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Citi is an advertising partner of Motley Fool Money.
Citi Mortgage might be for you if: You are a current Citi customer who wants 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. Read our full Citi Mortgage review to find out whether this lender is a good fit for you.
4.5/5
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.
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. = 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 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
Undisclosed
Min. Down Payment
0% - 3%
Key Features
No-PMI mortgage
High customer satisfaction
Available in all 50 states
Loan Types
Conventional
FHA
VA
Jumbo
Fixed Rate Terms
10y, 15y, 20y, 30y
Adjustable Rate Terms
10/6, 7/6, 5/6, 3/6
Top Mortgage Lender
It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:
Lender
Min. Down Payment
Credit Score
Next Steps
Rating image, 4.5 out of 5 stars.
4.5/5
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.
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. = Best = Excellent = Good = Fair = Poor
At Motley Fool Money, mortgages are rated on a scale of one to five stars, with five stars meaning "best." We primarily focus on rates and fees, customer service, and loan versatility. This includes factors like application process, customer service channels available, and a variety of loan products.
I'm a mortgage writer and researcher for The Motley Fool. I'm also an Accredited Financial Counselor®. I've been through the mortgage process five times, and each experience was unlike the others. I do deep research on mortgage lenders so I can save you some effort and shorten the time it takes you to decide which lender is right for you.
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Full Citi Mortgage review
Citi Mortgage (NMLS # 412915) 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.
Pros
Pre-approval with a commitment to lend
Low down payment mortgage program
Rate discount for current customers
Great reputation
Cons
No USDA mortgage
No fee transparency
Low Better Business Bureau rating
Citi Mortgage rates
Citi Mortgage's mortgage rates trend lower than the national average. Note that Citi also offers a relationship discount.
If you qualify, you can get a lower mortgage interest rate and save money over time. The amount of the discount benefit depends on how big of a customer you are at Citi.
Citi Mortgage refinance rates
Citi Mortgage'srefinance rates trend lower than the national average. Citi offers low rates at a low cost. Citi charges mortgage discount points for its lowest rate.
That's normal. Discount points are prepaid interest.
One point costs 1% of your loan amount, and gets you a small interest rate reduction that lasts for the life of your loan. When we checked, Citi's low refinance rate was available for the cost of one point. Other lenders are known to charge two, even three points for their lowest rate.
Citi Mortgage fees
Citi fees are very competitive when you look at other lenders.
Citi's origination fee is $1,090. That total includes a $915 commitment fee and, in some states, a $175 application fee. There is no rate lock fee.
Ways to save money with Citi Mortgage
Rate reduction for Citi customers
How to qualify: Have one or more of these types of Citi accounts:
Personal consumer Citibank Deposit Account
Linked Citibank IRA
Investments held in linked Citigroup Global Markets Inc accounts
To get the discount, you have to agree to automatic mortgage payments from your Citi account. You must be an account owner (not a beneficiary). The qualifying balance won't include any funds you're using for your down payment or closing costs. And last, your account must be in place for a certain number of days before and after your loan is approved.
What you get: Citi Mortgage offers Relationship Pricing for eligible Citibank customers. Existing customers who meet its eligibility requirements can qualify for either a lower interest rate or a closing cost credit.
Your Citi Account Balance
Your Closing Cost or Interest Rate Discount
$1-$49,999
$500 off closing costs
$50,000-$199,999.99
1/8% off interest rate
$200,000-$499,999.99
1/4% off interest rate
$500,000-$999,999.99
3/8% off interest rate
$1,000,000-$199,999.99
1/2% off interest rate
$2,000,000 or more
5/8% off interest rate
Data source: Citi Mortgage.
$500 off closing costs
How to qualify: Closing cost discount can't be used for the appraisal fee or combined with other offers. It is not available for home equity loans or HELOCs.
What you get: Not a Citi account holder? You might still qualify for $500 off your closing costs.
Lender paid assistance
How to qualify: The lender paid assistance can be used for any loan type, even those that already have lower closing costs (such as FHA loans). There are income limits and location requirements to be eligible for this credit, and you'll need to take a home buyer education course.
What you get: Lower-income borrowers who are buying a primary residence and meet Citi's eligibility criteria can get up to $7,500 as a lender credit to use toward non-recurring closing costs. The credit can't be used for the down payment or for your "prepaids." This includes costs like prorated property taxes and homeowners insurance.
You could use the credit to cover costs like the appraisal, recording fees, title insurance, or to buy the interest rate down.
Citi Mortgage customer service
Citi Mortgage gets mostly positive customer service reviews online, with reviewers appreciating how easy the company is to work with and praising the knowledge of its representatives. Citi also consistently ranks high in mortgage origination satisfaction studies.
How to apply for a mortgage with Citi Mortgage
You can start the mortgage application process online by creating a Citi.com account or using your existing credentials if you're already a customer. Borrowers can also apply via phone (1-800-248-4638) or in person. Processing times for different types of approval vary, but Citi works to ensure that customers hear back within 30 days.
Have the following documentation on hand when applying for a Citi Mortgage loan:
Bank statements
Pay stubs
Tax returns
Credit and property documentation (if applicable)
You may be able to provide some of these items electronically by linking your accounts.
Citi will review your credit score and your current financial situation. Also, depending on which type of mortgage you're applying for, there may be a down payment requirement.
About Citi Mortgage
Citi has a long history. It started as City Bank of New York in 1812. After about 50 years, it converted its state charter to a national charter and became National City Bank of New York. By 1965, there was almost a Citi in every town.
Citi (which was then known as First National City Bank) had grown to become the second-largest bank in the U.S. (after Bank of America). It had 163 overseas branches and affiliates in 55 countries and territories.
In the 1970s, the company steered its focus to consumer banking. By 1978, all of its New York branches had at least two ATMs that were available 24/7. In 1998, the bank merged with Travelers Group to form Citigroup, a business focused on consumer, corporate, investment, and private banking and asset management.
Yes. Citi can accommodate many applicants, including borrowers who need to make a low down payment, and borrowers who need a jumbo loan. The lender credit makes Citi a great choice for applicants who qualify for up to $7,500 in closing cost assistance.
Yes. Citi offers refinance loans with competitive rates and costs.
Qualifying with Citi Mortgage depends on which loan you want. Citi doesn’t disclose its minimum credit score, but offers options for borrowers with limited credit or no credit score.
Citi will consider your credit score, your down payment, and your existing debt to determine whether you qualify for a mortgage, and what rate to charge you.
There is no firm credit score cutoff for Citi Mortgage.
The VA loan has no down payment requirement. Other borrowers will need a down payment of at least 3% of the purchase price.
The lower your debt-to-income ratio, the better. Ideally, you don't spend more than 36% of your pre-tax income on debt payments and housing each month. However, many people do spend more than that and can still get a mortgage. Even if your DTI is over 50%, Citi may be able to qualify you for a home loan.
Citi offers the following types of mortgage loans:
Conventional loan
FHA loan
VA loan
Jumbo loan
Refinance mortgage
Fixed-rate loan
Adjustable-rate loan
Low down payment mortgage with no PMI
HELOC
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Citigroup is an advertising partner of Motley Fool Money. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Kimberly Rotter has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Axos Financial, Bank of America, JPMorgan Chase, Target, and Zillow Group. The Motley Fool has a disclosure policy.
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