Mortgage

Citi mortgage score for 2021

overview

Citi Mortgage – the residential division of CitiBank – has a solid reputation as a mortgage lender.

Customers give Citi's mortgage business good ratings, and there are few complaints against the company.

A major benefit is that some borrowers are eligible for closing allowance from this bank.

In addition, Citi offers very low interest rates on average compared to other major lenders. However, keep in mind that prices vary widely depending on the customer. You need a custom quote from Citi to see what type of quote you can get.

Citi mortgage rates

Citi mortgage rates tend to be below average. At least compared to other well-known lenders and banks.

However, rates and closing costs vary from person to person, so you'll need to request a personalized rate to see how the Citi mortgage compares for you.

Average mortgage rates from major lenders

Citi Mortgage Mort
Rocket mortgage
Wells Fargo
Liberty mortgage

30-year average interest rate, 20201
3.05%
3.20%
3.62%
2.92%

Median total credit costs, 2020
$ 4,150
$ 4,610
$ 3,370
$ 3,340

Median creation fee, 2020
$ 1,190
$ 2,950
$ 1,280
$ 0

Average interest and fee data was obtained from public interest and fee records required by the Home Mortgage Disclosure Act (HMDA).

Confirm your new price (June 13, 2021)

Citi mortgage review for 2021

Citi says it "works every day to help make the home dream come true for a variety of customers and partners across the country."

The company's customer satisfaction scores show that this goal is being achieved for at least some. It has strong customer ratings and few complaints compared to other lenders.

But, as always, you should compare the loan options of a few different lenders to ensure that Citi's mortgage rates and costs are competitive

Working with Citi Home Loans

Most of Citi's websites appear to be geared towards helping you “find a loan officer” or “request a call,” suggesting that Citi places an emphasis on face-to-face communication when setting up a mortgage loan.

However, there are also some online tools.

Although you cannot fill out an application in full online, you can always upload documents and access your loan estimate on the CitiMortgage website.

In terms of flexibility, CitiMortgage's credit requirements aren't particularly lenient. But the bank is ready to consider extenuating factors on credit that many other lenders ignore.

People with low credit history – who haven't borrowed or used a lot in the past – may be able to rely more heavily on things like rent and utility payments to qualify for a mortgage.

The bank also states that "new and existing Citi customers may be eligible for lower interest rates or discounted closing costs on a mortgage." This gives current customers a better chance of getting a great deal from Citi.

Citi Mortgage Customer Service Reviews

What is your likely experience as a Citi mortgage customer?

The Consumer Financial Protection Bureau (CFPB) maintains a database of complaints against all lenders. And when it comes to mortgages, Citi does pretty well compared to most of the others.

The bank also achieved a JD Power customer satisfaction score of 849 in 2020, just a hair below the industry average of 856.

Customer service reviews from major lenders

CFPB Complaints, 20204
Complaints per 100 mortgages, 20205
JD Power Satisfaction Rating, 20206

Citi Mortgage Mort

84
0.08
849 / 1,000

Accelerate Loans
391
0.03
883 / 1,000

Wells Fargo
554
0.05
840 / 1,000

Liberty mortgage
288
0.04
817 / 1,000

Mortgage loan products at CitiMortgage

CitiMortgage has a pretty complete loan portfolio. So there is a high probability that the desired type of mortgage will be offered.

Citi Mortgage loan options include:

Fixed-rate mortgages— Conventional fixed-rate mortgages have terms of 10, 15, 20 or 30 years. Your interest rate is fixed for the entire term of the loan Variable rate mortgages – Variable rate mortgages have an initial rate lock period of 3, 5, 7, or 10 years. After that, your course will swim with the marketFHA loans —Federal Housing Administration mortgages (FHA loans) have down payments as low as 3.5% and flexible loan requirements VA loan – VA mortgages are supported by the United States Department of Veterans Affairs. You have no down payment and no ongoing mortgage insurance paymentsJumbo Loans – For those in need of a mortgage greater than the $ 548,250 limit for compliant single family home loans in most areas

The most important thing missing from Citi's portfolio is USDA loans. These are supported by the U.S. Department of Agriculture and offer home loans to low and middle income buyers in many rural and suburban areas. You have to go elsewhere if you want a USDA loan.

Citi's Initial Home Buyer Loan Program

In addition to these five options, Citi offers a proprietary mortgage product called HomeRun.

With the HomeRun loan, you can already make a down payment of 3% of the purchase price. And you don't have to pay for personal mortgage insurance (PMI).

The CitiMortgage “Home Run” loan is slightly more flexible than other mortgage programs.

This could be especially appealing to those with alternative credit history (meaning you don't have a long credit report or a well-built credit history).

To be clear, if you've missed or delayed payments on your credit report, or you've run out of plastic lately, you're still going to have trouble getting a mortgage with Citi.

But if you have a low score because you haven't borrowed a lot in the past few years, it may be less of a barrier than other lenders.

If you can prove that you paid rent, child benefit and other regular obligations on time, the bank can take this into account. And that's unusual in the mortgage industry.

Confirm eligibility to buy a house (June 13, 2021)

Where can you get a mortgage with CitiMortgage?

CitiMortgage Inc. NMLS ID: 413108

If you are lucky enough to live near one of Citi's branches, you can apply for your mortgage through a desk in a brick and mortar store.

However, these locations are mostly located in the largest metropolitan areas. Chicago, Los Angeles, and New York City, for example, are well served. But many – perhaps most – Americans live too far from a branch to make face-to-face applications viable.

If you don't live near a Citibank branch, you can apply for a mortgage online. However, the process is not entirely digital.

At some point, you will inevitably be making and receiving calls with loan officers. However, you can securely upload documents through the Citi website, which is faster than the email service.

The choice really depends on your personal preferences as to how you would like to get in touch with your mortgage lender.

Is Citi the Best Mortgage Lender for You?

Citi has a reputation for being an affordable mortgage lender with competitive rates and fees.

This is especially true for existing Citi customers. CitiBank offers checking account holders mortgage interest and savings on closing costs.

The most important thing is to compare rates and fees from a few different lenders. If you're interested in working with Citi, see how it compares to other mortgage companies before making a final decision.

Confirm your new price (June 13, 2021)

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