Citibank Mortgage Review

Previously known as the City Bank of New York, Citibank was founded in New York City on June 16, 1812. Citibank is now the consumer division of Citigroup, a multinational financial services organization that also works with corporations, governments, and institutions. Citi’s global headquarters remain in the city of its founding.

With over 200 years of experience in banking and lending, Citibank is a veteran in the field. As an established national and global banking services provider, Citi mortgages are accessible to homeowners across the country.

Citi mortgage rates and qualifications are comparable to industry standards, although the lender does go above and beyond for applicants who already bank with the company. CitiMortgage offers a full range of home loan products, including low down payment options, making it a valid option for most borrowers.

Table of Contents: Citibank Mortgage

Citibank Mortgage Facts

The Citi Office of Homeownership Preservation offers advice and assistance on foreclosure prevention and alternatives.

Citibank Mortgage Rates

Citibank Loan Specifics

Citibank provides similar loan options to those offered by most comprehensive lenders, serving a wide audience of homebuyers depending on their location, financial standing, and eligibility.

Citibank Fixed-Rate Loans

This mortgage option guarantees that interest rates will remain the same, even if the rate fluctuates. The longer the loan payment, the less it’ll cost per month, although shorter-term plans allow homeowners to pay off their homes and gain equity at a faster rate. Citibank offers 10-, 15-, and 30-year fixed-rate mortgages.

This loan option is the most popular choice for homeowners who plan to stay in the same home for several years. Additionally, fixed-rate loans can make it easier to budget smartly each month.

Citibank Adjustable Rate Loans

An adjustable-rate mortgage (ARM) has a lower interest for an initial period–usually of 3, 5, 7, 10, or even 15 years–but then adjusts to financial market rates for the remainder of the loan term. ARM loans are good options for homeowners who plan to pay off the mortgage quickly or move before the interest rate is set to change.

Common options are 3/1 and 5/1 ARMs, which means the interest rate is fixed for the first three or five years, respectively. CitiMortgage offers ARM loan options from 1/1 to 10/1.

Citibank FHA Mortgage Loans

Insured by the Federal Housing Administration (FHA), these loans offer lower down payments and fewer credit score restrictions than conventional mortgages. Citibank FHA mortgage loans are available in both fixed and adjustable-rate options.

This loan option is ideal for first-time or self-employed home buyers as well as those with less than a 20 percent down payment, low credit score, or limited employment history. CitiMortgage will also review loans for FHA modification programs if the lender meets the following requirements:

Citibank VA Loans

These loans are reserved for current or former members of the U.S. Armed Forces. Eligible veterans favor this loan option; as it offers lower interest rates, mortgage closing costs, and down payment requirements when compared to conventional loans. Citi offers both Veterans Affairs (VA) mortgage and refinance loans. The lender will also review loans for VA modification programs if the borrower meets the following requirements:

Citibank HomeRun Mortgage

With down payments as low as 3 percent, this exclusive payment program can make the home buying a more affordable endeavor. Benefits include no mortgage insurance requirement, purchase and rate-term refinancing options, flexible credit lines, and interest rates that are comparable to conventional loan rates.

Single-family homes, condos, co-ops, and two-unit homes serving as the borrower’s primary residence qualify for the HomeRun Mortgage. Borrowers are subject to certain geographic, income, property, and product restrictions.

Citibank Jumbo Loans

These nonconforming loans exceed the limits set by the Government-Sponsored Enterprises Fannie Mae or Freddie Mac. Citibank follows the minimum jumbo amounts named by The Federal Housing Finance Agency, which for 2018 is $453,100 for single-family homes in most states (excluding Alaska, Guam, Hawaii, and the U.S. Virgin Islands, who have a higher limit of $679, 650).

Minimums increase based on home size and location, but general guidelines are $580,150 for duplex homes, $701,250 for triplex properties, and $871,450 for four-unit residences. Jumbo loans often have higher interest rates, which means that borrowers could actually spend more in the long run. As such, they’re best for people with high-value properties who want financial flexibility while fulfilling hefty monthly payments. 

