Citibank Mortgage Review 2022: Affordable Mortgage, Guided Experience

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Types of Loans Offered

Mortgage Conforming, jumbo, FHA, VA, HomeRun

Types of Loans Offered

Mortgage Conforming, jumbo, FHA, VA, HomeRun

Advantages

  • A special price is available for deposit account customers
  • HomeRun Mortgages Allow Borrowers Eligible With Non-Traditional Credit
  • Low-income borrowers in eligible areas can receive up to $ 5,000 in closing costs assistance

Disadvantages

  • Custom prices cannot be displayed online
  • The application process is not completely online – you need to talk on the phone first

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More information

  • Offers mortgages nationwide
  • You can fill out your application online after talking to a mortgage representative
  • Citibank HomeRun Mortgage Allows Beneficiary Borrowers to Reduce Only 3% Without Mortgage Insurance
  • The minimum credit score and down payment shown are for compatible mortgages

Overall lender rating

Pros and cons

Citibank mortgage rates

Citibank displays mortgage interest rate samples for 30- and 15-year fixed-rate mortgages on its website. To see these interest rates, click on “view current prices” on Citibank’s home loan home page.

Adapting prices to your own situation is a bit more complicated. To receive a customized interest rate, you must follow the same procedure as you would for applying for a mortgage with Citibank: fill out a form with your name, phone number and email address so that a mortgage representative can apply. can call you.

Citibank vs. Chase Mortgages

* Citibank allows non-traditional credit only for its HomeRun mortgages

Citibank and Chase have similar mortgage offers, including similar special low-cost mortgage products. Citibank’s low down payment mortgage is called HomeRun mortgage and allows borrowers to repay just 3% without the need for a home equity loan. Chase’s DreaMaker also allows 3% down payment and gives borrowers $ 500 if they complete a home buyer training course.

Both lenders also offer closing cost assistance of up to $ 5,000 for borrowers in eligible areas.

If you are already a Citibank customer, you may want to take out a Citibank home loan so that you can take advantage of its customer pricing.

Citibank Mortgages vs. Bank of America

* Citibank allows non-traditional credit only for its HomeRun mortgages

Citibank and Bank of America are also quite similar in the mortgages they offer. Both lenders have a 3% discount, an option without mortgage insurance, and both offer closing cost assistance to eligible borrowers.

Some lenders, such as Citibank, have stopped offering their own funds due to current market conditions, which means that HELOCs may be a little harder to find. If you need a HELOC, Bank of America continues to offer it, giving this lender a leg up against Citibank and others who are not currently accepting HELOC applications.

Both Citibank and Bank of America offer benefits to current customers, so if you already have an account with one of these banks, you may want to take advantage of the discounts available to you.

How Citibank mortgages work

Citibank comes from home loans nationwide. To get a mortgage with Citibank, you need to fill out an online form with your name, phone number and email address or create an account. Once a mortgage representative has called you to discuss your options and which type of mortgage is best for you, you can use the web portal to apply, upload documentation and track your application.

Citibank offers compliant, jumbo, FHA, VA and HomeRun mortgages. HomeRun mortgages are available to low- to middle-income borrowers and allow for up to 3% down payment without having to pay mortgage insurance. Citibank will also consider non-traditional credit from eligible creditors for these mortgages, but if you follow this path, you will need to put in at least 5%.

FHA mortgages require a minimum down payment of 3.5%, while VA mortgage borrowers can get a mortgage with 0% down. Compliant mortgage borrowers must reduce by at least 5%.

Citibank also offers up to $ 5,000 in closing costs assistance to eligible low- to mid-income borrowers and special rates for new or existing deposit account customers. However, you will need a relatively high balance to take advantage of the most attractive pricing benefits. If your balance is less than $ 50,000, you will receive $ 500 of your closing costs. Those with higher balances can receive a certain percentage of their interest rate.

You can call the Citibank home loan line to start an application or ask questions about its mortgages from Monday to Friday from 8 am. until 10 p.m. ET or Saturday from 9 a.m. until 7 p.m. ET.

Is Citibank reliable?

Citibank has won one rating F by the Better Business Bureau due to unanswered or unresolved complaints and due to government measures against the bank. BBB scores are based on a business’s honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.

in 2020, Ordered by Citibank by the Commodity Futures Trading Commission to pay a $ 4.5 million fine. The CFTC said the bank failed to prevent the deletion of recordings that had been called due to a known problem with its sound retention system. Citibank was too $ 400 million fine by the Office of the Currency Auditor, which claimed that Citibank had failed to rectify long-term risk management issues.

Citibank was ranked No. 3 in the 2021 Principal Loan Satisfaction Survey of JD Power.

Frequently Asked Questions about Citibank Mortgages

Does Citibank offer mortgages?

Yes, Citibank offers mortgages. While you may be more familiar with Citibank as the bank in which you have your current and savings accounts, Citibank offers a wide variety of financial products, such as mortgages, personal loans and investment accounts.

What are Citibank mortgage rates?

Citibank displays some sample interest rates on its website, but to get a personalized interest rate, you need to talk to a mortgage representative. In Zillow’s lender profile, many reviewers noticed that their rates were lower than expected.

Is Citibank a good mortgage lender?

Citibank may be a good choice for you if you are looking for affordable mortgage options, such as a low down payment mortgage without mortgage insurance or if you need personalized help finding the right mortgage for you.

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