CitiMortgage serves as the mortgage arm of CitiBank and stands out as a lender with a supportive online system and a wide range of loan products. On top of that, they’re open to a broad spectrum of borrowers.
Citibank considers nontraditional credit as part of the approval process and also considers self-employed applicants.
Find out what Citi Mortgage has to offer and how you can apply for your next home loan with this online mortgage lender.
CitiMortgage Application Requirements
Citibank doesn’t have explicit mortgage application requirements since those can vary significantly depending on the type of mortgage you apply for. Because Citi Mortgage is licensed to do business in all 50 states, you can live anywhere in the U.S.
Types of Home Loans Available from CitiMortgage
You can apply for just about any of the most popular home loans through Citi Mortgage. Here’s a rundown of what they offer to see what could work for you.
Pick Your Rate Type
Citi provides both fixed and adjustable-rate mortgages. Which one is right for you?
The difference is that with fixed-rate mortgages the rate never changes, so you know exactly what your principal and interest payment will be for the entire length of your mortgage. If you plan on being in the home for a long time, that can be a great comfort because the bulk of your monthly payment will be the same in 20 years as it is today.
An adjustable-rate mortgage, on the other hand, can save you money in the short term. It comes with a lower interest rate, but it will be readjusted after a set period of time. You can usually pick the fixed term, commonly lasting 5, 7, or 10 years.
After that, it will change once a year unless you refinance. If mortgage interest rates are higher, your monthly mortgage payment will go up. If rates are lower, it will go down.
Citibank Mortgage Products
In addition to having your choice of interest rates, you can also choose the type of mortgage.
Conventional loans have a minimum credit score requirement of 620. Down payments typically start at 5% but often come with lower interest rates.
If you have a lower credit score, you could opt for an FHA loan. Backed by the Federal Housing Administration, it has more relaxed lending guidelines, including a down payment as low as 3.5% of your new home’s purchase price. Interest rates may be higher, however, to compensate.
Citi also offers VA loans, jumbo loans, home equity loans, refinancing, and the HomeRun Mortgage. With a jumbo loan, the minimum credit score is 680.
With the HomeRun loan, Citi Mortgage can help you finance a single-family home or condo with only 3% down (or a duplex with 5% down) and no requirement to pay for private mortgage insurance (PMI).
With all of these options, you’re likely to find the mortgage you’re looking for with Citi Mortgage.
Fees and Rates
One of the downsides of getting a mortgage with Citi Mortgage is paying a $100 application fee. There’s also an origination fee, which is common with other lenders as well. The amount varies depending on your loan type and the state in which you live.
On the plus side, Citi Mortgage is transparent with its current rates. Check their website to see daily changes in the kind of interest rate you could qualify for.
Citibanks’s Mortgage Process
With Citi, you can call customer service on the phone or fill out the application online. The nice thing about starting online is that you can quickly get pre-approved after your free consultation with a loan officer. You can also apply at a local branch, but there aren’t too many physical locations outside of major cities like New York, Chicago, and Los Angeles.
Here’s a breakdown of both the pre-approval process and the actual mortgage application.
Get started by using the CitiMortgage Selector tool. It helps you decide which loan type is right for you and about how much it would cost.
You’ll need to input a few key pieces of information:
- Property type
- Expected purchase amount
- How much you want to borrow
- Credit score estimate
Then you can see the different loan options available, along with current rates, estimated closing costs, and other fees
Next, you’ll select the choice you prefer and continue with more personal information. You can also discuss your options with a CitiMortgage loan officer if you have any questions.
CitiMortgage Application Process
When you’re ready to officially start the application, you’ll need to fill out a “consent to proceed” form. Next is your employment and income details, as well as other assets you hold. You also have the chance to use a co-borrower, in which case they will need to enter all of their pertinent information as well.
When applying for a mortgage, you’ll have several pages of disclosures to sign to get the ball rolling.
With Citi, you’ll be able to save your application and log out, then return right where you left off when you’re ready. This can be helpful when you need to locate different documents, statements, and other necessary information that’s not always on hand easily.
Here’s a list of the types of documentation you’ll need to submit to CitiMortgage:
- Bank statements and proof of down payment
- Pay stubs
- W-2s and tax returns
- Employment details
You can manage all of this information through your online application while still having access to your loan officer via phone and email. Then, within three days of completing your application, you’ll receive a loan estimate.
The process also includes a home appraisal that you’ll have to pay for, which they will do to ensure the property is worth what you’re paying. From start to finish, you should be able to close between 30 and 60 days.
CitiMortgage Special Features
One of Citi’s stand-out features is accommodating nontraditional credit such as rental payment history and history of child support payments.
Self-employed borrowers are also ok. You just need some extra information as part of the application process, including two years of federal tax returns and a profit and loss statement if applicable.
Plus, if you’re a new or existing account holder, you can take advantage of CitiMortgage’s relationship pricing. This may entitle you to choose either a lower interest rate or discounted closing costs.
One of the best ways to research mortgage lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.
CitiMortgage currently has a Better Business Bureau (BBB) rating of F, which indicates poor customer service. They also have many complaints. You can find more CitiMortgage reviews at other review sites as well.
CitiMortgage can offer a lot of savings, especially if you’re a member or plan on opening a new account. Just about any qualified borrower should be able to find a home loan that works, and the discounts for account holders could easily compensate for the application fee.
Filling out a quick pre-approval form is an easy way to know what you can expect from CitiMortgage without commitment. With support available both online and offline, this lender certainly designs the mortgage process to be as headache-free as possible.