Your featured rate may be as low as prime plus % for collateral property in California (currently % variable APR). Rates assumes the following: Excellent credit, a maximum combined-loan-to-value of 70%, and a first mortgage with another lender. Additional rate discounts may apply. Rates may vary depending on your individual situation and property state. Maximum APR: 18.00%. The variable APR is indexed to the Prime Rate as published in The Wall Street Journal. If you have a competitive offer, please let us know so we can work to meet your home lending needs.
Annual Fee: An annual fee of $50 during the draw period (not applicable if collateral property is located in Texas) applies. No annual fee will be charged if at the time of the account opening, you are in a Citi Priority, Citigold, or Citigold Private Client Relationship Tier or an employee of Citigroup or its subsidiaries.
Closing Costs: For lines of $500,000 or less, Citibank will pay all applicable closing costs; however a consumer may choose to pay closing costs in return for elimination of the early closure fee and/or to obtain a lower rate. For lines greater than $500,000, the borrower will be required to pay applicable closing costs.
Early Closure: If you close your line within the first 3 years, you will be assessed an early closure fee equal to the amount of third party fees that Citi paid to close your loan. The early closure fee will vary based on the property location, the total equity line amount, and other factors which will range from $680 - $18,000. Your lending representative can provide the estimated Early Closure fee applicable to you.
Insurance: Property insurance will be required; flood insurance is required where necessary.
Interest Only Draw Period: 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.
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). 401k assets are not eligible. Investable assets include deposit accounts (checking, savings, money market, and Certificates of Deposit), unrestricted stock, bonds and retirement accounts. Both traditional bank products and investable assets must be held by the individual who is personally liable on the loan.
