Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • How My Costco Anywhere Visa Card Scores Me Major Cash Back on Essentials

    Credit Cards

    How My Costco Anywhere Visa Card Scores Me Major Cash Back on Essentials
  • 4 Signs It's Time Switch Brokerages in 2021

    Brokerages

    4 Signs It's Time Switch Brokerages in 2021
  • Weekly Mortgage News Roundup for Jan. 22, 2021

    Mortgages

    Weekly Mortgage News Roundup for Jan. 22, 2021
  • Stimulus Check Update: 7 Reasons a Third Stimulus Check Is Likely to Become a Reality

    Personal Finance

    Stimulus Check Update: 7 Reasons a Third Stimulus Check Is Likely to Become a Reality
  • The Ascent
  • Best Mortgage Lenders
  • Citi Mortgage Review

Citi Mortgage Review: Diverse Mortgage Offerings with High Customer Satisfaction

by: Kimberly Rotter  |  April 13, 2020

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Citi fully delivers all the services and perks you would expect from a large lender, plus some additional benefits. Its lineup of industry awards and rankings are evidence of Citi's efforts to digitally engage with customers in a user-friendly, efficient, and helpful way. All in all, Citi offers a range of mortgage products that can be tailored to meet the needs of most borrowers. This Citi mortgage review will go into more detail on the pros and cons -- and whether it’s the best pick for your mortgage.

Ratings Methodology
CitiMortgage

Best for: Diverse loan offerings CitiMortgage

Rating image, 4.5 out of 5 stars.
4.5 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

The diverse set of loan products and terms and relationship discounts make it a top pick, particularly for first-time homebuyers. The high customer satisfaction ratings are the cherry on top.

Min. Credit Score

  • 580 (FHA)
  • 620 (other mortgage products)

Min. Down Payment

  • 3%

Key Features

  • No PMI offering
  • High customer satisfaction
  • Loans up to $8mm
  • Available in all 50 states

Loan Types
  • Conventional
  • FHA
  • VA
  • Jumbo
Fixed Rate Terms

  • 30y, 15y

Adjustable Rate Terms

  • 10/1, 7/1, 5/1

Full Citi Mortgage review

Top perks

Wide variety of loan options: Citi Mortgage offers a full menu of loan options, including purchase and refinance mortgages, home equity loans, home equity lines of credit (HELOCs), as well as low-down-payment options and some government-backed loans.

3% down payment option: Citi's HomeRun Mortgage 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 primary residences only and may not exceed conforming loan limits. In certain high-cost markets or if the applicant uses nontraditional credit data to qualify, the down payment requirement is 5%.

Discounts for Citi customers: Every Citi deposit account holder is eligible for a substantial discount off their mortgage interest rate. Here is the breakdown:

Citibank Account Balance Interest Rate Discount or Closing Credit
$1 - $49,999.99 $250 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

SureStart® Pre-approval: Citi offers a fully verified pre-approval process that results in a firm commitment to lend. Citi will review the applicant's income and asset documents before providing a written pre-approval. This service is free to the borrower.

Options for applicants without a deep credit history: Citi Mortgage will evaluate alternative credit data if an applicant cannot qualify with a traditional credit history.

Mortgage support: Citi provides easy access to mortgage assistance resources, including a dedicated in-house department to help struggling borrowers. The support link is prominently featured on the website, and the options are comprehensive. In two clicks, you can find detailed information about catching up on late payments, deferment and forbearance options, and payment extensions.

Highly rated: Citi’s banking and mortgage businesses are consistent consumer favorites:

  • No. 1 in the J.D. Power 2020 U.S. Retail Banking Advice Satisfaction Study
  • No. 7 in the J.D. Power 2019 Primary Mortgage Origination Satisfaction Study
  • 4.85 out of 5 stars on Zillow
  • Kiplinger's 2019 best bank for high-net-worth families
  • Business Insider's 2018 best bank for most desirable mobile features

What could be improved

Zero-down mortgage product: You'll need some cash of your own. (Citi does offer the VA loan, which is available with zero money down, but for purchase loan borrowers who don't qualify for that program, a down payment will be required.) Gift money can be used for the down payment, but the borrower must contribute at least 1% of the purchase price.

Fees transparency: Most mortgage lenders charge an origination fee, and many let you know up front what it is. While Citi does charge this fee, you'll need to contact a loan officer to find out how much you'll have to pay. A breakdown of fees on the website, possibly alongside today's rates, would be helpful.

Citi's BBB rating: Notwithstanding its various high consumer ratings, Citi, as a whole, fares quite poorly with the Better Business Bureau, earning a grade of "F."

How to qualify

If you are trying to qualify for a mortgage, you'll quickly become familiar with the criteria mortgage lenders will look for. To qualify for a mortgage with Citi, you'll need to provide information about yourself and the property you want to buy.

Keep in mind that Citi’s underwriters look at your application as a whole. But for most loans, these are some of the most important factors Citi will look for:

  • A debt-to-income ratio, or DTI, that is less than 43%. Citi also says it offers more flexible minimum credit score requirements for borrowers who have a DTI under 36%.
  • Stable employment and/or source of income.
  • Sufficient cash in reserve and for the down payment.

You should also 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 will be a major factor in determining your interest rate. Citi usually requires a credit score of 620, but mortgages for people with poor credit are also available. You can qualify for an FHA loan, including one from Citi, with a FICO® Score as low as 580 and a 3.5% down payment, and with a score as low as 500 if you pay 10% down.

You can check mortgage rates on Citi's website without entering any personal information. Once you’re ready to get a loan offer, you can give more information and go forward with pre-approval. Pre-approval does not obligate you to take on a loan.

Alternatives to consider

  • Bank of America Mortgage is a great option for borrowers who want to choose from a variety of loan options. Like Citi, Bank of America offers a mortgage discount to its customers. Bank of America could be an especially good choice for borrowers who need help coming up with a down payment. Among other programs, it will give a non-repayable grant of up to $10,000 to borrowers who qualify.
  • QuickenLoans is the largest U.S. mortgage lender and a consistent consumer favorite. In 2019, it ranked highest in customer satisfaction for mortgage origination for the tenth consecutive year. It’s a great choice for borrowers who prefer to conduct business digitally, as the application process is entirely online (advisors are available for applicants who want live support).
  • Chase Mortgage is another possibility for buyers who are short on cash reserves. Chase offers grants that can reduce closing costs, as well as a special low-down-payment loan where all of the funds can come from gifts. Chase could also be a great choice for borrowers who want to close on their loan quickly; the bank guarantees a 21-day closing after receiving final paperwork, or they will pay you $2,500.

Citi Mortgage is right for you if:

Current Citibank customers with at least $50,000 in deposits will get the most bang for their buck on a mortgage from Citi because of the interest rate reduction. That's a discount that lasts for the entire life of the loan. This benefit is particularly valuable for high-net-worth individuals who hold significant assets at Citi.

Citi is also a great mortgage choice for the well-qualified borrower who is 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.

With online tools that allow you to narrow down your options and estimate costs without giving your name or contact information, any buyer researching mortgages should put Citi on their list.

About the Author

Kimberly Rotter
Kimberly Rotter

Kimberly is a personal finance writer/editor, consumer credit expert, and financial literacy advocate. She has lots of degrees and personal experience that make her really good at helping people separate the good from the bad in financial products and habits. She likes to roller skate. Tweet her @rotterwrites.

Like this page? Share it!

Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool