Citibank isn't available on Finder right now.
You can normally borrow up to $300,000 with this large-scale lender, but home equity product applications have been temporarily suspended for now.
Citibank’s home equity loans are best for customers with excellent credit who want to borrow less than $300,000. The lender offers repayment terms in five-year increments, but it charges closing costs and doesn’t fund home equity loans for all types of properties.
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★★★★★
Citibank’s mortgage division, CitiMortgage, normally offers home equity loans ranging from $25,000 to $300,000. But the bank has temporarily suspended all applications for home equity loans and HELOCs as of March 3, 2021 due to market conditions.
| Loan products offered | Home equity loans |
| Minimum down payment (Conventional) | 0% |
These are Citibank’s major selling points:
If you’re a Citibank customer, it may offer lower interest rates along with closing cost credits. To qualify, you’ll need to meet credit and income requirements and set up automatic monthly payments from your Citibank deposit account.
CitiGold and CitiPriority banking customers have access to the best rates.
Citibank is flexible with its credit requirements. When reviewing your application, the lender will consider nontraditional sources of credit, such as rent and child support payments.
To apply for a loan, you’ll need a Citibank account, credit card or mortgage with a positive balance, and a debt-to-income ratio of 43% or less.
Like most lenders, Citibank doesn’t reveal the finer eligibility requirements online. However, the website says the lowest rates are reserved for customers with excellent credit who set up automatic payments from their Citibank deposit account.
Depending on where you live, the bank accepts home equity loans for single-family homes, condos, co-ops and two- to four-unit homes. The property must be complete and not under any kind of construction.
Despite being in business for over 200 years, Citibank isn’t accredited with the Better Business Bureau (BBB). It holds an F rating from its involvement in the mortgage crisis of 2008, and other government actions since.
The BBB has received 5,602 complaints in the last three years, most of which relate to problems with the product, service and billing. The BBB gives the bank a 1.04 star rating based on 339 customer reviews.
However, it’s worth noting that these reviews and complaints are for the bank as a whole, and not just its home loans division.
Citibank offers fixed-rate home equity loans with predictable monthly payments. You’ll also be privy to these benefits:
These drawbacks may affect your decision:
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
You can normally apply for a home equity loan online, over the phone or in person. But applications for home equity loans and HELOCs have been temporarily suspended as of March 3, 2021.
Keep tabs on your home equity loan with these tips:
Monitor your account. Manage payments, view statements and download tax documents online.
Contact customer service. There are a few ways to reach the loans team.
Make timely payments. Skirt late fees by choosing a payment method that suits you.
How much can I borrow?
Depending on your credit, income and the amount of equity in your home, you can borrow between $25,000 and $300,000.
What are Citibank’s repayment terms?
Choose to pay back your home equity loan in 5, 10, 15, 20, 25 or 30 years.
What is the turnaround time for a home equity loan?
With Citibank, the processing time varies. Once you submit your application, the lender will organize an appraisal and verify your identity and income, which can take anywhere from seven days to a few weeks. You’ll receive the funds on the fifth day after closing — or the sixth, if you live in California.
What happens if I change my mind?
After you’ve signed the closing documents, the bank will hold your funds for three days. This is the Right of Rescission period, and you can cancel your loan for any reason during this time.
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Katia Finder
Writer
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