Citi Mortgage Review

Citi offers a variety of mortgage options to complement its financial products

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Citi Group Logo
Investopedia’s Rating
3.4

Our Take

Citi is a full-service financial institution that offers a variety of mortgage products to buy or refinance a home. While you can start the mortgage process online, you must speak with a loan officer in order to complete your application.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Relationship pricing for Citi customers

  • Lender Paid Assistance reduces closing costs

  • Offers full-service banking capabilities

Cons
  • Does not list all product rates online

  • Must submit contact info to get additional information

  • Requires loan officer to complete application

Key Takeaways
  • Can apply online, over the phone, or in a branch.
  • Get pre-approval to start your homebuying process.
  • Check new MLS listings and find an agent with Citi’s Home Captain.
  • Citi provides numerous online resources to assist in the mortgage process.
Company Overview

Citi can trace its roots to 1811, when a group of merchants created City Bank of New York to help New York compete with rivals Philadelphia, Boston, and Baltimore. With $19.6 billion in revenues in the second quarter of 2022, Citi has grown into one of the world's largest financial institutions. It offers full-service banking, lending, investment, and insurance services for consumers and businesses. Citi's global headquarters is located in New York City, but it has offices in Asia, Europe, Africa, and the Americas.

Below are Citi’s specifications for conventional loans.

  • Minimum Credit Score 620
  • Maximum Debt-to-Income Ratio Not disclosed
  • Minimum Down Payment 3.5%
  • Average Days to Closing Not disclosed

Citi Mortgage is the mortgage lending arm of Citi, a global financial services company. It offers a variety of mortgage products to purchase or refinance your home, including conventional, jumbo, FHA, and VA loans.

Pros Explained

  • Relationship pricing for Citi customers: New and existing Citi customers can qualify for lower interest rates or a closing cost credit when they meet balance requirements.
  • Lender Paid Assistance reduces closing costs: On qualified applications, Citi Mortgage offers closing cost assistance of up to $5,000 towards a new home loan.
  • Offers full-service banking capabilities: You can keep all of your banking and lending needs under one umbrella with a Citi Mortgage. Citi offers a full array of banking, lending, investment, and other related financial services.

Cons Explained

  • Does not list all product rates online: It’s hard to compare Citi Mortgage rates and terms against other lenders because not all rates are available online. The Citi Mortgage website only lists 15- and 30-year mortgage rates for purchase and refinance loans.
  • Must submit contact info to get additional rate information: If you want to compare more product, rate, and point options, you have to submit your information and speak with a loan officer.
  • Requires loan officer to complete application: While you can start the application process online, you must work with a loan officer to complete the process. This is in contrast to some other lenders that allow you to wrap up the process completely online.

Types of Mortgage Loans Offered by Citi Mortgage

  • Conventional loans: Borrowers can qualify for conventional loans with a credit score of 620; they usually require a down payment of at least 20%, but you may be able to make a 5% down payment if you have private mortgage insurance (PMI).
  • FHA loans: First-time homebuyers, borrowers with down payments as low as 3.5%, and people with credit scores as low as 580 may find FHA loans to be a good fit.
  • Jumbo loans: Jumbo loans are for buyers who need to finance a home that costs more than the current conforming loan limits. Citi may require a higher credit score and larger cash reserves for a jumbo loan application.
  • VA loans: VA loans are for active duty military, veterans, and their families. They require no money down and accept credit scores starting at 620.

Looking for other kinds of loans, like USDA or reverse mortgages? Browse our picks for the best mortgage lenders to see more options.

Citi Mortgage Features and Benefits

  • Discounts on rates and fees for Citi customers: Save up to 5/8% depending upon your existing Citi account balances with relationship pricing that can lower your interest rate or closing costs of your mortgage.
  • HomeRun Mortgage: HomeRun is a low down payment program for buying a home, with down payments starting at 3% and no mortgage insurance requirement.
  • Save money on closing costs: Be on the lookout for promotions, like a $500 credit towards closing costs when you apply for a Citi mortgage.

