CitiMortgage offers a wide variety of loans and some flexibility. Find out the latest rates in your area and compare them with others at LendingTree.
CitiMortgage is a nationwide mortgage lender with locations in all 50 states, it offers FHA and VA loans in addition to refinance and both fixed and adjustable rate mortgages. The HomeRun mortgage is of particular interest to lower-income borrowers living in low or moderate-income areas, allowing those who qualify to put down as little as 3% on a single family home or 10% on a condo or co-op. The HomeRun mortgage also has no insurance requirement and borrowers with high debt-to-income ratios (as high as 43%) can still be eligible for these mortgages.
Citimortgage also cater to the opposite end of the borrowing spectrum, offering jumbo mortgages for high-value properties. Only high-net-worth customers (over $1 million in assets) are eligible for interest-only payment loans.
CitiMortgage: 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.
CitiMortgage: 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 16 overall in J.D. Power’s 2018 U.S. Primary Mortgage Servicer Satisfaction Study, with average scores for overall satisfaction, fees, interaction and payment. It ranked above average for communication.
As a unit of one of the biggest banks in the U.S. and operating in all. 50 states, CitiMortgage exhibits all the pros and cons associated with an organisation of its size. It offers a huge variety of finance products and the flexibility towards borrowers’ credit ratings and employment types will surely be welcomed by many. Interest rates are higher and there are some fees to pay but existing Citibank customers are eligible for discounts on their interest rate based on current balance.