Citi Mortgage Review 2018

CitiMortgage offers consumers an array of mortgage products to choose from, including 10, 15, 20, and 30-year fixed rate mortgage loans, 3/1, 5/1, 7/1, and 10/1 adjustable rate mortgage (ARM) loans, VA fixed rate and adjustable rate loans, FHA loans, and the company’s HomeRun mortgage loans, which offer qualified applicants lower down payment options and more flexible credit guidelines than regular loans. Citi offers consumers free pre-approval through the company’s SureStart program, which comes with a firm commitment to lend. Consumers may request this service through a local Home Lending Officer or by calling Citi’s customer support. The minimum and maximum amounts for mortgage loans vary based on the consumer’s credit score, debt-to-income ratio, and location, among other things, so consumers should fill out an application in order to find out these amounts since each loan is evaluated on a case-by-case basis. Some of the fees that consumers can expect when going through the mortgage loan application process are appraisal fees, credit report fee, origination fee, tax service fee, title insurance, transfer taxes (for some states), and settlement fee, among others. However, consumers who are Citi clients may qualify for discounted closing costs or lower interest rates through the company’s Relationship Pricing program. The Federal Housing Administration (FHA) loan is government-backed and allows consumers to qualify with lower down payments. It also has fewer credit score restrictions than conventional mortgages and is available as both fixed rate and adjustable rate mortgages. This loan is ideal for first-time home buyers, consumers with less than a 20% down payment, buyers with a low credit score, self-employed buyers, and buyers with limited employment history. Citi Mortgage also offers Veterans Affairs (VA) home loans, a mortgage guaranteed by the Department of Veterans Affairs which is for veterans and current members of the U.S. Armed Forces. Surviving spouses of service members may also qualify for this loan. VA loans have many benefits when compared to conventional loans. These benefits include lower interest rates, lower mortgage closing costs, and lower down payment requirements. Also available for potential borrowers are jumbo loans. Jumbo loan amounts are larger than the standard limits set by the Government-Sponsored Enterprises (GSE) Fannie Mae or Freddie Mac (the conforming loan limit is over $400,000 for most of the country). Jumbo loans carry a higher interest rate which could result in consumers paying a lot more interest over the loan term. It’s also worth pointing out that these loans sometimes require a larger down payment and a lower loan-to-value (LTV) ratio than conventional mortgages. These loans can be used to purchase vacation homes and primary homes. Types of Mortgage Loans Offered Fixed Rate 10 Year Fixed Rate 15 Year Fixed Rate 20 Year Fixed Rate 30 Year 3/1 ARM 5/1 ARM 7/1 ARM 10/1 ARM Jumbo Fixed Rate Jumbo Adjustable Rate VA Fixed Rate VA Adjustable Rate FHA Fixed Rate FHA Adjustable Rate Low Down Payment Mortgage

CitiMortgage’s website is easy to navigate and offers consumers helpful resources and tools such as articles, document checklists, links to videos, and a variety of calculators, including a Mortgage Payment Calculator, Home Affordability calculator, and Additional Payment calculator. The mortgage company offers insightful and detailed guides on their website regarding subjects such as: what you need to know when buying a home, how to prepare for buying a home, understanding mortgage rates and options, getting pre-approved for a mortgage, the mortgage application process, refinancing your home, understanding refinancing rates and options, and the refinance mortgage application process. The website also provides information and guides for home equity (how to use equity, equity calculators, and rates) and a support section with tips on how to pay off your mortgage, how to get help with payments and preventing foreclosure. Additionally, consumers can fill out a mortgage loan application online, and check its status through Citi Mortgage’s online portal. The application process is straightforward and it only takes around 30 minutes to complete the form. Once the consumer submits the application, a mortgage representative will contact them to complete the process. Additionally, consumers can apply for mortgage loans through a local Home Lending Officer or by calling Citi, and they’ll receive an estimate within 3 days after the application is received. Consumers may contact customer support via chat, email, social media, over the phone, or by visiting a physical branch.

In order to qualify for the company’s mortgage loans, consumers must provide their name, address, date of birth, social security number, income, assets and employment information, credit history, and property information. Ideally, consumers should have a debt-to-income ratio of 36%, a down payment of at least 20% for conventional fixed rate and ARM mortgage loans, and a credit score of at least 620. However, the company’s HomeRun mortgage loans offer more flexible credit guidelines and have lower down payment requirements for those who qualify. Additionally, the company offers VA and FHA loans, which also have different requirements. ConsumersAdvocate.org encourages consumers to contact Citi to find out more information about the different requirements for each product.

CitiMortgage is a division of Citibank, which has been operating for over 200 years in 19 countries. Citibank has been rated F by the BBB, with most consumers complaining about the company’s billing and collection services. Additionally, the company has a low TrustPilot score of 5.4 and 10 regulatory actions filed against it. The company also has 45,537 complaints filed against it with the CFPB. However, it should be noted that most of those complaints are regarding Citi’s credit card services.