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Citi is an award-winning mortgage lender with a strong reputation for being helpful and efficient. In addition to its discounts and other incentives, Citi can accommodate most borrowers with its well-rounded selection of mortgage loans. Take a look at our Citi Mortgage review to find out whether Citi is the best mortgage lender for you.
Best for: Diverse loan offerings
Citi Mortgage
Bottom Line
The diverse set of loan products and terms and relationship discounts make it a top pick, particularly for first-time home buyers and people interested in FHA loans. The high customer satisfaction ratings are the cherry on top.
Min. Credit Score 580 FHA 620 other mortgage products
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
This mortgage lender is a good fit for: Current Citi customers who want to save money on lender fees. Citi Mortgage is also great for borrowers looking for a low down payment mortgage with no private mortgage insurance.
Citi Mortgage offers a wide selection of loans that can meet the needs of most borrowers who want to purchase a home or refinance a mortgage. Citi's menu includes the typical fixed-rate mortgage and adjustable-rate mortgage options. Citi Mortgage also offers low down payment mortgages and some government-backed loans. Citi's jumbo loan program is available to home buyers who need mortgages that exceed federal lending limits.
Citi's HomeRun Mortgage program is the bank's homespun answer to low down payment mortgages. Qualified borrowers can make a down payment as low as 3% and pay no private mortgage insurance (PMI) on a 30-year fixed-rate loan. HomeRun Mortgage loans are for:
In certain high-cost markets, if you use nontraditional credit data to qualify, or if you want to buy a two-unit property, the down payment requirement for this loan type is 5%.
Every Citibank deposit account holder is eligible for a substantial discount. Even better, where other mortgage lenders offer a one-time discount off the lender fee, Citi Mortgage reduces the mortgage interest rate. Borrowers who qualify get the benefit of the discount for the entire life of the loan. Here is the breakdown:
Citibank Account Balance | Interest Rate Discount or Closing Credit |
---|---|
$1 - $49,999.99 | $500 off closing costs |
$50,000 - $199,999.99 | 0.125% off interest rate |
$200,000 - $499,999.99 | 0.25% off interest rate |
$500,000 - $999,999.99 | 0.375% off interest rate |
$1,000,000 - $1,999,999.99 | 0.5% off interest rate |
$2,000,000 or more | 0.625% off interest rate |
Citi will give qualified borrowers up to $7,500 as a lender credit to reduce closing costs. The program is only valid in areas where Citi has branches and accepts deposits. It's valid for any loan type, so long as the home will be your primary residence. To qualify, your income must be no more than 120% of the area median income where you live, or your new home must be in a low- to moderate-income census tract. Borrowers also must complete a home buyer education course.
Citi offers a pre-approval process that results in a firm commitment to lend. Citi reviews the applicant's income and asset documents, and gives its approvals in writing. This service is free.
Not all creditworthy applicants qualify for a mortgage based on traditional credit history. Some people are new to credit. Others prefer to live a cash lifestyle. Some may be new to the U.S. Whatever the case, Citi Mortgage is willing to evaluate alternative credit data for applicants who need it.
Citi's banking and mortgage businesses are consistent consumer favorites. They've ranked:
Borrowers looking to buy a house with zero down payment may need to look elsewhere. Citi does offer the VA loan, which is available with zero money down. But for borrowers who don't qualify for that program, a down payment is required. Gift money can be used for the down payment, but the borrower must contribute part of the purchase price. There is no USDA loan program.
Most mortgage lenders charge an origination fee, and many let you know how much it is upfront. Citi charges this fee, but you have to contact a loan officer to find out how much it costs. A breakdown of fees on the website, possibly alongside today's rates, would be helpful.
Citi Mortgage gets high marks from people who get new loans. But it earns a grade of "F" with the Better Business Bureau (BBB). The BBB says the reasons for the poor rating are:
The most recent BBB alert is for a pending (not yet proven) government action against Citibank. It relates to failing to protect and reimburse victims of electronic fraud, and it's not specifically related to mortgages.
If you are trying to qualify for a mortgage, you're likely familiar with what mortgage lenders look for in a prospective mortgage holder. To qualify for a mortgage with Citi, you need to provide information about yourself and the property you want to buy.
Keep in mind that Citi's mortgage underwriters look at your application as a whole. But for most loans, these are some of the most important factors:
You should have no recent late payments or overdrafts, and no unpaid collection accounts. These may not be immediate deal breakers, but they are red flags and could complicate your application.
Your credit score is a major factor in determining your mortgage interest rate. Citi doesn't say what its minimum credit score is because it varies depending on the borrower's unique situation. The FHA loan program allows applicants with a credit score of at least 500, but it's the lender who decides whether to go that low. If your score is lower than the typical cutoff of about 620, or if you don't have a credit score, talk to a Citi loan officer to find out if it can work with you.
Once you're ready to get a loan offer, you can give Citi your information and go forward with pre-approval. Pre-approval does not obligate you to take on a loan. But it does help you compare offers.
Citi Mortgage's refinance rates tend to be among the lowest, but keep in mind that the lowest rates are reserved for the best-qualified applicants. If you don't have an excellent credit score or a 20% down payment, your interest rate might be higher.
Citi's mortgage rates trend about the same or a little lower than the national average. Note that Citi also offers a relationship discount. If you qualify, you can get a lower interest rate and save money over time. The amount of the discount benefit depends on the amount of assets you hold at Citi. Citi customers who don't qualify for the rate discount can get a closing cost credit instead.
You're a current Citibank customer with at least $50,000 in deposits. You can get the most bang for your buck with a loan from Citi Mortgage because of the interest rate reduction. That discount lasts for the life of the loan. This benefit is particularly valuable for high net worth individuals with significant assets at Citi.
You're a well-qualified borrower short on cash. Bypassing PMI payments with a HomeRun Mortgage loan could lead to impressive savings, especially in the first few years of the loan.
Yes. Citi can accommodate a wide range of applicants, including borrowers who need to make a low down payment, and borrowers who need a loan that exceeds government limits. Citi is also a great choice for applicants who qualify for up to $7,500 in closing cost assistance.
Yes. Citi offers refinance loans with very competitive rates and costs.
This depends on the loan you want. You may need a 620 credit score for a VA loan at Citi, but other loan programs may have more flexible requirements. You may need a higher credit score for a jumbo loan. Citi will also consider your existing debt, the amount of your down payment or equity, and how much cash you have on hand.
Citi offers the following types of mortgage loans:
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