Citibank Mortgage Review 2022
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Our Take
4.5
The bottom line:
Citibank offers a broad menu of home loan products with rates that are typically lower than other lenders.
Full Review
Pros & Cons
Pros
- Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
- Offers low rates and typical fees compared with other lenders, according to the latest data.
Cons
- Requires help from a loan officer to complete an online mortgage application.
- Customized mortgage rates not available without making contact.
Compare to Other Lenders
Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Fixed, Adjustable, FHA, VA, USDA |
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Full Review
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
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.
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
Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
