Citibank Mortgage is the mortgage lending division of Citi, a multinational financial services corporation that provides a wide range of mortgage products to help you buy or refinance a home, including conventional, jumbo, FHA, and VA loans.
Are you interested in a Citibank mortgage? Do you want to know the requirements and how to apply? You will find the answers and how to contact them here.
Let’s dive right in!
Who is Citibank Mortgage?
Citibank (Citi Mortgage) was founded in 1979 and is part of the banking conglomerate Citigroup, Inc.
The bank provides a variety of mortgage options, including the standard suite of conventional, jumbo, and government-insured (except for USDA loans) loans, as well as the HomeRun Mortgage, which can help you finance a single-family home or condo with only 3% down (or a duplex with 5% down) and no private mortgage insurance required (PMI).
Banking customers may be eligible for closing costs or interest rate discounts depending on their balance. Citibank is ideal for borrowers seeking quick preapproval and responsive customer service and banking customers seeking relationship pricing.
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What are the Features of Citibank Mortgage?
Affordability
Citibank’s mortgage rates are competitive, but you must pay points at closing to get the lowest advertised rate. One point costs one percent of the loan amount.
Citibank’s website displays the most current mortgage rates. According to the bank’s website, lender fees vary by loan type, and total closing costs range from 1% to 4% of the home’s value.
Account holders who set up auto-payments may be eligible for an interest rate reduction or a closing cost credit based on their balance. For example, borrowers with a bank balance of up to $49,999 can save $500 on closing costs.
Wide range of loans
Citibank provides conventional and some government-insured mortgages to borrowers across the country.
Borrower knowledge
While Citi offers many online conveniences, many customers on third-party sites report needing help to get a response from the bank when problems arise.
Availability
Citibank operates throughout the United States but only has branches in a few states. Its mortgage products include conventional, FHA, and VA loans and refinancing options for your existing loan.
Borrower rating of 4.1/5
Citibank is a central bank that ranked third in customer satisfaction in J.D. Power’s 2022 mortgage origination report. However, it is not accredited by the Better Business Bureau and currently has an F rating from the organization for failing to respond to or resolve complaints.
The bank had a Trustpilot rating of 1.6 out of five stars based on over 60 reviews at the time of this review.
Easy application process
If you’re interested in a Citi mortgage, you can use the bank’s website to get pre-qualified, start the preapproval process, and apply for a loan or refinance. According to one of the bank’s loan officers, the online form takes 15 to 20 minutes to complete, and if qualified, you can get pre-approved in as little as an hour.
If you’re looking to buy a home, SureStart preapproval from the bank can help you narrow your price range and give your offer a competitive edge. Purchases typically take 45 days to complete.
Furthermore, Citi’s website includes a comprehensive checklist for homebuyers that outlines the documents and information you’ll need to apply for a loan, including for self-employed borrowers.
You can also use the bank’s app to manage the loan process, make payments later on, and e-sign documents if necessary.
If you require help, you can contact the bank via chat, email, phone, or text or visit one of its branches. They are currently in 10 states (California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia), Washington, D.C., and Puerto Rico.
Rate and fee reductions
Save up to 5% on your existing Citi account balances with relationship pricing, which can lower your mortgage interest rate or closing costs.
Home Run Lending
HomeRun is a home-buying program with low down payments starting at 3% and no mortgage insurance required.
Reduce your closing costs
When you apply for a Citi mortgage, keep an eye out for promotions such as a $500 credit toward closing costs.
Have you seen the GMFS mortgage review? Read: GMFS Mortgage Review 2023: Interest Rates & Plans
What loans does Citibank mortgage offer?
Conventional loans
Borrowers with a credit score of 620 can apply for conventional loans; they usually need a down payment of at least 20%, but if you have private mortgage insurance, you may make a 5% down payment (PMI).
FHA loans
Four FHA loans are available. FHA loans may be a good fit for first-time homebuyers who have down payments for as low as 3.5%. It is also great for people with low credit scores.
