interest rate change?
Your HELOC may have a variable interest rate that will adjust from time to time, based on changes to the index applicable to your interest rate. Please review your HELOC Agreement for the repayment terms specific to your HELOC.
Can you extend the draw period?
The draw period on your HELOC can't be extended, but there may be other options, such as refinancing or consolidating your credit line.
Knowledge is power. The more you know about your Home Equity Line of Credit, the more control you'll have over your financial future.
Options to consider
Make your monthly payments on time with Citibank Auto Deduct
Late or missing payments on your HELOC have a negative impact on your credit. An easy way to make sure your payment automatically arrives on time each month is to sign up for Auto Deduct. For more information on this free service, please call us at 1-800-685-0935.
Refinance or consolidate your HELOC
It may be possible to refinance your current HELOC into a new one or into a fixed rate home equity loan. You may also be able to consolidate your first mortgage and HELOC into a new first mortgage that offers a lower interest rate and longer term.
To learn more about refinancing your HELOC, call us at 1-800-321-2484.
To learn more about consolidating your first mortgage and HELOC, call us at 1-877-675-1625.
Convert your variable interest rate
If your HELOC has a variable interest rate, you may be able to convert all or part of your principal balance to a fixed rate. This option is especially attractive in the event that interest rates rise.
Experiencing financial hardship?
If you believe you may have difficulty adjusting to your new payments, please call us at 1-800-788-4517 to discuss your options.
Get in touch
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