CitiMortgage Loan Review 2022 – Forbes Advisor

CitiMortgage offers home loans in all 50 states. As of Sept. 2, 2022, the company’s rates are lower than national averages.

However, while the company provides sample purchase and refinance interest rates on its website, these are based on a $200,000 primary residence with a $150,000 mortgage. Considering that the median home in Los Angeles costs nearly $1 million, these rates might not apply to your situation. To get a more accurate rate, you’ll need to call the company.

Loan Types

CitiMortgage offers the following types of home loans:

In addition to fixed-rate products, CitiMortgage offers adjustable-rate mortgages (ARMs) with repayment terms from three to 10 years. However, while FHA and VA loans are available through CitiMortgage, you’ll need to consider other lenders if you’re interested in a USDA loan. Also remember that applications for home equity loans and HELOCs have remained suspended as of September 2022.

Additionally, new or existing CitiMortgage customers who open a deposit account before their mortgage loan closes can qualify for $500 off their closing costs with an account balance of $1 to $49,999.99 or discounts on their rate with higher balances. Note that you must maintain this balance for five to six business days (depending on account type) following approval as well as set up automatic payments on your mortgage from your deposit account to be eligible for these benefits.

Closing cost assistance of up to $7,500 is also available for low-income borrowers who live in certain areas.

Loan Minimum

CitiMortgage doesn’t publicly disclose its minimum loan amount. If you’re looking for a small mortgage loan to pay for a less expensive home, you’ll have to contact CitiMortgage to see if it can accommodate your needs.

Loan Maximum

The maximum you’ll be able to borrow will depend on the type of mortgage you want as well as your financial qualifications. CitiMortgage offers jumbo loans to eligible borrowers, which typically range up to $647,200 for a single-family home in most areas and up to $970,800 in high-cost areas like New York City and San Francisco.

To find out the loan maximum you might qualify for, you’ll need to contact CitiMortgage.

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