Jumbo loans
Jumbo loans are used by buyers who need to finance a home that is more expensive than the current conforming loan limits. For a jumbo loan application, Citi may ask for a higher credit score and larger cash reserves.
VA loans
VA loans are available to active-duty military personnel, veterans, and their families. They require no money upfront and accept credit scores as low as 620.7.
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What is the best way to Apply for a Citi Mortgage Loan?- Step-by-Step Guide
Step 1: Contact Citi Mortgage
To begin your application, submit your information online, visit a branch, or call (800) 248-4638.
Step 2: Finish your Application
Contact a Citi Mortgage loan officer to discuss your personal information, property details, and mortgage requirements.
Step 3: Allow a hard credit pull
Citi Mortgage pulls credit scores to determine which loan programs you are eligible for based on your credit scores, personal information, and loan details.
Step 4: Request a loan estimate
The Citi Mortgage loan officer, which estimates the fees and closing costs for your loan provides A loan estimate.
Step 5: Wait for confirmation
If you agree with the loan terms, give the loan officer your permission to proceed with the loan application.
Step 6: Submit all required documentation
Citi requires signed disclosures, bank statements, pay stubs, tax returns, and proof of down payment to support your loan application.
Step 7: Home evaluation
An appraisal is a professional valuation of your home based on its features and recent home sales in the neighborhood.
Step 8: The final decision
Citi funds your loan after it has completed underwriting your loan request.
Step 9: Pay off your mortgage
You will sign the closing documents, make the down payment, and pay the closing costs so that the bank can provide the funds to purchase your home or pay off your existing mortgage.
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How do you Contact Citibank Mortgage?
Citi Mortgage customers can contact customer service by phone, in person, online at Citi.com, or via the Citi Mobile app (Apple, Google Play).
Telephone support is available Monday through Friday from 8 a.m. to 10 p.m. ET and Saturdays from 9 a.m. to 7 p.m. ET.
You can also check the status of your mortgage application by logging in to your Citi account. You can also contact them through-
Citibank Mortgage Ratings
Citi Mortgage has excellent ratings on Zillow. It has over 3,400 reviews with an average rating of 4.83 stars. Customer reviews praise Citi Mortgage loan officers’ professionalism and responsiveness to borrowers’ needs.
10 Recent reviewers reported that their interest rates were on par with or lower than expected.
Investopedia polled 1,195 mortgage customers about their attitudes and experiences with 45 major lenders. Citi ranked 15th in customer satisfaction, scoring 5.95 out of 10.
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What are Citibank’s Pros & Cons
Pros
- Provides a wide range of loan options, including low-down-payment and jumbo mortgages.
- According to the most recent data, it offers lower rates than other lenders.
- According to J.D. Power and Zillow, it receives high marks for customer satisfaction.
Cons
- An online mortgage application requires the assistance of a loan officer.
- Without making contact, customized mortgage rates are not available.
- It does not provide renovation loans.
Frequently Asked Question
Citi will also continue assisting you with future home lending needs, such as refinancing or getting a new mortgage.
Purchase and refinance mortgage loans are one of Citi’s offerings, which it manages through its subsidiary CitiMortgage. The company originated $5.3 billion in mortgages in the second quarter of 2022. Borrowers can get conventional and jumbo mortgages through CitiMortgage.
Citi mortgage is a subsidiary of Citigroup Inc, “an American multinational investment banking and financial services corporation headquartered in Manhattan, New York City.” Citibank is one of the subsidiary companies of the parent company.
New Residential Mortgage Corporation. Citi has signed a definitive agreement to sell New Residential Mortgage LLC its mortgage servicing rights and related servicing on approximately 780,000 Fannie Mae and Freddie Mac loans of non-Citibank retail customers with outstanding balances of roughly $97 billion (NRZ).
Citi typically requires a credit score of 620, but bad credit mortgages are also available. You can qualify for an FHA loan with a FICO score as low as 580 and a 3.5% down payment. Some lenders offer FHA loans with as little as a 500 credit score and a 10% down payment.
Conclusion
Citigroup owns Citicorp, Citibank’s holding company, and several international subsidiaries. Getting a Citibank mortgage is worth it.
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