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Citibank home equity loan review

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Minimum down payment (Conventional)

Our verdict

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.


  • Access to funds via check, transfers to linked accounts, plus the convenience of Citibank Auto Deduct for payments
  • No application or closing cost fees
  • Flexible credit when you need it


  • Not available in Alaska
  • Early payment penalty

In this guide

  • Our verdict
  • Details
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  • Ask a question's rating: 2.9 / 5.0


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%

What makes Citibank unique?

These are Citibank’s major selling points:

Rewards for customers

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.

Accepts alternative credit sources

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.

Do I qualify for a loan with Citibank?

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.

Citibank reviews and complaints

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.

What are the benefits of getting a home equity loan through Citibank?

Citibank offers fixed-rate home equity loans with predictable monthly payments. You’ll also be privy to these benefits:
  • Incentives for customers. To score the lowest rate, enroll in automatic payments from your Citibank deposit account.
  • Flexible loan lengths. Choose a repayment term of 5, 10, 15, 20, 25 or 30 years.
  • Lending criteria. Depending on your credit and lien position, you may be able to borrow up to 80% of your home’s value.
  • Accepts other credit sources. Citibank considers nontraditional sources of credit, such as a positive history of paying rent.
  • Handy online tools. The site has a rate calculator that crunches your estimated monthly payments.
  • Solid loan range. Eligible borrowers can take out a loan between $25,000 and $300,000.

What to watch out for

These drawbacks may affect your decision:

  • Not available in Alaska. Is your property in Alaska? You’ll need to look to other lenders.
  • Early payment penalty. If you pay off your loan or sell your home within the first 36 months, you’ll pay a fee. This doesn’t apply to collateral properties in Texas.
  • Some restrictions. The lender imposes limits on property types. For example, mobile homes are exempt, and in Texas, home equity loans are only available on collateral properties that are single-family primary residences.
  • No second homes. With this lender, you can’t put up a second home as collateral.
  • Limited loan offices. Outside of major cities like New York and LA, loan officers are scarce.
  • Two-loan maximum. You can have two open loans at a time with Citibank.

Compare interest rates for home equity loans, HELOCs and cash-out refinancing

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.

Searching for the best rates...

Steps to apply for a Citibank home equity loan

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.

I got the home equity loan. Now what?

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.

  • Phone. If you’re applying for a new home equity loan, call 877-362-9100. If you want to chat about your existing loan, call the team you receive statements from:
    • CitiMortgage: 800-283-7913.
    • Citibank, N.A.: 800-685-0935.
    • Cenlar: 855-839-6253.
    • In Puerto Rico? Dial 866-280-2050.
  • Live chat. Log into your Citibank account to get real-time help online.
  • In person. Visit a local loan officer, or schedule an appointment online.

Make timely payments. Skirt late fees by choosing a payment method that suits you.

  • Phone. Call the best number from the options above.
  • Bank transfers. Set up automatic transfers from your Citibank account, or wire funds from an external account.
  • Mail. Send paper checks to the most relevant address.
    If you receive statements from CitiMortgage:
    • CitiMortgage Inc, PO Box 78015, Phoenix, AZ 85062.
    • If you receive statements from Cenlar for properties in Arkansas, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming: Central Loan Administration and Reporting, PO Box 54040, Los Angeles, CA 90054-0040.
  • For all other properties: Central Loan Administration and Reporting, PO Box 11733, Newark, NJ 07101-4733.

Frequently asked questions

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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