Citibank Mortgage Review 2024

Citibank overview

Citibank is part of banking giant Citigroup, Inc. It provides a variety of mortgage options, including the standard suite of conventional, jumbo and government-backed loans (with the exception of USDA loans). Its HomeRun Mortgage program can help you finance a single-family home or condo with only 3 percent down (or a duplex with 5 percent down) and no private mortgage insurance (PMI).

Pros and cons of Citibank

How Bankrate scored Citibank

• Affordability: Citibank’s mortgage rates are competitive, but be prepared to pay points at closing to get the lowest advertised rate. One point costs 1 percent of the amount you’re borrowing.
• Availability: Citibank offers conventional and some government-backed mortgages to borrowers nationwide.
• Borrower experience: While Citi boasts many online conveniences, many customers on third-party sites express having a hard time getting a response from the bank when there are issues.

Affordability: 6.8/10

Citibank displays its latest mortgage rates on its website. The bank’s lender fees vary by loan type, and closing costs generally range from 1 percent to 4 percent of the home’s value, according to its website. Account holders who set up auto-payments can qualify for an interest rate discount or closing cost credit based on balance level. Borrowers with up to $49,999 with the bank, for example, can save $500 on closing costs.

Availability: 10/10

Citibank operates across the U.S., but only maintains branches in some states. Its mortgage products include conventional, FHA and VA loans, along with options to refinance your existing loan.

Borrower experience: 8.8/10

Citibank is one of the major banking institutions and ranked third for customer satisfaction in J.D. Power’s 2023 mortgage origination report. It isn’t accredited by the Better Business Bureau, however, and currently has an F rating from the organization for failure to respond to or resolve complaints, among other factors. At the time of this review, the bank had a 1.3 out of five stars rating from Trustpilot based on more than 100 reviews.

If you’re interested in a Citibank mortgage, you can get prequalified or begin the preapproval process online, as well as apply for a loan or refinance through the bank’s website. The online form takes 15 minutes to 20 minutes to complete, and if qualified, you can get preapproved in as little as an hour, according to one of the bank’s loan officers. If buying a home, the bank’s SureStart preapproval can help you narrow down your price range and give your offer a competitive edge. In addition, Citi’s website features a comprehensive checklist for homebuyers that outlines the documents and information you’ll need to apply for a loan, including for borrowers who are self-employed. You can also use the bank’s app to help manage the loan process and make payments later on, and can conveniently e-sign if needed. Its purchase closings typically take 45 days.

How to apply for a mortgage with Citibank

You can apply for a mortgage with Citibank in person at a branch location, online or by phone at 800-248-4638. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Citibank

Citibank offers both rate-and-term and cash-out refinancing options. The closing costs on a refinance typically total 1 percent to 4 percent of the loan amount, according to the bank.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.