Citibank is a major U.S. bank with many convenient locations. Home equity loans have fixed, competitive APRs. Applicants are required to have a good credit score for approval.
Citibank is one of the biggest banks in the U.S. It offers home equity loanswith competitive interest rates to qualified customers. Due to its past predatory lending practices, Citibankmay deny home equity loans to seniors with bad credit. Citibank offers home equity loans with fixed interest ratesthat can be repaid over a term of five to 30 years. Seniors may want to opt for a Citibank home equity loan if they are seeking a loan from a large, stable bank.
Home equity loans are borrowed against your home’s equity, and can be used to pay for expenses such as home renovation projects or medical bills. However, the APR and terms and conditions of Citibank home equity loans may vary by location, so check with your local branch for specifics.
Fees Will I pay initial,annual, or other fees? | Some fees are optional; check with your local branch for details |
Loan amount What are the minimum and maximum loans offered? | $25,000-$200,000 |
Repayment period How long will I have to repay the loan? | Five to 30 years |
Contract obligation What will my obligations include? | Borrowers must repay their loans |
Interest rate discount Are any discounts offered on interest rates? | Discounts may be available; inquire with a loan officer |
Interest rate type Variable or fixed interest rate? | Fixed interest rate |
Line of credit Is a home equity line of credit offered? | Yes |
Interest rates What annual percentage rates are offered? | Rates vary by state, but are competitive |
Cost Monthly fee | Depends on the size of your loan |
Customer Support Ease of access | You can contact customer support online or by phone |
Ease How easy to put to use? | It’s easy to get started at a local branch |
Cancellation Cost or difficulty to cancel? | Loans must be repaid in full |
Many seniors have lived in their houses for decades and paid off their mortgages. This means that they have full ownership of their homes. While it can be comforting for a senior to know that their house is paid off, it may not be a great idea to have so much home equity. When interest rates are low, it may be a good idea to take out a Citibank home equity loan. Home equity loans, which allow seniorsto only borrow as much as they need when they need it, are a great way to obtain some extra cash.
This type of loan can ensure that you have cash when you need it – e.g. to cover your monthly bills – without having to sell your assets. Citibank home equity loans are available with terms as short as five years, making them ideal for seniors of all ages.
A Citibank home equity loan may be a good idea for seniors who are looking to obtain money for important expenses such as medical bills or home renovations.Getting a line of credit can be a smart thing to do for seniors who, as long-term homeowners, have established a lot of home equity.
Seniors who are not healthy and have high medical bills may not qualify for some home equity loans, because there is a risk that they may not be able to make the monthly payments. Shorter-term home equity lines are available for seniors in fair or poor health who may not have the life expectancyto pay off a longer-term loan.
Pros:
Cons:
Bottom Line:
Citibank is a company with a long history, which is ideal for seniors seeking to cash in on their home’s equity safely and easily. Citibank’s home equity loans are not offered through CitiMortgage, but through Citibank itself.Citibank offers home equity loans with a fixed Annual Percentage Rate (APR), with terms ranging from five to 30 years. Seniors are eligible to qualify for interest rate deductions if they meet certain requirements.
The APR and terms and conditions of Citibank home equity loans may vary by location, so check with your local branch for an estimated repayment schedule. Citibank was recognized by Euromoney in 2017 and Affordable Housing Finance in 2016. This bank does have some history of predatory lending practices, but for seniors seeking a home equity loan from an established bank with locations across the United States, a Citibank home equity loan may be a good option.
Frequently Asked Questions:
How can I estimate the value of my loan?
Youcan use Citibank’s home equity loan calculators, available on the website, to determine your home’s equity. Or, you can speak with an agent at a local branch.
Can I apply for a loan with this company if I am retired?
Yes, but you will need to provide documentation and evidence to show that you will be able to make the monthly payments.
How much can I borrow?
Homeowners can only borrow as much as their home equity allows. You can determine your home’s equity by using the online home equity loan calculators, or you can speak with an agent.
More Information:
Overview:Citibank offers fixed-rate home equity loans. In addition to the interest rate, state and local taxes and regulations may impose additional fees or restrictions on these loans. Interest rates can change depending on a variety of factors, so seniors seeking a home equity loan should check with Citibank directly, or go online and check current rates on the website.
Package details: Citibank offers fixed-rate home equity loans with repayment schedules between five and 30 years. The repayment schedule includes both payment of the principal balance as well as a fixed Annual Percentage Rate (APR).If an account is closed within 36 months, an Early Closure Release Fee may be charged.
In Texas, home equity lines and loans are only available on collateral properties that are single family, primary residences. Home equity lines and loans are not available for mobile homes in any state.Other restrictions may apply by state; check with your local Citibank branch for more details.To qualify for the loan, seniors may be required to own property insurance and may be charged a fee to release an existing mortgage.
Loans are subject to credit approval and interest rates are subject to change without notice.
To obtain the lowest interest rates, customers must meet certain loan amount, loan-to-value and term requirements; have an excellent credit history; and use Citibank Auto Deduct, which is an automated monthly debit system from a Citibank deposit account.
Optional Accessories or Add-on Services: N/A
Contract Details:
The interest rate of ahome equity loan can vary by state and term (ten-year loans typically have a lower interest than 30-year).
There is no cancellation procedure for Citibank home equity loans. To cancel the home equity loan, it must be repaid in full, including all applicable interest and fees. If an account is closed within 36 months, an Early Closure Release Fee may be charged to recover all costs incurred for originating the loan.
Terms and conditions may vary by state and are subject to change. Check with your local Citibank regarding the terms and conditions of home equity loans in your area.
Warranty: None. Loans cannot be canceled and must be repaid in full to terminate the contract.
Accreditations: Citibank is not accreditedby the Better Business Bureau, and has an F rating from the organization.
Company Details: Citibank was established in 1812 as City Bank of New York. Its mission is to “responsibly provide financial services that enable growth and economic progress.” Today, the company boasts over 260,000 employees in over 117 countries.¬¬The financial markets magazine,Euromoney, recognized Citibank in 2017 as Best Digital Bank, Best Bank for Financial Inclusion, Best Bank for Markets, and Best Bank for Transaction Services. In 2016, Citibank was the recipient of a variety of citizenship awards and distinctionsincluding Top U.S. Affordable Housing Lender for the seventh consecutive year from the website Affordable Housing Finance.
Citibank
P.O. Box 6728
Sioux Falls, SD 57117-6243
Tel: 877-362-9100
Website: www.citi.com
7 min read
Sept. 20, 2019
