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

NMLS: 412915

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

Other mortgage lender reviews:

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

Citibank is an advertiser. Citibank provides information about mortgages rates, home refinancing & loan products. Mortgage representatives are available to help 8 AM to 10 PM ET & Sat: 9 AM to 7 PM ET

  • You can take advantage of low rates from Citibank!
  • Buying? It is easy with NO COST SureStart® mortgage pre-approval.

Customer Service Rating

Knowledge
3.5
Level of service
3.4
Professionalism
3.4
Responsiveness
3.4
0 out of 0 rates honored
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(116 reviews)
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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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