CityWorth Mortgage Review 2023

Breakdown of CityWorth Mortgage overall score

• Affordability: CityWorth Mortgage offers no-closing cost loans, but they carry a slightly higher interest rate.

• Availability: CityWorth operates in some states (but not all), and it has a limited product lineup compared to that of other lenders.

• Borrower experience: The lender utilizes the Loanzify app to help guide you through the process, and you can begin your mortgage application via its website.

• 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: 3/5

CityWorth Mortgage doesn’t display mortgage interest rates on its website; you’ll need to fill out an application and speak with a loan officer to see what you might qualify for. The lender’s fees range from 1.5 percent to 3.5 percent of the loan amount. One potential perk: You might be able to get a no-closing cost loan (the tradeoff being a higher rate).

Availability: 4.8/5

CityWorth Mortgage offers conventional, FHA and VA loans and refinancing, including VA debt consolidation loans. CityWorth doesn’t offer jumbo loans or home equity products. Its loans are available to qualified borrowers in Alabama, Arkansas, Florida, Georgia, Indiana, Maryland, Michigan, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin.

Borrower experience: 4.3/5

CityWorth Mortgage has funded $1.7 billion in loans thus far, and has an A+ rating from the Better Business Bureau and a 4.6 out of five stars on Trustpilot.

As an online lender, you can expect convenience in your experience with CityWorth, which currently averages 24 days on loan approvals (according to the lender’s website). While its site is somewhat limited when it comes to educational information, it does explain the benefits of buying a home over renting and offers tips for first-time homebuyers, among other resources.

Refinancing with CityWorth Mortgage

CityWorth Mortgage offers refinancing whether you’re looking to reduce your interest rate, lower your monthly payments or take equity out of your home as cash or to consolidate other debt. The lender doesn’t display its refi rates or fees online, however, so you’ll have to start the application process if you want to learn more about costs.

Alternatives to CityWorth Mortgage

• Watermark Home Loans review – Offers some specialty mortgages, like interest-only, manufactured-home and piggyback loans
• Valley National Bank mortgage review – A regional bank and national lender that could be a good option for first-time homebuyers
• American Federal Mortgage Corporation review – Provides instant rate quotes and approvals in as little as 24 hours