Citibank Mortgage Review 2022

Citibank at a glance

Citibank offers a broad selection of fixed- and adjustable-rate mortgages, though renovation loans aren’t on the menu. The bulk of the loans the lender originates are jumbo loans, according to the most recently available Home Mortgage Disclosure Act data.

Here's a breakdown of Citibank's overall score:

• Variety of loan types: 4 of 5 stars

• Ease of application: 4 of 5 stars

• Rates and fees: 4 of 5 stars

• Rate transparency: 4 of 5 stars

» MORE: Compare Citibank mortgage with other lenders

Citibank mortgage loan types

Citibank offers fixed-rate mortgages for 10, 15, 20 and 30 years. Prospective borrowers can call for details about 5/6, 7/6 and 10/6 adjustable-rate mortgages, in which rates are fixed for five, seven or 10 years, respectively, but can change every six months after that.

Citibank’s low-down-payment mortgage options go beyond FHA and VA loans; its HomeRun loan program allows you to put down as little as 3% without the requirement that you pay for private mortgage insurance. This loan has terms up to 30 years and has rates comparable with conventional mortgage interest rates. In most cases, to qualify you have to earn 80% or less than the median income in your area. In certain low- to moderate-income areas, however, the program is available regardless of your income.

If you’re already a Citibank customer, closing cost credits and rate discounts may be available for whichever loan you choose, but you're required to set up automatic monthly mortgage payments from your Citibank deposit account.

Citibank ease of application

You may start a Citibank mortgage application over the phone, online or, in some locations, in person. To start online, you'll enter your contact information and a mortgage representative from Citibank will reach out to learn more about your needs and discuss the options that are available to you.

Once the ball is rolling, you'll be able to complete most of the mortgage application online, including uploading documents, tracking the loan's progress and e-signing.

» MORE: Use our mortgage calculator to find out your monthly mortgage payment.

Citibank mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

• Citibank earns 3 of 5 stars for average origination fee.

• Citibank earns 5 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

» MORE: 'Should I buy points?' calculator

Citibank mortgage rate transparency

Some current mortgage rates, including APR, points and sample monthly payment, are displayed on Citibank's website. To get customized rates, you will need to provide contact information and work with a loan officer.

More from NerdWallet