Citibank Review: Is It the Right Mortgage Option for You?
Written by
Andrew Lisa
Edited by
Emily Gadd
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Founded in 1812 as City Bank of New York, Citibank is one of the largest mortgage lenders in the United States. It has a sprawling brick-and-mortar presence in all 50 states and the advanced apps and online banking tools expected from major corporate lenders.
It offers home buyers competitive rates and a streamlined experience for a full menu of loan options, including conventional, VA, FHA and jumbo loans.
How the Citibank Mortgage Process Works
You can apply for a Citibank home loan online, over the phone, in person or through a combination of all three.
Citi’s SureStart program expedites mortgage pre-approval and guarantees a loan for eligible properties and borrowers whose financial situations remain unchanged through the closing date. The process is similar to standard preapprovals, which can take a few days, but extends a firmer lending commitment.
Applicants will submit required documents through the Citi-approved SecureZIP service. After receiving a loan estimate, the applicant must grant Citi permission to proceed. Upon receiving a market appraisal, Citi renders its final decision and the borrower closes on the loan.
Pros and Cons of Citibank
Pros:
- Nationwide access and branch support in all 50 states
- Low interest rates compared to many other large lenders
- Broad range of loan options
- Exclusive offerings like the SureStart pre-approval program and HomeRun Mortgage for borrowers with low down payments.Â
- Strong industry ratings — Citi ranked No. 4 out of more than 20 lenders in the J.D. Power 2024 Mortgage Origination Satisfaction Study.
- Lender-paid assistance of up to $7,500 in closing costs for qualifying borrowers.
Cons:
- No USDA loans
- Some borrowers seeking an online-only experience may need to visit a branch or speak with a loan officer instead.
- Limited options for borrowers with shaky credit
Citibank Loan Options
Citibank’s mortgage offerings cover nearly all of the most common loan options.
- Fixed and adjustable conventional loans financed up to 95% with PMI
- FHA loans
- VA loans
- Jumbo loans
- Exclusive HomeRun Mortgage program with down payments as low as 3%
- Refinancing with special rate options for existing Citi customers
Citibank Mortgage Rates and Fees
As with all loans, your Citibank APR will depend on your credit, down payment, loan type and income. Citi requires prospective borrowers to request customized quotes for ARM, FHA and VA loan rates, but its current average mortgage rates for the two most common types of conventional loans are:
- 30-year fixed: 6.625%
- 15-year fixed: 5.875%
Mortgage loans come with closing costs and fees that, according to Citibank, are typically equal to 1% to 4% of the home’s value, or $2,500 to $10,000 for a $250,000 property — but they can vary considerably.
Citibank maintains an abysmally low D+ rating with the Better Business Bureau, accompanied by thousands of outstanding, unaddressed complaints, many of which cite a lack of fee transparency and confusion at closing.
Existing Citi customers with active deposit accounts can enjoy Citi Relationship Pricing discounts ranging from $500 to 5/8 of 1% of the interest rate, depending on their account balance.
Citibank vs. Other Mortgage Lenders
| Feature | Citibank | Chase Bank | Sofi |
|---|---|---|---|
| Apply Online | For most of the process, if you choose | Yes, if you choose | Fully Online |
| Fast Preapproval | No. Up to 3 days | Yes, usually in a few minutes or hours | Varies |
| In-Person Help | Yes | Yes | No |
| Mobile App | Good | Good | Excellent |
| Loan Types | Many options | Many options | Many options |
| Clear Fees | Not Always | Mostly yes | Yes |
| Best For | Good credit | First-time homebuyers | Fast online loans |
Who Should Consider Citi?
Best for:
- Existing Citi customers
- Borrowers who want the option of in-branch support
- Those with stable incomes and strong credit histories
- Borrowers seeking low down payments through Citi’s HomeRun Mortgage program.
Not ideal for:
- Poor-credit borrowers
- Buyers seeking USDA loans
- Borrowers with co-signers
FAQ
- Is Citibank a legit mortgage company?
- Yes. It boasts over 210 years of history and is among the largest home lenders in the United States.
- How fast can I get preapproved?
- Preapproval can take up to three days.
- What credit score do I need for Citibank?
- Citibank does not publicize its minimum credit requirements, but it recommends a score of at least 620.
- Can I refinance through Citibank?
- Yes. Citi offers several options for refinancing.
- Does Citibank charge high fees?
- Citibank is not notorious for high fees, but many customers have complained of confusing fee structures and a lack of transparency.
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