Citibank: 2020 Home Equity Review

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Citibank’s roots date as far back as 1812. It’s now one of the world’s largest financial institutions and offers a number of consumer-facing products, including home equity loans and lines of credit, mortgages, personal loans, credit cards, banking products and investing.

Headquartered in New York, the bank operates nearly 700 branches in the U.S. and more than 1,800 overseas. The national lender offers home equity products in every state but Alaska.

Consumers can apply for a home equity loan or home equity line of credit, or HELOC, from Citi online, by phone or in person at a branch.

Lender snapshot

If you’re interested in getting a home equity loan or HELOC from Citi, here are some key facts to know about the lender before you apply:

  • Offers home equity loans and lines of credit to borrowers in all U.S. states except for Alaska.
  • Offers fixed-rate home equity loans and variable rate home equity lines of credit.
  • Applications can be filled out at a branch, online or by phone.
  • Requires a minimum FICO score of 680.

Pros and cons

Diving in deeper to Citi’s home equity products, here are some of the biggest benefits and drawbacks:


  • High borrowing limits: Borrowers are able to take out up to $1 million with Citi’s home equity line of credit and up to $300,000 with its home equity loans.
  • No application or closing cost fees for HELOCs: Citi doesn’t charge any application of closing costs fees on its home equity lines of credit or home loans. Citi also pays for most third-party closing costs.
  • Rate discount opportunities: Customers who opt to automatically deduct payments from a Citibank deposit account can qualify for a rate discount. Citibank doesn’t specify how much of a rate discount is available.
  • Interest-only payment option on HELOCs:Citi offers an interest-only payment option during the draw period on its home equity lines of credit.


  • The loan process isn’t entirely online: While the online application can be filled out online, Citi requires you to visit a branch at closing.
  • Minimum loan amount: Home equity loans from Citi have a minimum borrowing limit of $25,000. That may be too much for some borrowers. HELOCs have a lower minimum of $10,000.
  • Combined loan-to-value (CLTV) requirements:Citi allows a maximum CLTV ratio of 80%. Some lenders, like, allow borrowers a CLTV of up to 95%.
  • Higher rates than other lenders: Rates for home equity loans from Citi start as low as 6.59 percent APR, while rates for HELOCs start as low as 5.99 percent APR. Those starting rates are around two basis points higher than the rates at similar lenders such as PNC and TD Bank.

Mortgage products

Home equity loan

Fixed-rate home equity loans from Citibank allow you to borrow up to 80 percent of your home’s value. Rates start as low as 6.59 percent APR for a 5-year or 10-year term and vary by state. In order to receive the lowest rates, borrowers must be Citibank customers with a Citigold Account Package or Citi Priority Account package and be enrolled in auto deduct.

Borrowing amounts of $25,000 to $300,000 are available and repayment terms range from five to 30 years.

Citi will order an appraisal to determine the value of your property before approving you for a loan.

You can decide at closing how to receive your funds — by wire transfer, direct deposit or check. Funds are held for three days after closing and are available on the fifth day.


Citibank offers two types of HELOCs, one with a principal and interest draw period and one with an interest-only draw period.

You need $200,000 or more in personal assets with Citi in order to be eligible for the interest-only draw period. The requirement moves up to $1 million if your assets are not held at Citi.

Both types of HELOC offer variable rates as low as 5.99 percent APR. And like with Citi’s home equity loan product, borrowers must be Citibank customers with a Citigold Account Package or Citi Priority Account package and be enrolled in auto deduct in order to receive the lowest rates. Customers must also take out an initial draw of at least $25,000 and close on a line amount of at least $100,000 for the most attractive rates.

Borrowing amounts of $10,000 to $1 million are available for Citi’s HELOC products. The lender doesn’t specify a draw period — it depends on the amount and terms of your specific loan. But it has a 20-year repayment period for its HELOCs.

Lender fees

There are no application or origination fees for HELOC products or home loans.

While the lender doesn’t charge closing costs for its home equity lines of credit, customers who opt to pay them receive a rate reduction. Closing costs for HELOCs through Citi can range from approximately $680 to $32,000. In New York, that range increases to $680 to $38,000.

Citi’s HELOC product has an annual fee of $50 during the draw period, unless the property is located in Texas. But no annual fee is charged if you’re a Citigold or Citi Priority customer, or if you’re an employee of Citigroup or its subsidiaries.

It may charge an early closure release fee if you close your HELOC or home equity account within 36 months of opening an account to recover any costs associated with originating your loan.

Borrower requirements

You need a credit score of at least 680 to be approved for a home loan or line of credit from Citi.

The lender has a maximum debt-to-income ratio of 41 percent for its interest-only HELOC and 43% for its regular HELOC and home equity loans.

Borrowers can have a maximum CLTV of 80 percent.

Applicants will also need to provide proof of financial information, go through a home appraisal and submit other documents at the lender’s request.

How to apply

You can apply for Citibank home equity product online, by phone at (877) 362-9100 or by visiting a branch.

To get started online, visit, navigate to the home equity section and click “Apply Online.” After that, you’ll be asked to provide information about your property, income, assets, debts, employment and how much you’d like to borrow.

The typical time to process a request—from application to closing—is 4 to 6 weeks. It includes an appraisal of the property, review of your credit history, income verification and underwriting review.

You can talk to a loan representative at any time if you have questions about the process.

Here’s what the home equity process looks like through Citi:

  1. Apply online, by phone or in person.
  2. Submit required documentation to the lender, including tax statements, pay stubs, bank statements and details about the property you own.
  3. Get an appraisal and title report. Citibank will order an appraisal to determine the value of your property. It will also order a title report to verify that you own the property. Citi uses a local and approved licensed appraiser to complete the appraisal of your property.
  4. If approved, Citi next verifies your employment and homeowner’s insurance.
  5. Close on your home equity loan. You’ll need to present a photo ID and sign paperwork.
  6. Receive your funds. After closing, you’ll receive funds on the fifth day, or potentially six days if you’re in California.

View home equity rates

Tap into the value you have in your home to get the funds you need.

Get started

If you’re interested in getting a home equity loan or line of credit from Citibank, you can start the process online, by phone at (877) 362-9100 or at a branch.

Current customers can also log into their online account to chat with Citi.

How Bankrate Rates Citibank

Overall Score 4.3
Availability 4.0
Affordability 4.0
Customer Experience 4.8

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.