Citibank Mortgage Review 2023

How Bankrate scored Citibank

To determine Citibank’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Citibank’s mortgage rates are competitive, but be prepared to pay points at closing to get the lowest advertised rate. One point costs 1 percent of the amount you’re borrowing.
• Availability: Citibank offers conventional and some government-insured mortgages to borrowers nationwide.
• Borrower experience: While Citi boasts many online conveniences, many customers on third-party sites express having a hard time getting a response from the bank when there are issues.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. Citibank displays the latest mortgage rates on its website. The bank’s lender fees vary by loan type, and closing costs in total generally range from 1 percent to 4 percent of the home’s value, according to its website. Account holders who set up auto-payments can qualify for an interest rate discount or closing cost credit based on balance level. Borrowers with up to $49,999 with the bank, for example, can save $500 on closing costs.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Citibank operates across the U.S., but only maintains branches in a handful of states. Its mortgage products include conventional, FHA and VA loans, along with options to refinance your existing loan.

Borrower experience: 4.1/5

Know what to expect when you work with a specific lender. Citibank is one of the major banking institutions and ranked third for customer satisfaction in J.D. Power’s 2022 mortgage origination report. It isn’t accredited by the Better Business Bureau, however, and currently has an F rating from the organization for failure to respond to or resolve complaints, among other factors. At the time of this review, the bank had a 1.6 out of five stars rating from Trustpilot based on more than 60 reviews.

If you’re interested in a Citibank mortgage, you can get prequalified or begin the preapproval process online, as well as apply for a loan or refinance through the bank’s website. The online form takes 15 minutes to 20 minutes to complete, and if qualified, you can get preapproved in as little as an hour, according to one of the bank’s loan officers. If buying a home, the bank’s SureStart preapproval can help you narrow down your price range and give your offer a competitive edge. Purchase closings typically take 45 days. In addition, Citi’s website features a comprehensive checklist for homebuyers that outlines the documents and information you’ll need to apply for a loan, including for borrowers who are self-employed. You can also use the bank’s app to help manage the loan process and make payments later on, and can conveniently e-sign if needed.

How to apply for a mortgage with Citibank

You can apply for a purchase loan or a refinance in person at a Citi branch or via the bank’s website. If you need support, you can connect with the bank via chat, email, phone or text, or at one of its branches, currently located in 10 states (California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota and Virginia), Washington, D.C. and Puerto Rico.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Citibank

Citibank can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website or via its call center.