Citi offers jumbo loans for both primary and secondary residences.

Citibank USDA Loans

When deemed eligible by the United States Department of Agriculture (USDA), certain properties in rural areas can grant low-to-moderate income homebuyers more affordable financing options. As such, homeowners on a tight budget either living in or looking to move to rural areas are the best candidates for USDA loans. 

Citi will also review loans for USDA or Rural Housing Services (RHS) modification programs if the borrower meets the following requirements:

Citibank Mortgage Awards and Ratings

In J.D. Power’s 2017 Primary Mortgage Origination Satisfaction Study, consumers granted CitiMortgage two out of five stars, landing the lender in “the rest” category – as compared to “among the best,” “better than most,” and “about average.” This is a slight fall from the bank’s three-star satisfaction rating in the 2016 study.

However, Citibank wasn’t the only lender to get a downgrade, as J.D. Power also reported an overall decrease in satisfaction with primary mortgage originators in 2017, largely due to purchase processes.

The study also reported an increase in submitting online mortgage applications, which is a service that Citibank offers. The online application takes roughly 30 minutes to complete and asks borrowers for information about their property, contact and residential information, employment status, and financial situation.

Applicants must provide employment and income details via recent pay stubs, W2 forms, and asset information such as checking and savings accounts, life insurance, and retirement funds. After the online application is submitted, a mortgage representative then contacts the applicant. The lender allows applicants to check the status of their application online in the meantime.

Before filling out the application, consumers can also take advantage of several resources, such as online mortgage calculators, personalized mortgage estimates, educational articles about mortgages and home loans, and call centers. Once approved, Citi also offers mortgage assistance plans to support borrowers who face unexpected financial changes.

Complaints Against Citibank

Despite such valuable resources, Citibank doesn’t always receive shining reviews from their lenders. According to the Consumer Financial Bureau Monthly Complaint report, Citibank received roughly 100 complaints about a three-month period. The lender also received several one-star online reviews on various platforms.

Reasons for such negative feedback include anything from poor customer service to unexpected fees. Citi’s parent company was also recently involved in a money-laundering scandal, which may have turned consumers away. Citibank also became a primary lender for the Dakota Access Pipeline, which is a controversial project that many potential borrowers do not support.

Citibank Lender Reputation

Citibank is a banking services provider that will have been in business for 206 years as of 2018. This is important to us because it indicates when a lender has financial stability, and the ability to meet its obligations. The company has a National Mortgage Licensing System and Registry ID number of 412915.

Another way we determine reputation is by looking at a business’s ratings with independent agencies such as the Better Business Bureau (BBB) and Trustpilot. This lender is not BBB accredited because the company failed to respond to most filed complaints and there’s at least one government action reported against the business. In the case of Trustpilot, Citibank as a company has a low rating of 3.2/10 stars.

Despite these potentially worrisome consumer reviews, Citi has received positive recognition in the banking and lending sphere, including the World’s Best Digital Bank of 2017 by Euromoney and No. 1 in Customer Satisfaction for two consecutive years by American Customer Satisfaction Index.

• Information collected on November 5, 2018.

Citibank Mortgage Qualifications 

While debt-to-income ratio requirements vary by product and program, CitiMortgage generally accepts applicants with ratios of 43 percent or less. Credit score minimums also vary, but applicants with a credit score of 700 or above shouldn’t have a problem obtaining a loan. However, higher credit scores earn better rates and easier approval processes.

Citibank Phone Number & Additional DetailsCiti’s down payment minimums vary by loan type, but, in general, the lender follows the industry standard of 20 percent down. However, the bank does offer loan options are designed for borrowers interested in making a low down payment: VA, FHA, and HomeRun.

Additionally, CitiMortgage offers discounts on interest rates for qualifying Citibank customers. There are also certain loan programs that will accept non-traditional credit history, such as rent payments. This can be especially useful to borrowers with low or non-existent credit scores, or for consumers who are self-employed.