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Citibank offers FHA and VA mortgages in addition to conventional fixed- and adjustable-rate mortgages and refinance loans. Borrowers who earn 80 percent less than the median income in their area, or who are looking to buy in certain low- or moderate-income areas, may qualify for a HomeRun mortgage. The HomeRun program lets borrowers put less money down – as low as 3 percent for a single family home and 5 percent for a condo or co-op – and has no mortgage insurance requirement. Borrowers with debt-to-income ratios as high as 43 percent may be eligible for these mortgages.

At the other end of the spectrum, CitiMortgage offers jumbo mortgages for higher-value homes. Its higher-net-worth customers (those with about $1 million in assets) are the only ones eligible for loans with interest-only payments.

Rates and Fees

Applying for a SureStart mortgage preapproval (which is valid for four months) is free, but CitiMortgage eventually charges $175 for a full mortgage application. In addition to outside vendor costs such as appraisal and title fees, the lender charges a $915 commitment fee. As of this publication, CitiMortgage’s advertised interest rates for a conventional 30-year fixed-rate purchase mortgage were slightly higher than those of other large banks.

Banking customers with Citibank can get lower interest rates and discounted closing costs, depending on the size of their accounts. Customers with balances up to $49,999.99 can get $250 off their closing costs, for instance. Those with balances from $50,000 to $199,999.99 get their interest rate lowered by 0.125 percent, and the discount rises from there.

Customer Experience

If you live in one of the metropolitan areas with Citibank branches, you can apply for a CitiMortgage in person. Everyone can apply either completely over the phone or via the lender’s online application, which also requires a phone conversation with a mortgage lender. The website is clear and informative, with rate and payment calculators available for various borrowing scenarios. The site advertises rates that include the purchase of discount points (one point costs an up-front payment of 1 percent of the total loan amount), making it slightly more complicated to compare Citi’s interest rates with other lenders’ offerings.

CitiMortgage ranked 13 overall in J.D. Power’s 2017 U.S. Primary Mortgage Servicer Satisfaction Study, with average scores for overall satisfaction, fees, interaction and payment. It ranked above average for communication. The Consumer Financial Protection Bureau fined CitiMortgage and CitiFinancial Servicing in 2017 for not providing clear enough information to borrowers seeking information about ways to avoid foreclosure on their homes. Most of the negative reviews from customers on the CFPB database relate to difficulty in applying to refinance mortgages.

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