For homeowners, acquiring a home equity line of credit can be a lifesaver. Whether it is to finance a renovation or upgrade inside the home, to have a lower cost option for a major purchase outside the home, or to consolidate higher interest debt, a home equity line of credit can be used as an alternative to fund life’s expenses. In the low interest rate market we are currently in, a number of financial institutions are offering their customers unbeatable options for home equity lines of credit, including a notable promotion from Citibank.
Starting in November, Citibank is offering homeowners an option for a home equity line of credit that includes the following features:
Customers considering the Citibank home equity line of credit promotional offer should be aware of certain restrictions that are laid out by the bank. New home equity lines of credit must be taken out for a minimum of $100,000 to qualify for the introductory rate of 2.99%, and an initial draw of no less than $25,000 must be taken at the time the line of credit is approved. There is an annual fee of $50 for all new home equity lines of credit through Citibank, except for those properties located in the state of Texas. Additionally, customers must have a Citibank deposit account at the time of application, and must enroll in automatic debit for repayment from that account. Applicants must qualify based on credit history and score, and there are certain loan-to-value and lien position limits that are taken into account at the time of application.
A maximum APR of 18% can be assessed after the introductory period, and customers who close the home equity line of credit within the first 36 months after opening may be charged an Early Closure Release fee to recover costs associated with processing the line of credit. Customers will be liable for interest only payments during the draw period, or the first five years of the line of credit being open. After this time, monthly payments may be increased if the principal balance has not yet been repaid.
Citibank, founded in 1812, is headquartered in New York City, New York, and serves an impressive 15 million customers worldwide. The bank operates 3,777 branch locations all over the world, with 983 located within the United States, and accounts for the largest share of banking deposits nationwide.
Customers interested in Citibank’s promotional home equity line of credit can call 1-888-919-4486, visit a local Citibank branch in person, or apply online.
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