How to Apply for a Citi Mortgage Loan

  1. Contact Citi Mortgage. Submit your information online, visit a branch, or call (800) 248-4638 to start your application.
  2. Complete your application. Speak with a Citi Mortgage loan officer to provide your personal information, property details, and mortgage needs.
  3. Authorize a hard credit pull. Citi Mortgage will pull your credit scores to determine which loan programs you qualify for based on your scores, personal information, and loan details.
  4. Get a loan estimate. The Citi Mortgage loan officer provides a loan estimate that estimates the fees and closing costs for your loan.
  5. Consent to proceed. If you approve of the loan details, provide the loan officer with your consent to move forward with the loan application.
  6. Submit required documents. Citi needs documentation to support your loan application, including signed disclosures, bank statements, pay stubs, tax returns, and proof of down payment.
  7. Home appraisal. An appraisal provides an independent valuation of your home based on its features and recent home sales in the local area.
  8. Final decision. Once Citi finishes underwriting your loan request, it provides a final decision to fund your loan.
  9. Close your mortgage. You'll sign the closing documents, provide the down payment, and pay closing costs so the bank can provide the money to buy your home or pay off your existing mortgage.

Customer Service

Citi Mortgage customers can reach customer service over the phone, in a branch, online at Citi.com, or through the Citi Mobile app (Apple, Google Play).

Telephone support is available at (800) 248-4638, from 8 a.m. to 10 p.m. ET, Monday through Friday, and from 9 a.m. to 7 p.m. ET on Saturdays.

You can also check the status of your mortgage application online at any time by logging in to your Citi account.

Customer Satisfaction

Citi Mortgage has exceptional scores and reviews on Zillow. It has over 3,300 reviews with an average score of 4.82 out of five stars. The customer reviews are appreciative of Citi Mortgage loan officers, mentioning how professional and responsive they are to the borrower's needs. Recent reviewers said their interest rates were as expected or lower than expected.

Investopedia conducted its own survey of 1,195 mortgage customers, asking about attitudes and experiences with 45 major mortgage lenders. Citi came in 15th place for customer satisfaction, with a score of 5.95 out of 10.

Account Management

Your Citi Mortgage will be serviced by Cenlar, FSB. Once your loan has been funded, you can access your mortgage account, payment history, and more through Cenlar's website.

Customers who have other Citi bank accounts can also manage their mortgage through Citi.com or the Citi Mobile app.

If you want to speak to customer service, call Cenlar FSB at (855) 839-6253. Customer service hours are from 8:30 a.m. to 8 p.m. ET, Monday through Friday, and 9 a.m. to 5 p.m. ET on Saturdays.

Alternative Choices

Before applying for a mortgage, take the time to shop around with the best mortgage lenders to find the most favorable rates and terms. Not all loan types are available at every lender. And some lenders specialize in certain types of loans, which can make the loan process go much smoother.

  Loan Types Offered Special Features 
Citi Mortgage Conventional, Jumbo, VA, FHA Full-service banking products for customers
Caliber Home Loans  Conventional, Jumbo, VA, FHA, USDA  Special loan programs for self-employed, bad credit, and investors 
Primary Residential Mortgage Conventional, Jumbo, VA, FHA, USDA  Offers renovation, investment property, and construction loans 
Finance of America Mortgage Conventional, Jumbo, VA, FHA, USDA  Offers reverse mortgages for 62+ homeowners 

When comparing mortgage options, pay particular attention to these factors:

  • APR. The annual percentage rate (APR) incorporates the fees that you pay and is the best rate to use when comparing lenders.
  • Closing costs and fees. Determine what fees each lender charges to close your loan. You can negotiate some costs, like origination fees, and seek out your own vendors for others, like title insurance.
  • Rate lock. The rate lock details how much time the lender has to close your loan before the interest rate expires.
Final Verdict

Citi Mortgage offers excellent customer service and a variety of mortgage options. Although Citi enables customers to view all of their banking and lending accounts online or through its mobile app, you cannot complete your mortgage application online. Instead, you must speak with a loan officer to complete your application and get detailed rate and cost information on Citi's loan products.

For customers who prefer to shop rates and terms before speaking with someone, this process could be a turnoff. However, most lenders require borrowers to work with a loan officer at some point. So, it may be worthwhile to speak with a Citi Mortgage loan officer based on the positive feedback available online.

How We Review Mortgage Lenders

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational features (state licensing coverage, number of loan officers, etc.)
  • Loan types offered (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closing, minimum debt-to-income ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.

Read more in our full mortgage lender review methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Citi. "Citi Mortgage Relationship Pricing."

  2. Citi. "Lender Paid Assistance."

  3. Citi. "Current Mortgage Rates."

  4. Citi. "Conventional Loans."

  5. Citi. "Federal Housing Administration Loans."

  6. Citi. "Jumbo Loans." 

  7. Citi. "VA Loans."

  8. Citi. "HomeRun Mortgage." 

  9. Citi. "The Mortgage Application Process."

  10. Zillow. "Citibank, NA." 

  11. Citi. "Manage Your Mortgage."