At a Glance

Citibank is a full-service lender that offers a wide range of mortgage products, including conventional, proprietary, and government-backed loans. It provides relationship pricing to existing Citibank customers in the form of closing cost discounts and interest rate deductions. You can get prequalified over the phone or online and preview available starting rates on Citibank’s website.

Key Figures

Loan types: Conventional, Jumbo, FHA, VA, HomeRun

Loan products: Purchase, Cash-out Refinance, Rate-and-term Refinance

APRs start from: 6.844% (30-year fixed)

Minimum credit score: 620 for most loans

Repayment terms: 15-30 years fixed, 3/1-10/1 ARM

Citibank’s wide range of mortgage products are available in all 50 states. Although Citibank doesn’t offer USDA loans, it offers FHA and VA loans along with conventional loans. Best of all, Citibank’s relationship pricing model rewards existing customers with discounts on closing costs and interest rate deductions.

On the downside, Citibank doesn’t offer a fully online application. Additionally, although it used to underwrite HELOCs and home equity loans, it temporarily stopped taking applications for these products in March 2021. However, they do offer a cash-out refinance option, which you may find to be a suitable alternative.

How it Works

If you want to purchase or refinance a home through Citibank, simply complete the following steps:

1. Prequalify. You can get prequalified on Citibank’s website or over the phone with a loan officer. Unlike most lenders, Citibank offers a firm commitment to lend through its trademarked SureStart pre-approval. While your application is still subject to review and verification of your home and documents is still required, this firm commitment is one of Citibank’s standout features.

2. Complete your application. Unlike some mortgage lenders, Citibank doesn’t offer a fully online application process. Although you can start your application on its website, you’ll need to speak with a loan officer over the phone as part of the process. Alternatively, you can also choose to start your application telephonically by calling Citibank’s mortgage team.

3. Get a loan estimate. You will receive your loan estimate within 3 days of submitting your application. This document will contain the fees, closing costs, terms, and monthly payments of your prospective loan.

4. Continue with your application. Once you review your loan estimate, you’ll need to provide your consent to proceed with your application.

5. Submit any required documents. Possible documents you may need to submit include pay stubs, W-2s, tax returns, bank statements, and any signed disclosures.

6. Schedule a home appraisal. A home appraisal may be required before your loan is approved. This appraisal will assess your property’s estimated market value based on the property’s size, location, and amenities, among other factors.

7. Receive a decision. Once you’ve submitted all your documentation and signed every disclosure, all you can do is wait while a loan processor and underwriter review your application.

8. Close on your mortgage. Once your application is approved, you’ll pay any closing costs and fees you incurred to process your loan application.

Citibank doesn’t provide a standard closing time frame for a typical customer. That said, when examining the mortgage industry as a whole, it typically takes between 30 and 60 days to close on a mortgage

Types of Loans

With Citibank, you can choose from a wide variety of loan types, including:

Purchase

Conventional Loans: Citibank offers fixed-rate loans with terms from 15 to 30 years as well as adjustable rate mortgages (ARM) with rates from 3/1 to 10/1. A conventional mortgage typically requires a down payment of 5%.

Jumbo Loans: Jumbo loans are designed for homes above the conforming loan limit set by the FHA. Jumbo loans typically require you to have a higher down payment and minimum credit score in order to qualify.

HomeRun Loans: With Citibank’s HomeRun mortgage program you can make a down payment of just 3% and avoid paying private mortgage insurance (PMI). Typically, you have to make a down payment of at least 20% to avoid paying PMI on conventional loans.

VA Loans: If you are a military veteran or active duty service member you can apply for a mortgage secured by the VA. You can qualify for a VA loan with a minimum credit score of 620. Best of all, VA loans do not require you to put any money toward a down payment.

FHA Loans: The FHA offers loans to qualified borrowers (such as first-time homebuyers). You can get a loan through the FHA with just a 3.5% down payment. While the FHA’s minimum credit score is 580, Citibank normally doesn’t accept scores lower than 620.

Rate-and-term Refinance

With a rate-and-term refinance, you can exchange your current mortgage for a new mortgage. Depending on your situation, you can change your existing mortgage term, rate, or both.

Cash-out Refinance

Cash-out refinancing allows you to swap out your current smaller mortgage for a new, larger mortgage and keep the difference between the two in cash. Given that Citibank has temporarily suspended its HELOC and home equity loan programs, a cash-out refinance may be a suitable alternative for you to access the equity in your home.

Loan Features

• If you have or open a Citibank bank account with a balance between $1 and $49,999 before you close on your mortgage, Citibank will deduct $500 off your closing costs. For balances above $50,000, Citibank will shave anywhere from 0.125%-0.625% off your mortgage interest rate depending on your balance amount.
• Citibank’s Lender Paid Assistance program allows you to save up to $7,500 on closing costs. This program is designed for low-income families that live in close proximity to a Citibank branch that accepts deposits or in special census tracts.
• Unlike many pre-approvals, Citibank’s SureStart pre-approval process provides you with a firm commitment to lend. This means that Citibank guarantees to secure you a mortgage so long as you pass the pre-approval and your application matches the information you submitted in your pre-approval.

Rates and Terms

Citibank offers fixed-rate mortgages with terms ranging from 15 to 30 years as well as ARMs ranging from 3/1 to 10/1. Your mortgage interest rate and APR will vary depending on the details of your loan, including your loan amount, credit score, down payment amount, and mortgage points. Rates also change over time due to various market conditions, including lending rates and housing demand and supply.

Summary

With Citibank, you can choose from a wide range of mortgage options to help you purchase or refinance your home. Its relationship pricing model rewards existing Citibank customers and provides them with significant discounts on their closing costs. Additionally, its HomeRun mortgage program is a great option if you live in a qualifying area and want to save money on your down payment or forego paying PMI.

Although you can’t submit an application through its website, it’s great to see that you can prequalify and start your application online.

Contact Citibank

Citibank enjoys a high mortgage origination satisfaction score with J.D. Power. J.D. Power’s mortgage origination satisfaction survey measures customer satisfaction with their experience of securing a mortgage. Among major mortgage lenders, Citibank’s score of 733 out of 1000 ties for third place out of the 43 brands profiled. Citibank also has a high mortgage customer rating with Zillow, where it currently boasts a score of 4.83 out of 5 stars on over 3,500 reviews.

Citibank has a low rating with Trustpilot and the Better Business Bureau. However, on closer inspection, the vast majority of negative reviews are regarding its credit card and banking services.

Citibank’s customer service team is available 8am-10pm ET, Monday-Friday, and 9am-7pm ET on Saturday. You can contact its customer service team via phone at 1-800-248-4638. Alternatively, you can visit Citibank’s website to find answers to frequently asked questions about its mortgage products and processes.