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About Citi Mortgage Reviews
Citi Mortgage (NMLS #412915) is the mortgage lending arm of Citibank. Borrowers can obtain a primary mortgage or refinance their existing mortgage through a variety of loans. Existing Citibank customers with eligible balances may qualify for special pricing. Citi Mortgage shows current rates online and offers its SureStart preapproval process so you can shop for homes with the lender’s backing.
Pros & Cons
- SureStart preapproval
- Cost-saving promotions
- Affordable HomeRun Mortgage product
- Financial industry leader
- No USDA loans
- No home equity loans or HELOCs
Citi Mortgage, backed by Citibank, offers transparent rate information and multiple loan options. Current Citi customers are eligible for unique discounts and benefits. Citi Mortgage does not service its loans; borrowers work with Cenlar FSB.
When it was time for a refinance, Citi had already decided to offer me an option that saved me hundreds of dollars per month without adding to the term. I would call that really g...Read full review
Citi Mortgage … offered a refi for a really good interest rate. Then … the loan was canceled without notification. The reason … was lack of adequate income, but they had somehow ...Read full review
Citi Mortgage publishes its current lowest rates for both conventional mortgages and refinancing. You can check purchase and refinance rates on 15- and 30-year fixed-rate mortgages.
To get adjustable loan rates, customers must call Citi Mortgage directly. Adjustable-rate mortgages (ARMs) usually start with a low interest rate before the rate begins changing regularly. Be aware that, with an ARM, you might end up paying more over the lifetime of the loan, depending on what happens with interest rates.
Citi Mortgage’s home purchase rates from 2019 to 2021 were lower than the national average. The lowest rates are only available to the most highly qualified individuals. Customers are seen as more qualified if they have a high credit score, high down payment, high income or low debt-to-income (DTI) ratio.
Citi Mortgage average home purchase rate vs. national average
|Year||Difference from national average|
Getting a mortgage through Citi Mortgage starts by requesting a call from one of its mortgage officers. You can do this by filling out a simple online form that collects very little information — just your name and contact information. The company will then connect with you to discuss options and kick off the application process.
With Citi Mortgage, plan on allowing around 30 minutes to complete the application. The company calls this its SureStart preapproval, which comes with a “firm commitment to lend.” A mortgage representative will be available to assist you throughout the application process. You can expect the entire mortgage process (from application through closing) to take between 30 and 60 days.
A ConsumerAffairs reviewer from Kendallville, Indiana, had this to say about applying with Citi Mortgage: “They were so easy to work with. It was incredible! I have tried to work with other companies but they were way too complicated: repetitive questions and overkill with the paperwork. Citi Mortgage was very easy to work with.”
Once your loan is closed, it will be serviced by Cenlar FSB. You can make mortgage payments, access monthly statements and manage your account through Cenlar’s loan servicing site.
Citi Mortgage application features
|Mobile document upload|
|Physical branches||Select states|
|Publishes minimum rate on website|
|Rate lock||60 days|
|Pre-qualification (no hard credit pull)||X|
|Certified approval letter|
Citi Mortgage offers standard loan options, including fixed- and adjustable-rate conventional loans and jumbo loans, plus government-backed mortgages like FHA and VA loans.
Where it stands out is with its Citi HomeRun Mortgage plan, which offers down payment options as low as 3% and flexible credit guidelines on loans up to $647,200 in most areas.
From 2019 to 2021, Citi Mortgage received 62,775 applications for home purchase loans and closed on 35,922 (57%). The company denied 4,543 applications (7%).
Loan applications for home purchases only by year
|Home purchase applications||19,010||22,591||21,174|
|Home purchase loans closed||11,418||12,899||11,605|
|Home purchase applications denied||1,143||1,784||1,616|
|Home purchase preapprovals denied||206||721||1,910|
Citi Mortgage offers pretty standard options for refinancing. Options include rate-and-term and cash-out refinancing. According to federal data from the past three years, rate-and-term refinancing has been a more common choice among Citi customers than cash-out refinancing. As interest rates increase after bottoming out in 2020 and 2021, refinancing may not be as popular.
