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Citibank is an extremely affordable mortgage lender. It has low average rates and fees, a $7,500 closing cost credit, and a low-down-payment loan that doesn't require mortgage insurance. But you'll need to talk to a representative to explore customized rates.
Citibank Home Mortgage Loans On Bankrate's website Insider’s Rating A five pointed starA five pointed star
A five pointed star
A five pointed star
A five pointed star
Recommended Credit Minimum Down Payment Types of Loans Offered Conforming, jumbo, FHA, VA, HomeRun mortgage, HELOCsCitibank offers mortgages in all 50 states.
Citibank Mortgages offers the following types of mortgages:
New and existing Citibank deposit account customers can get a discount on their mortgage, though you'll need a relatively high balance to take advantage of the more attractive pricing perks. If your balance is below $50,000, you'll get $500 off your closing costs. Those with higher balances can get a certain fraction of a percentage off their interest rate.
Citibank also offers a lender credit up to $7,500 to help eligible borrowers lower their out-of-pocket closing costs.
Based on our review of Home Mortgage Disclosure Act data, Citibank's mortgage rates are significantly lower than average.
You can explore current sample mortgage rates for the lender's 30-year and 15-year fixed-rate mortgages on its website. But you'll need to talk to a loan officer to get a customized rate.
In 2022, the average borrower getting a conventional loan from Citibank paid $2,156 in origination charges, according to HMDA data. This is on the low end compared to other lenders.
Citibank's mortgage offerings should meet most borrowers' needs. It has both conventional and government-backed mortgages as well as its specialty HomeRun mortgage. You can also get a HELOC from this lender.
Overall, we think Citibank is an extremely affordable mortgage lender, with low average rates and fees plus multiple low-down-payment mortgage options. You can also use non-traditional credit (typically rent or utility payment history) to apply for the HomeRun mortgage if you don't have a credit score. But you'll need a 620 credit score to get a VA loan, which is higher than some lenders.
Citibank has earned an F rating from the Better Business Bureau due to complaints that were not responded to or unresolved. BBB grades are based on a business' honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
Additionally, in January 2024 the New York Attorney General sued Citibank for allegedly failing to provide sufficient protection from fraud and denying reimbursement to victims.
Citibank has multiple features that can make getting a mortgage more affordable for first-time or low-income borrowers. Its HomeRun mortgages allows low down payments without PMI. Typically, if you put less than 20% down, you'll need to pay a mortgage insurance premium as part of your monthly mortgage payment.
To qualify for a HomeRun mortgage, you'll need to live in an area served by a Citibank branch or in certain census tracts in the Atlanta, Austin, Cambridge, Dallas, Denver, Houston, or Philadelphia metro areas.
You may also be eligible for Citibank's $7,500 closing cost credit if you live in one of these areas and you earn less than 120% of your area's median income or you live in a low-to-moderate income census tract.
Citibank requires a 620 credit score for VA loan borrowers. While this isn't unusually high, many lenders now allow lower scores on these mortgages.
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Citibank's mortgage process.
In reviews and comments online, Citibank borrowers said the loan officers they worked with were professional, knowledgeable, and communicative. We didn't see any complaints that suggested a larger issue with the lender.
Citibank and Chase have similar mortgage offerings, including similar specialty low down payment mortgage products. Like the HomeRun mortgage, Chase's DreaMaker also allows 3% down payments. Borrowers may also be eligible for Chase's Homebuyer Grant, which offers up to $7,500 in down payment and closing cost assistance.
Like Citibank, Chase also has relatively low rates and fees. But if you're already a Citibank customer, you might prefer to get a Citibank mortgage so you can take advantage of its customer pricing.
Bank of America is another good big bank lending option. It offers multiple affordable mortgage options, plus a $7,500 lender credit and a $10,000 down payment grant.
Both Citibank and Bank of America offer perks for current customers, so if you already have an account with one of these banks, you might prefer to take advantage of the discounts available to you.
Does Citibank offer mortgages? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, Citibank offers mortgages. Though you might be more familiar with Citibank as the bank where you have your checking and savings accounts, Citibank offers a wide variety of financial products, including mortgages, personal loans, and investing accounts.
Are Citibank's mortgage rates competitive? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Citibank offers lower than average mortgage rates according to our review of HMDA data.
How is Citibank's mortgage customer service? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Citibank ranks high in customer satisfaction and has many positive online customer reviews from previous borrowers.
Are there special programs for Citibank customers? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
New and current Citibank deposit account holders can get a discount on their mortgage. The exact discount depends on how much money you have in your account.
What are some alternatives to Citibank mortgages? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Because Citibank is a large bank, you may want to explore some smaller alternatives, like a local mortgage lender or credit union. Then you can compare offers and see who can give you the best deal.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Western Alliance Bank High-Yield Savings Premier Earn 5.31% APY on your entire account balance – more than 10 times the national average
5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 8/19/2024. See the FDIC website for more information. https://www.fdic.gov/resources/bankers/national-rates/index.html
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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