With a line of credit, you can draw on the equity built up in your home to secure a credit line, where you only withdraw funds as you need them. Loans range from $10,000 to $1 million, and interest rates are variable (and usually tax deductible). There are no application fees, points, or closing costs. If you meet certain conditions, you can qualify for a lower variable rate.
I just discovered that Citibank has added a "membership fee" to my HELOC after taking over the account from another bank! They won't remove the fee and further, decided to lower the line based on their own value calculations NOT the state!
Citibank is a joke... You cannot pay down principal without jumping through their hoops via feew for EFT's that cost them nothing.. Customer service sucks as you cannot access balamces without lengthy phone calls, multiple phone codes, etc. and still no balances automated at any point.. I would recommend not doing business with this customer unfriendly joke of a corporation....
I've had a lot of trouble with the servicing of my citibank home equity loan. Through my own error, one month I paid the interest instead of the entire payment.
After paying the difference via phone payment, the next month I was surprised to see the same problem the next month. Citi applied the payment to principle reduction...and counting me 60 days late. I called the call center once again and they said "we'll take care of it". Well, the next month, I was 90 days late. Again another call, more assurances, and the next month I was 120 days late...Amazing. After explaining if for the fourth time and having the fee waved, the matter was resolved...almost.
Two months later I received a late fee for the previous 5 months. Shocked, I gave up and paid the fee which was "waved" from the previous call. The moral of the story...little mistakes to uncaring huge companies are cost lots of time and $$$.
| Type | Today | Week Ago |
|---|---|---|
| 15 Year Fixed | 4.62%  |
4.67% |
| 30 Year Fixed | 5.15% | 5.15% |
| 1 Year ARM | 3.48% |
3.51% |
| 5/1 Year ARM | 3.62% |
3.68% |
| Type | Today | Week Ago |
|---|---|---|
| Line of Credit | 4.89%  |
4.88% |
| 10 Year Loan | 7.47% | 7.47% |
| 15 Year Loan | 7.61% |
7.60% |
| Type | Today | Week Ago |
|---|---|---|
| Interest Checking | 0.28% | 0.28% |
| Money Market/Savings | 0.38% | 0.38% |
| 12 Month CD | 1.13%  |
1.15% |
| 60 Month IRA CD | 2.40% |
2.41% |
| Type | Today | Week Ago |
|---|---|---|
| Cash Back Cards | 12.66% |
12.68% |
| No Annual Fee Cards | 12.08% |
11.97% |
| Reward Cards | 12.75% |
12.61% |
| Small Business Cards | 11.01% |
10.94% |
| Student Cards | 13.77% |
13.49% |
| Platinum Cards | 12.26% |
12.11% |