Home purchase vs. refinance loans by year
|Home purchase loans||39.81%||35.91%||34.45%|
Citi Mortgage doesn’t publish its required minimum credit score for borrowers, but the industry average is typically 620. The company does offer FHA loans and its HomeRun Mortgage, two products that are good for those with lower credit scores.
Apart from your credit score, other factors Citi uses to determine which loans you qualify for and how much house you can afford include your income, your debts and the amount of your down payment.
National mortgage requirements by type
Cost and fees
Citi Mortgage costs and fees on a mortgage include closing costs. According to the company, closing costs usually add up to 1% to 4% of the home value. It divides these costs and fees into three categories:
- Loan-related costs and fees (e.g., application fee, credit report fee)
- Title-related costs and fees (e.g., title search fee, lender’s title insurance, owner’s title insurance)
- Taxes and insurance (e.g., property taxes, homeowners insurance, mortgage insurance)
When you apply for a mortgage with Citi, it sends you a Loan Estimate with a list of estimated costs and fees.
How does Citi Mortgage work?
Citi Mortgage helps homebuyers and owners obtain home loans. Depending on your loan officer, you can do this either online, in person or by phone. Once your loan is funded, Citi transfers its mortgages to Cenlar FSB for servicing.
Is Citi Mortgage legit?
Citi Mortgage is a division of Citibank. Citi is one of the largest financial services companies in the U.S. and has a history stretching back over 200 years.
Where is Citi Mortgage available?
Citi Mortgage is available in all 50 states, though services may be unavailable or limited in Alaska, Idaho, Montana, Oregon, Rhode Island, Tennessee, Vermont and West Virginia.
ConsumerAffairs has collected 1,026 reviews and 1,950 ratings.
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Reviewed Sept. 2, 2023
We applied for a home mortgage from Citi Mortgage. The underwriter asked for supplement documents almost every day and this situation lasted for almost one month. Our closing date was delayed three times, and now the seller is planning to sue us because the closing dates are delayed repeatedly. On the planned closing day, they informed us we are not qualified for the mortgage.
Reviewed July 27, 2023
Citi Mortgage offer the worst customer experience. They advertise on their website about a relationship pricing based on net assets kept with Citi. I have been with Citi Bank/Investments for over 2 decades now. When the time came to get a mortgage Citi denied to offer a relationship discount. They had no explanation about the whole process. Their marketing gambit is a scam. Also the rate Citi Mortgage offers are way higher than other and I suggest to ensure you hit bankrate before even thinking of Citi. Citi mortgage is useless and if you have enough time on your lap, please get entertained with them. Since you won't get any end result.
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Reviewed Dec. 12, 2021
Citi Mortgage changed our "locked rates/points" they raised the locked points at their end. Even it's signed/confirmed disclosure existing. No info has changed from the signed disclosure over the final underwriting period, but they raised the points, and our address to correct is being ignored so far. I should have read all reviews here. We felt totally trapped and being ripped off by Citi Mortage and especially, Jordan ** in Texas, who's our loan sales representative. His total unprofessionalism & bad communication is the worst of this whole hell.
We're a first home buyer- We're a long/royal customer with Citibank over 20+yrs, I also hold BoA for a long time as well. We reached out to both banks for pre-approval, we applied both over online and got assigned with loan specialists, We decided to go with Citi- Jordan who is in Texas, we live in NYC- We should have gone to the nearby branches or research local lenders- first mistake! He gave us a competitive rate, but with whooping 2points! (Yes, I didn't know about this well back then, nor he never explained us about points system-nor giving us less points options, while we were going over pre-approval process)
Fast forward, we found our home and started the actual loan process with him and that point I learned a lot about the loan as we shopped other lenders/more reserach/knowledge from friends- We realized how we're naive to proceed with the loan with huge points= upfront cost$$$. Also, we wanted to add a little more to down payment, so contacted him for this and appealed that we want to buy less points. At the point, we already worked with Chase & BoA as well which they offer us way less points without even asking. But we were already finished/paid the appraisal and concerning about the timeline (switching lender=time++). After several email attempts- also he was not the best to communicate- barely responsive & helpful, rather just pushing us to stay with buying 2 points!
