Borrowers will find many types of mortgages and specialized home loans.
- Conventional loans.
- Fixed- and adjustable-rate mortgages.
- Federal Housing Administration loans.
- VA loans.
- Jumbo loans.
- Cash-out and rate-and-term refinancing loans.
- USDA loans.
- Home equity loans and lines of credit, a temporary change related to market conditions.
The lender also has its own HomeRun mortgage featuring a down payment as low as 3% and no mortgage insurance requirement. Benefits of this program for purchase and rate-and-term refinancing loans include flexible credit guidelines and interest rates comparable to those of conventional loans, but the property must meet the lender’s requirements.
Here’s what to expect when you apply for a Citibank mortgage:
- You may choose to apply for a mortgage online, by phone or in person. The online option allows you to track your application status, verify documents and complete other tasks to close your loan quickly. Allot about 30 minutes to complete your application.
- A home lending officer will be available to help you throughout this process. The lender’s mortgage application checklist can help you gather details and documents you will need, such as recent pay stubs and W-2s. If you’re applying with a co-borrower, you will also need that person’s information.
- The whole process, from application to closing table, typically takes 30 to 60 days but could vary for your loan.
Citibank doesn’t disclose fees because they can vary by loan, as can terms and conditions.
Citbank offers two promotions: special pricing for customers and $500 off closing costs.
Borrowers with Citibank deposit or investment accounts may qualify for a closing cost credit or interest rate discount.
Your account balance determines the credit or discount. An account balance up to $49,999.99, for instance, earns a $250 closing credit. Higher balances earn interest rate discounts from 1/8 to 5/8 of a percentage point, but you have to set up autopay from a Citibank account to qualify.
Citibank does not list a minimum credit score to qualify for a mortgage. However, Citibank offers FHA loans, which you can get with a FICO score of 580 and a down payment of 3.5% or a credit score between 500 and 579 and a 10% down payment.
A debt-to-income ratio of 36% or less is ideal, according to the lender, and may help you qualify for a low interest rate.
The lender can provide some alternative options if you have a nontraditional credit profile.
Citibank does not list a minimum FICO score to qualify for a mortgage. The lender offers FHA and VA loans, which can be obtained with less-than-ideal credit.
Citibank is based in New York City and originates mortgages nationally.
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Citibank has an F rating with the Better Business Bureau due to failure to respond to complaints, unresolved complaints and government actions against the business. Trustpilot gave Citibank a bad rating based on 50 customer reviews.
The Consumer Financial Protection Bureau received 126 mortgage-related complaints in 2020 for Citibank. The most common issues were related to:
- Applying for or refinancing a mortgage.
- Trouble during the payment process.
- Closing on a mortgage.
Citibank provided a timely response for all issues.
If you need help with a mortgage, call 800-248-4638 from 8 a.m. to 10 a.m. Eastern Time Monday through Friday or from 9 a.m. to 7 p.m. Saturday.
You can also click the “Request a call” link, where you can fill out a brief online form providing your phone number and consent for a Citibank representative to contact you.
- Request custom rates and view current mortgage and refinance rates online.
- Explore what you can afford with online mortgage and refinance calculators.
- Search for homes and get matched with real estate agents in your area using the Home Captain tool.
- Find a loan officer.
- Start the preapproval process and complete the loan application.
- Citibank customers with deposit or investment accounts.
- Borrowers who qualify for the lender’s HomeRun program.
- Homebuyers who want to choose from an array of mortgages.
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