Citibank is an advertising partner
Headquartered in O’Fallon, Mo., Citibank Mortgage is a subsidiary of the banking giant Citigroup. It launched in 1979 to provide a range of services for borrowers, including offers first mortgages, home loan refinancing and home equity loans. The company originated $13.1 billion in purchase and refinance loans in 2017.
Citi has about 700 bank branches in the U.S. but only staffs mortgage experts in locations in the states of New York, New Jersey, Connecticut, Illinois, Florida and the cities of San Francisco, Los Angeles and Washington, D.C. Borrowers in these areas can meet with loan officers in their local branch.
Borrowers who wish to take out a Citibank Mortgage must have a minimum credit score of 620. The lender will use manual underwriting when evaluating loan applications.
Citibank Mortgage offers loans for the following property types:
HomeRun mortgage: Citi’s HomeRun loan program extends options to borrowers who don’t meet traditional lending requirements. The HomeRun program enables qualified buyers to put:
But out-of-pocket down payment expenses may be even less, as little as 1%. The HomeRun program has flexible credit requirements and fixed-rate financing. It also includes homeownership counseling.
If you’re ready to begin looking at houses, you can apply for mortgage preapproval through Citi’s SureStart program. SureStart preapprovals include firm guarantees that Citi will lend to you, which may reassure your real estate agent and sellers that you’re serious about and capable of buying. It also tells them you can afford the properties you’re considering.
How to apply. When the time comes to apply for a loan, you can do so online, on the phone or in person. After submitting your application, you can check the status online as well.
You can begin by filling out preliminary information on the Citibank Mortgage website, including the expected home price and the mortgage amount for which you plan to apply. That information will then be sent to a loan officer who will call or email you. You can also sign up online for a free consultation with a loan officer to get preapproved.
The first step in the online application is to use Citibank’s Mortgage Selection tool, so you can get an idea of your loan costs. The tool will ask for information including the type of property you want to buy, the expected purchase amount, the loan amount you plan to request and your credit score.
Once you’ve input that data, you’ll receive your loan options. The options will include details on current mortgage rates, payment schedules, closing costs and other expenses associated with the loan. After reviewing the choices, you will select your loan and complete an online mortgage request. Here, you’ll need the address of the home you want to buy, as well as your contact details and info about your employment status and financial assets. This is also where you’ll need to provide information about your co-borrower, if you have one.
If you need to take a break and complete your application later, you will need to create a Citibank Online account to save your information. You can call or email Citibank for help completing the application if you run into any problems or are unsure about what’s needed at a given step. Talking to a loan officer is mandatory before the application can be processed, whether you call or visit a branch directly or wait for an officer to contact you after you submit your request.
Borrowers who apply digitally will be able to submit documents and track their loan’s progress through the Citi website. You’ll have access to a loan dashboard and can review any outstanding to-do items, as well as requests from your loan processor or the underwriting department.
Disclosure process. After the initial submission, you’ll need to provide Citibank Mortgage with documents supporting the application, such as financial statements and proof of income. You’ll have the option to upload the documents online, send them via fax or submit them in person at your local branch. Regardless of which method you choose, you’ll be able to track your document status through your online Citibank account. You can also give Citibank permission to digitally pull your bank account information and other financial data.
How you receive disclosures is up to you. Citibank lets you choose between regular mail and email. Borrowers who choose the electronic disclosure route may also e-sign their documents.
Your loan officer will review your interest rate options with you and can advise on the best time to lock your loan. As long as you can provide a property address, you may lock the loan at any time, even if you have not finished submitting your disclosures.
Submitting loan for approval. After you submit a “Intent to Proceed” document for the loan, the Citibank sales team will request your appraisal. You’ll also be able to e-sign your application. The loan processor will send your application to underwriting after you’ve submitted all documentation verifying asset and income information and after the appraisal.
Final approval. The underwriter will verify all of your financial information, along with your purchase contract and appraisal.
Closing. The closing stage takes place after the underwriter gives the loan final approval. Citibank Mortgage’s closing team and the settlement agent will provide you with the closing disclosure and costs. You can request a closing location most convenient for you, and you may review the disclosures online, though the final closing will take place in person.
When you start your loan application with Citibank Mortgage, a loan officer will be your first point of contact. If you’ve begun the application in-person at a Citi branch, that loan officer will be your primary point of contact through closing. However, if you do not live near a local branch and apply over the phone or online, you’ll mostly communicate with a loan processor. The processor oversees your application through the underwriting and closing stages, but you can contact your loan officer at any point as well.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.