Finally he offered us 5 different options of different rates/points, and we selected buying 1.25 points with little increased rates as final- we signed the disclosure with all updated details/locked the rate. Guess what, we got our final loan approved early this week, but the final loan approval document shows our points increased from 1.25 to 1.875!!! I asked people around, Google it, researching- all saying the locked rate/points SHOULD NOT CHANGE. The whole reason why people locked the rate- no CHANGE, unless you floating down with them.
I immediately contacted him about it. His first answer was saying we reduced the loan amount, so points went up, which is not true! The amount changed from pre-approved, not the signed disclosure a month ago- which we all go through the updates together and signed- even his manager was being c.c. on it. I simply asked him to his answer is not true and irrelevant with the issue, asked to correct the points, it's not what we agreed/locked. He's not answering our calls, we left voice mail- no call backs. We emailed more again, no reply or acknowledged of fixing/effort to show to solve the issue- ZERO. I even asked our processor to help to reach out to sales to express our concerns about this wrongly changed points at their end.
We haven't heard back since Wednesday afternoon, he's not answering our calls/emails so far. Even our lawyer advised us it's unusual and recommend to contact his supervisor- which we already addressed to him as well on first day, who also NOT replied and now being out of office auto- reply. I even tried to contact Citi Mortgage Customer service, no answers. I even contact CITI social media to ask to get my issue to be addressed. This is very unprofessional and we're deeply regret that we ever had a business with Citi bank and chosen to do our first mortgage with CITI.
We're so frustrated and beyond upset at this point, how Citi bank treats its customer, and their employe who's not trying to solve the crucial issue, rather looks like ignoring/delaying its matter- totally taking advantage of our timeline situation with the closing. We don't even know how to solve this issues- again how the bank can change already locked rates/points at their own terms??! Pls, do not use the citi mortgage as the lender, take your business elsewhere.
Reviewed Dec. 8, 2021
I needed to get information regarding an appraisal, I called the Loan Specialist as well as his Supervisor, I attempted to contact them numerous times via phone and email, I escalated the lack of communication to the 1800# to only then be advised I'll be contacted within 24-48 hours. Customer Service is horrible!!!!
Reviewed Oct. 5, 2021
We refinance with Citi. Been a customer for years. In the escrow analysis was due refund, Called CitiMortgage at least nine times. Have customer service rep, was told we would get refund. They took refund from old loan and applied toward the new loan. They also in the disclosing amount took money for taxes and insurance for nine months which was financed in the loan amount. Seem underhand work done, Called again. Asked or a supervisor. Never received call back. After the tenth call just gave up so writing a review they are tricky and never give you a answer, Will wait until the end of year for refund once they see they have our money. Will never refinance with this company again.
Reviewed Sept. 27, 2021
I am going to try to be fair here. First I have a Best Buy account (Citibank is the bank); and I've never had any issues with it. That being said, I want to share something else that really concerns me about Citibank. And that involves home mortgages. I understand, from several online sources, that Citibank continues to package up their new mortgages; and they pass them over to Cenlar. So if you are in market to buy or refinance your home, watch out! I had Cenlar as my home mortgage servicer until last year. And I say, think very long and hard before you apply for a Citi mortgage b/c (unless anything has changed since last year), they continue to partner with Cenlar. And that is very bad news for the end consumer!
There is documented evidence that Cenlar previously lost their accreditation with the BBB as a result of unresolved customer complaints. Not only that, this loan servicer has a history of doing a terrible job for consumers (whose loans are serviced by Cenlar). A quick review online will demonstrate the large number of complaints. And I certainly had my share of complaints with Cenlar before I refinanced my mortgage away from them. In a nutshell, incompetent customer service and hold times on the phone (by Cenlar) that are completely unacceptable.
