Citi Mortgage Review 2022

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Citi Mortgage Review 2022

The mortgage lending division of the multinational financial services business Citi is called Citi Mortgage. It provides a range of mortgage products, such as conventional, jumbo, FHA, and VA loans, to help you buy or refinance a house.

Pros Explained

  • Relationship pricing for Citi customers: When they fulfill balance criteria, new and current Citi customers may be eligible for reduced interest rates or a closing cost credit.
  • Lender Paid Assistance lowers closing costs: Citi Mortgage provides up to $5,000 in closing cost assistance for new home loans on eligible applicants.
  • Offers full-service banking capabilities: With a Citi Mortgage, you can keep all of your banking and financing requirements under one roof. A complete range of banking, lending, investing, and other associated financial services are provided by Citi.

Cons Explained

  • does not display all product rates online: Because not all prices are accessible online, it is difficult to compare Citi Mortgage rates and conditions to those of other lenders. For buy and refinancing loans, the Citi Mortgage website only displays 15- and 30-year mortgage rates.
  • For further information about rates, you must include your contact information: You must enter your information and talk with a loan representative if you want to evaluate more product, rate, and point alternatives.
  • Completes application process with loan officer: You may begin the application process online, but you must work with a loan officer to finish it. In contrast, some other lenders enable you to finish the whole procedure online.

Types of Mortgage Loans Offered by Citi Mortgage

  • Conventional loans: With a credit score of 620, borrowers are eligible for conventional loans, which typically call for a 20% down payment. However, if you have private mortgage insurance, you could be able to put down as little as 5%. (PMI).
  • FHA loans may be a viable option for first-time homebuyers, borrowers with down payments as little as 3.5%, and borrowers with credit scores as low as 580.
  • Buyers who need to finance a property that costs more than the existing conforming loan restrictions may consider jumbo loans. For a jumbo loan application, Citi can need a better credit score and more substantial cash reserves.
  • VA loans: Veterans, active-duty service members, and their families are eligible for VA loans. They accept credit ratings as low as 620 and don’t demand any down payment.
  No-Cost Mortgage Definition

Are you looking for reverse mortgages or other loan types, such as USDA loans? To explore additional choices, go through our list of the top mortgage lenders.

Citi Mortgage Features and Benefits

  • Rate and charge reductions for Citi customers: With relationship pricing, you may save up to 5% based on the amount of your current Citi accounts, which can cut your mortgage’s interest rate or closing expenses.
  • HomeRun Mortgage: With down payments beginning at only 3% and no need for mortgage insurance, HomeRun is a low down payment option for purchasing a house.
  • Spend less on closing fees by keeping an eye out for special offers, such as a $500 credit against closing fees when you apply for a Citi mortgage.

How to Apply for a Citi Mortgage Loan

  1. Speak with Citi Mortgage. To begin your application, enter your information online, go to a branch, or call (800) 248-4638.
  2. Finish the application. To discuss your requirements for a mortgage, the specifics of your home, and your personal information, speak with a Citi Mortgage loan officer.
  3. formally approve a harsh credit draw. Based on your credit scores, personal information, and loan specifics, Citi Mortgage will retrieve your credit reports to determine which loan programs you qualify for.
  4. Obtain a loan estimation. A loan estimate detailing the fees and closing charges associated with your loan is provided by the Citi Mortgage loan officer.
  5. accepts moving forward. Give the loan officer your permission to continue with the loan application if you are satisfied with the loan’s terms.
  6. submit the necessary paperwork. Your loan application must be accompanied by supporting evidence from Citi, such as signed disclosures, bank statements, wage stubs, tax returns, and proof of a down payment.
  7. home evaluation A home appraisal offers an unbiased evaluation of your house based on its characteristics and current home sales in the neighborhood.
  8. final judgment. After Citi has completed its review of your loan application, it will decide whether or not to finance your loan.
  9. Default on your mortgage. In order for the bank to give you the money to purchase your house or pay off your current mortgage, you must sign the closing paperwork, provide the down payment, and cover closing charges.
  Offset Mortgage Definition

Customer Service

Customers of Citi Mortgage may contact customer support via phone, in person, online at Citi.com, or through the Citi Mobile app (Apple, Google Play).

On weekdays from 8 a.m. to 10 p.m. ET and on weekends from 9 a.m. to 7 p.m. ET, telephone help is offered at (800) 248-4638.

By connecting into your Citi account, you may also check the progress of your mortgage application at any time.

Customer Satisfaction

On Zillow, Citi Mortgage has received excellent ratings and reviews. With over 3,300 reviews, it has received an average rating of 4.82 stars. Customers praise Citi Mortgage loan officers in their ratings, praising their professionalism and attentiveness to borrowers’ demands. Recent reviews noted that their interest rates were on par with or below expectations.

To learn more about opinions and experiences with 45 prominent mortgage lenders, Investopedia conducted its own poll of 1,195 mortgage clients. With a 5.95 out of 10 rating for customer satisfaction, Citi placed fifteenth overall.

Account Management

Cenlar, FSB will handle servicing for your Citi Mortgage. Once your loan has been approved, you may go onto Cenlar’s website to see your mortgage account, payment history, and other information.

Through Citi.com or the Citi Mobile app, customers who have additional Citi bank accounts may also manage their mortgage.

Call (855) 839-6253 to reach customer service for Cenlar FSB. Monday through Friday, 8:30 a.m. to 8 p.m. ET, and Saturday, 9 a.m. to 5 p.m. ET are the customer service hours.

Alternative Choices

Before applying for a mortgage, take the time to shop around with the best mortgage lenders to find the most favorable rates and terms. Not all loan types are available at every lender. And some lenders specialize in certain types of loans, which can make the loan process go much smoother.

Loan Types OfferedSpecial Features
Citi MortgageConventional, Jumbo, VA, FHAFull-service banking products for customers
Caliber Home LoansConventional, Jumbo, VA, FHA, USDASpecial loan programs for self-employed, bad credit, and investors
Primary Residential MortgageConventional, Jumbo, VA, FHA, USDAOffers renovation, investment property, and construction loans
Finance of America MortgageConventional, Jumbo, VA, FHA, USDAOffers reverse mortgages for 62+ homeowners

When comparing mortgage options, pay particular attention to these factors:

  • APR. The ideal rate to use when comparing lenders is the annual percentage rate (APR), which includes the costs you pay.
  • closing fees and expenses. Find out the costs associated with closing your loan with each lender. For certain expenses, like origination fees, you may bargain, and for others, like title insurance, you can choose your own providers.
  • a rate lock. The length of time the lender has to conclude your loan before the interest rate changes is specified in the rate lock.
  Today's Mortgage Rates & Trends - September 26, 2022: Rates bolt higher
Final Verdict

Citi Mortgage offers excellent customer service and a variety of mortgage options. Although Citi enables customers to view all of their banking and lending accounts online or through its mobile app, you cannot complete your mortgage application online. Instead, you must speak with a loan officer to complete your application and get detailed rate and cost information on Citi’s loan products.

For customers who prefer to shop rates and terms before speaking with someone, this process could be a turnoff. However, most lenders require borrowers to work with a loan officer at some point. So, it may be worthwhile to speak with a Citi Mortgage loan officer based on the positive feedback available online.

How We Review Mortgage Lenders

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:

  • Customer satisfaction, online applications, perks and awards, etc.)
  • functional aspects (state licensing coverage, number of loan officers, etc.)
  • offered loan products (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closure, minimal debt-to-income ratio, etc) (days to closing, minimum debt-to-income ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.

Read more in our full mortgage lender review methodology.

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