Citibank Mortgage Review: Convenient Options and Tools

Citi mortgage rates are just one reason to consider Citibank.

Citibank, a division of Citigroup, offers a range of financial products and services, including mortgages. The banking giant came in at No. 12 on Forbes’ 2017 list of World’s Biggest Public Companies and has a net worth of $164.3 billion. CitiMortgage customer service routinely gets high marks, too, which is essential if you have questions about your Citibank account.

When applying for a mortgage, do your homework because not all programs fit every financial situation, and rates and terms can vary significantly among banks and credit unions. Take a look at what Citibank has to offer so you can determine if it’s the right mortgage lender for you.

Citibank Mortgage Options

Citibank offers six different mortgage choices for homebuyers. So you can better decide which is best for your financial plan, here are details on Citibank mortgage options:

  1. Fixed-rate mortgage: A fixed rate mortgage is secure because the interest rate is locked in for the duration of the loan. That means you’ll have the same CitiMortgage payment each month until you pay off your loan. You can choose from a 10-, 15- or 30-year loan.
  2. Adjustable-rate mortgage: An ARM enables you to pay a low-interest rate upfront for a designated period of time; however, this rate can go up or down after the initial fixed period is over. Most ARMs come in 3/1 and 5/1 configurations — the first number represents how many years the introductory period lasts and the second shows how often the interest rate will adjust after that period, which in these examples is one year.
  3. Jumbo loan: Jumbo loans have higher limits on single-family residences than traditional, conforming loans from Fannie Mae or Freddie Mac, which limit their loans to $453,100. If you opt for a jumbo loan, you’ll have to put down a bigger down payment — and you can expect a higher interest rate with a lower loan-to-value ratio requirement.
  4. FHA loan: Citibank provides loans that are insured by the FHA. Buyers with less-than-stellar credit can typically qualify for this loan, which requires a down payment that is less than 20 percent of the home’s purchase price. You’ll have the option of going with a fixed-rate or adjustable-rate FHA loan.
  5. VA loan: Current or former members of the U.S. military, as well as their surviving spouses, can access VA loans. Individuals who qualify for a VA loan will enjoy reduced closing costs, lower interest rates and smaller down payment requirements.
  6. Opportunities Within Neighborhoods: Citibank’s OWN program is designed to help low- and moderate-income earners buy a home. Choose the HomeRun mortgage if you earn less than 80 percent of the area’s median income, consider the mortgage revenue bond and MCC programs if you’re a first-time homebuyer, and look at the community assistance program to get help with closing costs or the down payment.

Related: 7 Tax Breaks Every First-Time Homebuyer Must Know

Citibank Mortgage Features and Terms

A few features and terms are specific to Citibank’s line of mortgages. Review them now:

  • Existing customers who have a Citibank checking account or savings account might qualify for a lower interest rate or discounted closing costs.
  • Each applicant receives a free, 60-day rate lock.
  • CitiMortgage rates range from 4.25 to 4.625 percent for customers with credit ratings of 780 or higher.
  • Citibank charges an application fee to cover credit checks preparing your loan for closing.
  • Within three days of applying, applicants receive a loan estimate that lists all associated mortgage fees.

See: The 14 Documents You Must Have to Get a Mortgage

Citibank Mortgage Tools

Citibank is at the cutting edge of technology with Citibank internet banking and its Citibank app. Not surprisingly, it also has online tools you can use to determine which loan best fits your needs — and how much home you can afford. Here are details on Citibank’s mortgage tools:

  • Citi Mortgage Selector: Use the Citi Mortgage Selector if you aren’t sure which loan you might qualify for. Input the type of property you plan to buy, its address, your expected purchase price, the mortgage amount you want and your estimated credit score. Click on the blue “View Mortgage Options” button to view your results.
  • Mortgage Affordability Calculator: Find out how much mortgage you can afford by listing your down payment, gross annual income, monthly expenses, expected interest rate and mortgage term for which you plan on applying. Citi’s calculator for mortgage affordability will tell you how much you can afford.
  • Loan Amount Calculator: All you need to know is your monthly principal and interest payment and the bank’s loan amount calculator will show you your 30- and 15-year, fixed-rate loan amounts.
  • Monthly Mortgage Payment Calculator: To estimate how much your monthly mortgage payment will be, enter the loan amount, interest rate and term in the monthly mortgage payment calculator. You can also review the results in a table or graph.

Up Next: How to Get the Best Mortgage Rate

Disclaimer: Rates are current as of Feb. 26, 2018, and are subject to change. This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Citibank.