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Citibank Mortgage Review 2024

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At a glance

Citibank
NMLS: 412915
Editor's take

Citibank is the fourth-largest bank in the U.S. It often runs promotions offering credit back on mortgage closing costs, and if you’re already a banking customer (or plan to be), you could save even more on your loan. Along with a mortgage or refinance, Citi can also connect you with a real estate agent ahead of shopping for a home. It only operates branch locations in some states, however, potentially limiting your options for in-person service.

Bankrate Score
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4.3
Rating: 4.3 stars out of 5
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Bankrate Score

Customer Rating
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3.3
Rating: 3.26 stars out of 5

116 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 620 for FHA loans, 620 for VA loans

Location

Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Citibank

NMLS: 412915

4.3

Rating: 4.3 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 620 for FHA loans, 620 for VA loans

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).

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Bankrate insight

A huge global name, Citi ranked near the top (third place) in the latest J.D. Power customer satisfaction survey for mortgage origination.

Pros and cons of Citibank

Pros
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    Low-down payment loan options

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    New and existing account holders eligible for discounts

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    Offers closing costs savings

Cons
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    Branch locations only in some states

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    No USDA loans

Our Editor’s Take on Citibank

Citibank is the fourth-largest bank in the U.S. It often runs promotions offering credit back on mortgage closing costs, and if you’re already a banking customer (or plan to be), you could save even more on your loan. Along with a mortgage or refinance, Citi can also connect you with a real estate agent ahead of shopping for a home. It only operates branch locations in some states, however, potentially limiting your options for in-person service.

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.

Compare Citibank to other lenders

Citibank
Rating: 4.3 stars out of 5
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4.3

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 620 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Citibank customer ratings and reviews

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NMLS: 412915

3.3

Rating: 3.26 stars out of 5

116 ratings

Info

This lender has 0 recent reviews.

Knowledge
Rating: 3.5 stars out of 5
Level of service
Rating: 3.4 stars out of 5
Professionalism
Rating: 3.4 stars out of 5
Responsiveness
Rating: 3.4 stars out of 5
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7%
36%

55% of customers would recommend this lender.