CitiMortgage

The Good

• CitiMortgage offers a wide range of home loans with the option for low down payment.
• For applicants with minimal credit history, rent and child support payments are considered.
• CitiMortgage existing customers receive a lower rate
• Minimum loan amount of just $10,000

A notable feature of CitiMortgage is the application process. To begin with, you will have the option to either apply in person or do it online. Once applied, a consultation with the loan officer is arranged and the pre-approval process begins.

Borrowers choose from CitiMortgage’s wide range of loan products using the CitiMortgage Selector, which gives the borrower a rough estimate of the total cost of your entire loan. Citi Bank provides loans for single-family dwellings, homes and property which is in healthy shape as well. The minimum loan amount for any of its loan products is set at USD 10,000 and can go up t0 USD 8 Million who fulfill the required criteria.

Citi Bank also offers fixed mortgage rates for periods ranging from 5 to 30 years. Adjustable mortgage rates too are an option which ranges from one-tenth of the ARM to 1/1 ARM. The rates are initially fixed for 10 years post which adjustments can be made annually.

Finally, existing CitiBank customers who keep checking and savings accounts with the bank may receive a slightly lower rate when financing with CitiMortgage.  However, it should be noted when comparing lenders that one may be able to find an even lower mortgage rate by switching checking and savings accounts to a new bank.

The Bad

$100 application fee

• The origination fee varies significantly
• Cannot see your actual rate online – must speak to a CitiMortgage broker

One of the major negatives of CitiMortgage is the $100 application fee.  While that is not much money in the scheme of a mortgage, if you’re comparing three lenders, you won’t be using two of them.  So that is just lost money, and many companies do not charge an application fee.   . The origination fee also varies significantly as per the area you live in and depending upon the type of mortgage product you are interested in setting up  The origination fee can vary from 0.75-1.50%.

The online process is also not great .  Like many of the larger banks, it’s really just to get your information and give you an idea of what your rate might be.  You’ll then need to talk to a company mortgage broker and send the proper documents to get an accurate rate

The Summary

CitiMortgage has a good reputation and offers flexible mortgage rates and the full spectrum of products – adjustable, fixed, FHA, VA, jumbo, etc.   Definitely worth considering for anyone who has good or excellent credit.  If lower credit, we recommend one of our highly rated lenders specializing in lower credit borrowers.