Citi Bank Mortgage Review 2020

By Bankrate Staff

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Citi Bank

Bankrate Score

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4.1

User reviews
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( 116 )

3.3

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Citi Mortgage is an online and brick-and-mortar lender that was established in 1979. It's part of banking giant Citigroup, Inc. Citi Mortgage provides a variety of mortgage options and loans for homebuyers, including:
  • Conventional fixed-rate and adjustable-rate mortgages
  • FHA and VA fixed-rate loans
  • Jumbo fixed-rate loans
  • HomeRun Mortgage, requiring as little as 3 percent down on a single-family home loan up to $510,400 with no mortgage insurance required
  • Home equity loans and home equity lines of credit (HELOCs)
They also offer rate-and-term refinancing, jumbo refinance loans, FHA refinance loans, VA refinance loans, and cash-out refinancing.

Nationwide availability

Borrowers in all 50 states can apply for a loan online or by phone at 800-248-4638. Borrowers can also apply for a loan at many of Citibank’s 700 brick-and-mortar branch locations in 10 states: California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia, as well as Puerto Rico and Washington, D.C.

Minimum credit score

620 for conventional loans, 620 for FHA and VA loans, 680 for jumbo loans

Loan types

Conventional fixed-rate and adjustable-rate mortgages, FHA and VA fixed-rate loans, jumbo fixed-rate loans, and HomeRun mortgage loans (as little as 3 percent down required with no mortgage insurance). Refinancing options include rate-and-term refinancing, cash-out refinancing, jumbo refinance loans, FHA refinance loans and VA refinance loans.

Pros

  • Variety of loans available in all 50 states
  • Low down payment loans (as little as 3 percent down) with no private mortgage insurance (PMI) required
  • New and existing Citibank account holders eligible for a discount on interest rate or closing costs
  • Borrowers eligible for $500 off closing costs

Cons

  • Doesn’t offer USDA loans
  • Doesn’t offer online preapproval or prequalification
  • Brick-and-mortar locations only available in 12 states

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Citi Bank overview

Loan Types

Conventional, FHA, VA, USDA, jumbo, ARMs, HomeRun Mortgage, requiring as little as 3 percent down on a single-family home loan up to $510,400 with no mortgage insurance required. Refinancing and home equity loans and home equity lines of credit (HELOCs) are also available.

Lender fees

Citi Mortgage loan fees vary by loan type. Citibank account holders can qualify for interest rate discounts or closing cost credits.

Minimum borrower requirements

Citi Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3 percent is required (zero down for VA loans).

Government requirements for FHA and VA loans are detailed here:

FHA loan requirements

VA loan requirements

 

Get started with Citi Bank

You can apply online, by phone at 800-248-4638, or at most Citibank branch locations in 10 states: California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia, as well as Puerto Rico and Washington, D.C.

Hours

The consumer direct lending call center is open from 8 a.m. to 10 p.m. Eastern time Monday through Friday and 9 a.m. to 7 p.m. Eastern time Saturday. Hours for local branches (available in 12 states) vary by location.

Citi Bank consumer rating and reviews

3.3 reviews
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55% recommended

Customer Service Rating

Knowledge
3.4
Level of service
3.4
Professionalism
3.5
Responsiveness
3.4
87 out of 116 rates honored
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(116 reviews)
5 Star
4 Star
3 Star
2 Star
1 Star
58
6
2
8
42

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 116 Reviews
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Charles in Missouri
Missouri

12/17/2018

Hard work, but great help

The process was a little long. Some of the information wanted was hard to find. The underwriters were just doing there job. The two employees who were with me were great. Joann and Bonnie both performed to a very high standard. They were two of the most friendly people I have ever had business ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Kisha
New York

12/16/2018

Excellent Experience

I have been with Citibank for 18 years, this was the best experience I have ever had. My process went smooth. I was also constantly being updated about the entire process. I have lost trust in the banking world, until I spoke with John and Janet. They both showed a lot of integrity and gave me a lot...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Sean
Athens, Ga.

12/10/2018

Not only a great lender but a great resource.

Citi wasn't the first lender I reached out to when shopping for my mortgage but they quickly stuck out above the other one I shopped. My lender Rob has been knowledgeable and has kept in constant contact with me throughout the process, guiding me through all the twists and turns. Citi has also been ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Carmen
Allentown, PA

11/8/2018

Great experience!

Whole process was made easier by the team at Citi Bank when I decided to refinance my home. Great team!!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Pam
Arkansas

10/30/2018

Great experience

Quick, easy and smooth experience. Regularly updated throughout the entire process.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Rik
Orlando, FL

10/25/2018

Best rate Excellent service

The entire process from start to finish was great and relatively easy. Whenever I had a call, they were there and responded quickly. They offered the best rate out of the four or five lenders I surveyed with easy to understand terms.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Thomas Casey
Burlington MA

9/25/2018

Outstanding Experience

I applied for a Mortgage in context of sale of a condominium. The experience was terrific! Of particular note was the assistance provided by Erin Wood and Robin McCarthy. The application process was and should be comprehensive. Erin's responsiveness including late night and weekend responses...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Darren L Venters
86301

8/12/2018

Great Experience

Everyone that I have dealt with has been knowledgeable, timely, and excellent follow-up. Kimberly Garland has been exceptional! Exceeded my expectations

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
No
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John Rugh
CT

8/11/2018

Painless

The process was painless, quick, and easy. Great Job Citi Team!!!!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
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Jennifer Riske
Las Vegas

7/19/2018

Easy refinance

Mariam Sarwari did an excellent job with my refinance. From start to finish she keep an open line of communication and was always quick to respond to my emails. Miriam is very knowledgeable and was patient with my many questions. I would recommend using her and Citibank if you need to refinance your...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes