Discount programs and government-backed loans can reduce your interest rate and closing costs, but watch out for poor customer service.
finder.com’s rating: 2.9 / 5.0
- Choose this lender for mortgage discount programs.
- Choose another lender if you want a 0% down USDA loan or HELOC.
- A good option existing Citibank customers with a deposit account.
|Loan products offered||Conventional, Refinance, Jumbo, FHA, VA|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3%|
|State availability||Available in all states|
To find out if you’re eligible for a CitiMortgage home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years
The documents you’ll need to apply for a home loan from CitiMortgage include:
For employed persons:
- Photo identification
- Pay stubs or proof of direct deposit
- Employment history for the past two years
- Bank and asset statements for the past two months
- W-2 forms for the past two years
- Tax returns for the past two years
- Divorce decree or separation agreement
- Bankruptcy discharge and schedule of creditors
- A letter explaining any recent credit inquiries or late payments
- Verification of rent or mortgage payments
- Any addresses of additional real estate you own
- Alimony, child support or separate maintenance verification
For self-employed persons:
- Individual, corporate or partnership tax returns from the past two years, including all schedules (federal only)
- Profit and loss (P&L) statement showing year-to-date revenues and expenses (if applicable)
Costs and fees
A number of fees may apply to your home loan, both from CitiMortgage and third parties.
- Points. Mortgage points lower your interest rate between 0.25% and 0.375%, and each costs 1% of the loan amount.
- Origination and underwriting. During closing, you’ll pay these fees, which include the cost of originating your loan, processing your application and approving it. CitiMortgage also charges an upfront application fee.
- Third-party. Your home will be appraised and inspected by third-party providers, which are paid separately from CitiMortgage. Title service fees are also third-party.
- Ongoing. Costs that you’ll continue seeing after the closing process include property taxes and insurance.
How to apply for a mortgage with CitiMortgage
To get started:
- Go to CitiMortgage’s website and select Home from the top menu.
- From the Home mortgages page, scroll down to the What would you like to do? section.
- Choose from Buy a home, Refinance my home, or Use my home equity.
- Depending on which option you choose, you can either call the number listed or fill in the short form with your information and wait to be contacted by a loan officer.
What types of mortgages can I get through CitiMortgage?
Other mortgage products offered by CitiMortgage
CitiMortgage also offers these specialized types of mortgages.
- HomeRun Mortgage. This flexible-credit home loan program only requires 3% down and has no private mortgage insurance (PMI) requirement.
- Mortgage refinancing. Can help reduce your interest rate, lower your monthly mortgage payment and get rid of PMI. Choose between rate-and-term and cash-out refinancing.
How CitiMortgage’s mortgage products compare to other lenders
Compared to other lenders, CitiMortgage offers a standard range of home mortgage options, including conventional FHA and VA loans. What differentiates CitiMortgage from other lenders is its discount programs that can help borrowers save on closing costs or earn lower interest rates on their mortgage.
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CitiMortgage reviews and complaints
Citibank, the parent company of CitiMortgage, isn’t accredited with the Better Business Bureau (BBB) and has an F business rating from the site. Citibank has an average customer rating of 1.04 out of 5 stars from 342 customers, with 5,612 complaints filed in the past three years.
On top of its negative reviews and complaints, Citibank was subject to a $100 million settlement in 2018 over manipulating benchmark interest rates. It’s not all bad reviews for Citibank, though — its average score from the over 3000 customer ratings on Zillow as of August 2021 is 4.82 out of 5 stars.
Positive reviews mention responsive and timely customer service from loan officers during the pandemic, while negative reviews and complaints related to home loans mention slow refinancing and rude service over the phone.
Pros and cons of CitiMortgage
- $500 off closing costs. As of April 2021, eligible borrowers will receive a $500 credit toward their closing costs when applying for a Citi mortgage.
- CitiMortgage relationship pricing. Existing customers with a Citi deposit account can earn a lower interest rate or a credit on their closing costs.
- User-friendly website. CitiMortgage offers a cleanly designed website that provides current interest rates, mortgage calculators and allows you to manage an existing loan application. Keep in mind that posted rates apply to top credit borrowers — your rates may vary.
- Full loan details unavailable online. You can’t find the whole of CitiMortgage’s loan terms on its website, and calling in may result in more sales pressure than you’re looking for.
- Application fee. Many lenders don’t require an upfront fee to apply, but CitiMortgage does. This fee may also cover the cost of your appraisal, but it’s not guaranteed.
- No USDA loans or HELOCs. CitiMortgage doesn’t offer 0% down USDA rural home loans, and HELOC applications have been temporarily paused as of March 2, 2021. However, HELOCs may be available in the future.
What is CitiMortgage?
CitiMortgage is a subsidiary of Citibank, which is an international financial institution with business in 19 countries. Citi has been moving away from mortgage servicing since 2017, transferring the servicing rights for many of its mortgages to other financial institutions. But it has increased originations — meaning you can still apply for home loans with CitiMortgage, but another company may be taking care of collecting payments and sending them to Citi.
Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
You could find a home loan option with CitiMortgage, even if your credit isn’t perfect or traditionally verifiable. Its suite of products is well-rounded and has several options for those looking to buy or refinance. Check out our mortgage guide to compare other lenders and find the best deal for your situation.