Citi Mortgage Review 2024
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners and here's how we make money.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
4.0
As a large national bank, Citi offers solid customer support and a highly rated mobile app. Borrowers need to contact the lender for a customized rate quote or preapproval — but it might be worth the phone call, since average mortgage rates are among the lowest of lenders we review. With discounts available for those who bank with Citi, this lender is most likely to appeal to existing banking customers looking for a deal on a conventional or jumbo loan.
Pros
- Very low average interest rates compared to other lenders, according to the latest federal data.
- Closing cost credits and interest rate discounts available.
- Highly rated mobile app.
Cons
- Preapproval and application require a phone call to complete.
- Must contact the lender for customized rate quote.
- Doesn’t offer renovation or construction-to-permanent loans.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Citibank is a large bank based in New York. Loans are available nationwide.
🏠 Popular loan types include: fixed or adjustable rate; conventional; FHA; VA; jumbo; rate-and-term or cash-out refinance
🔑 Specialty loan options include: co-op financing
💵 Home equity borrowing options: HELOC
Citi offers some perks and programs to make homebuying more affordable:
Relationship pricing: Existing banking or investing customers of Citibank are eligible for discounts, which are offered on a sliding scale. Customers with as little as $1 in a Citi account can earn a $500 closing cost credit. Then, interest rate reductions from 1/8% to 5/8% are available depending on the size of your account balance. (The largest discounts go to customers with $2 million or more.)
Lender Paid Assistance: Citi offers a lender credit up to $7,500 for closing costs to those who meet specific income and location criteria and take a homebuyer education course.
HomeRun Mortgage: Citi offers a proprietary low-down-payment loan called HomeRun Mortgage, which requires just 3% down on single-family homes (including condos or co-ops). Duplexes are also eligible with a 5% down payment.
» MORE: How to apply for a mortgage
How we score Citi mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Citi has a NerdWallet home loans rating of 4 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
What borrowers say about Citi mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow. We also contacted Citibank customer support.
→ Above-average score in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. Mortgage origination covers the initial application through closing day.
Score: 756 out of 1,000. Industry average for origination is 730.
→ Above-average customer rating on Zillow.
Customer rating: 4.84 out of 5, as of the date of publication. Rating reflects more than 3,900 customer reviews.
Our Nerds say...
Citi gets high marks for customer experience in our rubric. The lender now offers online chat for customers with established accounts, which earns it some extra points compared to last year’s NerdWallet star rating. Another perk: You can schedule a phone call instead of waiting on hold.
Alternatives to a home loan from Citi
We recommend comparing mortgage rate offers from three or more lenders.
Chase is another large national bank with discounts for existing customers, but its average mortgage origination fees are on the high side.
Bank of America also dedicates a sizable portion of its lending business to jumbo loans.
» MORE: Best jumbo loan lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
