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Home Equity Lines of Credit

Life and homeownership can throw big expenses your way. If you’re currently weighing your financing options for home improvements or to consolidate and pay down debt, a home equity line of credit (HELOC) might be the right option for you. For details about home equity rates and other information

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What is a Home Equity Line of Credit?

HELOC LIFESPAN

30 years

Draw Period

10 years

During the 10-year draw period, you can access funds in your line of credit. During this time, you can draw up to your credit limit and as often as needed.

Repayment period

20 years

The 20-year repayment period comes after the 10-year draw period. You’ll no longer have access to the credit line. Instead, you will focus on repaying the outstanding balance of borrowed funds (plus interest).


A Home Equity Line of Credit (HELOC) is a revolving line of credit that’s secured against your home. Common uses include repairs and upgrades to your home, paying down higher-interest rate debt and paying for tuition or other expenses. HELOC interest rates are variable and may change over time.

HELOCs have a draw period and a repayment period. At Citi, your draw period is 10 years, while your repayment period will last for 20 years.

Throughout the draw period, you’re able to withdraw funds from your HELOC (up to your credit limit) whenever you need them and make interest only payments or payments on your outstanding balance, plus interest.

After the first 10 years, your HELOC transitions to the 20 year repayment period when you will no longer be able to withdraw funds and you will begin to pay off the outstanding balance of your credit line (plus interest).

The benefits of getting a HELOC

Its economical

Because they are secured against the equity you have in your home, HELOCs typically carry lower interest rates than credit cards and other loans.

It's flexible

During the draw period, you can draw what you need, when you need it.


It’s manageable

HELOC payments are based on the amount of your outstanding balance not the total amount available on your line of credit – so you only need to pay back what you draw (plus interest).

Choosing the right HELOC

There are two types of HELOCs offered at Citi

HELOCs with principal & interest payments during the draw period

Principal & interest HELOCs are the most common. With this HELOC your minimum monthly payments during the draw period are made up of a combination of both principal and interest. You may choose to make additional principal payments at any time without penalty, to reduce your outstanding balance.

HELOCs with interest-only payments during the draw period

Interest-only HELOCs allow you to make interest-only payments on your outstanding balance during the draw period. Making interest-only payments means you're not paying down the principal and you might be surprised by the larger payments required during the repayment period. For an interest-only HELOC, you’ll want to find out if you meet eligibility requirements before you apply. You may choose to make additional principal payments at any time without penalty, to reduce your outstanding balance.


For both HELOC types, it’s good to keep an eye on your interest rate. HELOC interest rates are variable and can fluctuate. Because monthly payments are tied to the interest rate, the amount of your monthly payment can change if the Prime Rate changes.

For details about home equity rates and other information, view Important Disclosures.

Did you know?

Are you eligible for a HELOC with an interest-only draw period?

To be eligible for a Home Equity Line of Credit with an interest-only draw period, you need $200,000 or more in post-close traditional bank products with Citi, or $1,000,000 or more in total investable assets (these do not have to be held in a Citi account). Traditional bank products include deposit accounts (checking, savings, money market, and Certificates of Deposit). Investable assets include deposit accounts (checking, savings, money market, and Certificates of Deposit), unrestricted stock, bonds retirement accounts, including 401K balances. Non-vested stocks and non-vested restricted stocks are not eligible. When using stocks, bonds and/or retirement accounts for eligibility requirements, the full value of the asset may not be available to use for qualifying purchases. Both traditional bank products and investable assets must be held by the individual who is personally liable on the loan. We’ll also review your credit and debt to ensure you meet our underwriting criteria.

Learn about the convertibility option

During the draw or repayment period, if you decide that you prefer the stability of a fixed rate, you can convert your outstanding balance, or a portion of it, to a fixed rate repayment term if your account is up to date and has a principal balance greater than $10,000.* Converting all or part of your outstanding balance from a variable HELOC rate to a fixed rate helps you avoid additional interest rate changes and may make monthly budgeting easier.

*Not available for collateral properties in Texas. Additional limitations may apply.

Have a home equity question?

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By submitting this information, I consent and agree to be contacted by Citibank, N.A. regarding my loan inquiry at the telephone number or email address provided. I understand that this is not a home equity line of credit application, and that if I wish to apply for a home equity line of credit, I will need to apply directly with Citibank, N.A.


Contact Us

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1-877-501-9128

TTY: We accept 711 or other relay service

Mon-Fri: 8 AM to 10 PM ET

Sat: 9 AM to 7 PM ET

Have questions?

Important Disclosures


Terms, conditions and fees for accounts, programs, products and services are subject to change. Citibank reserves the right to suspend, change and terminate the offers and promotion. This is not a commitment to lend. All loans are subject to credit and property approval. Certain restrictions may apply on all programs.

This offer contains information about U.S. domestic financial services provided by Citibank, N.A. and is intended for use domestically in the U.S.

Home Equity Lines of Credit are not offered for collateral properties located in Alaska, are available for single-family residential properties (including co-ops in New York, Illinois, District of Columbia, New Jersey and Maryland), and are available for 2-4 family homes that are primary residences (excluding Texas). In Texas, home equity lines are only available on collateral properties that are single-family, primary residences. Home equity lines are not available for mobile homes in any state. Certain limitations apply. Lines of credit are subject to credit approval.

Home Equity Lines of Credit with an interest-only draw period require the borrower(s) to have $200,000 or more in post-close traditional bank products with Citi, or $1,000,000 or more in total investable assets (these do not have to be held in a Citi account). Traditional bank products include deposit accounts (checking, savings, money market, and Certificates of Deposit). Investable assets include deposit accounts (checking, savings, money market, and Certificates of Deposit), unrestricted stock, bonds and retirement accounts, including 401K balances. Non-vested stocks and non-vested restricted stocks are not eligible. When using stocks, bonds and/or retirement accounts for eligibility requirements, the full value of the asset may not be available to use for qualifying purchases. Both traditional bank products and investable assets must be held by the individual who is personally liable on the loan. We’ll also review your credit and debt to ensure you meet our underwriting criteria.

For Home Equity Lines of Credit with an interest-only 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. Please speak to a mortgage representative for more details.

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