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


The benefits explained

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


Disadvantages Explained

  • Does not list all product prices online: It is difficult to compare Citi Mortgage rates and terms with 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.
  • You must submit your details for additional pricing information: If you want to compare more product options, rates and points, you must submit your information and speak with a loan officer.
  • Requires loan officer to complete application: Although 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 complete the process entirely online.


Types of mortgages offered by Citi Mortgage

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

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


Features and Benefits of Citi Mortgages

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


How to Apply for a Citi Mortgage

  1. Contact Citi Mortgage. Submit your information online, visit a branch, or call (800) 248-4638 to begin your application.
  2. Complete your application. Speak to a Citi Mortgage Agent to provide your personal information, property details and mortgage needs.
  3. Authorize a firm credit withdrawal. Citi Mortgage pulls 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. Citi’s Mortgage Manager provides a Loan Estimate that estimates the fees and closing costs for your loan.
  5. Consent to continue. If you approve the loan details, give the loan officer your consent to proceed with the loan application.
  6. Submit required documents. Citi needs documents to support your loan application, including signed statements, bank statements, pay stubs, tax returns, and proof of down payment.
  7. Home evaluation. An appraisal provides an independent appraisal of your home based on its features and recent home sales in the area.
  8. Final decision. After Citi finishes underwriting your loan application, it provides a final decision to fund your loan.
  9. Close your mortgage. You will 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 contact customer service by phone, at a branch, online at Citi.com, or through the Citi Mobile app (Apple,Google.com/store/apps/details?id=com.citi.citimobile” data-component=”link” data-source=”inlineLink” data-type=”externalLink” data-ordinal=”2″ rel=”sponsored nofollow”> Google play).

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

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


Client satisfaction

Citi Mortgage has outstanding scores and reviews on Zillow. It has over 3,300 reviews with an average rating of 4.82 out of five stars. Customer reviews praise Citi Mortgage’s loan officers, mentioning how professional and responsive they are to the borrower’s needs. Recent critics said their interest rates were in line with or below expectations.

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 managed by Cenlar, FSB. Once your loan is funded, you can access your mortgage account, payment history and more via Cenlar’s website.

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

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


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 conditions. Not all types of loans are available from all lenders. And some lenders specialize in certain types of loans, which can make the loan process much smoother.

Types of loans 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 the self-employed, bad credit and investors
Primary Residential Mortgage Conventional, Jumbo, VA, FHA, USDA Offers loans for renovation, real estate investment and construction
Finance of America Mortgage Conventional, Jumbo, VA, FHA, USDA Offers reverse mortgages for homeowners over 62

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

  • APR. The annual percentage rate (APR) incorporates the fees you pay and is the best rate to use when comparing lenders.
  • Closing costs and fees. Determine the fees charged by each lender close your loan. You can negotiate some costs, like set-up fees, and find your own providers for others, like title insurance.
  • Rate lock. The lock rate details how long 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 allows customers to view all of their bank and loan accounts online or through its mobile app, you cannot complete your mortgage application online. Instead, you need to speak with a loan officer to complete your application and get detailed information on rates and costs for Citi’s loan products.

For customers who prefer to know the rates and conditions before speaking to someone, this process could be a diversion. However, most lenders require borrowers to work with a loan officer at some point. So, it may be worth speaking with a Citi mortgage agent based on the positive reviews available online.


How We Review Mortgage Lenders

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

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational characteristics (state licensing coverage, number of loan officers, etc.)
  • Types of loans offered (fixed rate, FHA, USDA, etc.)
  • Accessibility (days before closing, minimum debt ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn more about the most important characteristics from the customer’s perspective and customer satisfaction with different lenders. Mortgage lenders have been objectively rated in the categories above to help readers make informed home loan decisions.

Find out more in our comprehensive mortgage lender review methodology.


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