I bring Citibank into this situation because they apparently continue to partner with Cenlar. This is not good! So anyone thinking about buying a home, or refinancing their home, with Citibank, consider the fact that your loan may ultimately be "farmed out" to Cenlar as your loan servicer. And I can tell you (from personal experience) that if you ever need Cenlar for anything, you may be in for a heap of trouble. Citibank - please rethink your partners and what you are doing! This is NOT good for your business.
Reviewed Sept. 21, 2021
I thought refinancing with the same company would be quick, easy, and painless.. The property is two years old and I have 800 credit score.. I provided all of the necessary paperwork immediately, but for some reason something else is always required or I given another excuse.. I have worked with four different employees from Citi that I now CC on every email.. Complete joke.. I can't wait to finish this process so I can refinance again with a different company to get the hell away from Citi.
Reviewed Sept. 18, 2021
CitiBank was happy to take my $685 for "upfront fees" but my loan officer Eric ** never replied to my calls or emails after they got this payment. Seems like a scam. They would not respond, either Eric or the loan processor Avis **.
Reviewed June 29, 2021
I want to echo the experiences that several others have posted here regarding the refinance process with Citi Mortgage. I applied for a refinance of our 30-year home loan in October of 2020 to take advantage of a promotion offered at the time to reduce our closing costs by $1000. They were able to take our information quickly and lock in a lower rate. We were told we would be able to close in approximately 30 days. We waited patiently for 6 months to get our loan finalized. During that time, we were asked to submit our most recent paystubs multiple times. Our credit was pulled a second time because the first report expired after 90 days. The status of our application was always "Your Loan Application Status: Credit & Income Approved" and that they were waiting for underwriting to finish. It was nearly impossible to reach a loan representative to get an update.
Finally, we got tired of waiting for this loan to close and shopped around for other options. We were able to go with another company/product and they were able to close our refinance in 30 days! We locked in the same rate Citi offered and didn't have to pay points. We requested a refund of our upfront costs to Citi. It's been six weeks and we're waiting for that check to arrive..
I'm going to make some assumptions here. Citi Mortgage does not care to refinance your loan. Our mortgage was with them, handled by Cenlar. Paying less in interest does not make much business sense and all they really want to do is keep the consumer hanging, continuing to pay the monthly balances at a higher rate. We save over $500 a month after refinancing - Citi does not want to lose that money. We lost over $3000 paying a higher mortgage payment over the 6-7 months while Citi twiddled their thumbs. However, in seeing some of these reviews, Citi Mortgage is quite quick and attentive when handing new mortgage loans. Of course they want new business and will pour resources in that area. Possibly they could not handle the volume of refinance applications. Why advertise a discount on closing costs if you can't handle the load?
I'm sure my frustration is shared with many others and the only thing that's keeping things calm is cutting ties with this lender and being able to refinance elsewhere. There seriously needs to be a lawsuit filed against this company for the loss of time and money by its customers. My suggestion for anyone reading this is to stay away from this company entirely, whether it be for your first home loan and definitely for a refinance. Take your business elsewhere.
Reviewed June 25, 2021
Citibank is delayed by 7+ months processing home loans; Keeping sellers trapped in the homes they need to sell, preventing buyers from owning a home, and destroying the livelihood of the agents involved with the sales that depend on the commissions to earn a living. I'm an agent in Queens, NY and two of my deals have been severely delayed by Citibank's underwriting department that is apparently unable to review and approve or deny home loans. They are keeping everyone in limbo while trying to play catch-up, still taking on new applications, and deals are starting to fall apart over this. I'm hearing the same from multiple agents with other real estate companies. DO NOT ACCEPT AN OFFER FROM A BUYER USING CITIBANK! ***IF YOU ARE A BUYER, CITIBANK IS WHERE DREAMS OF HOMEOWNERSHIP GO TO DIE!!!
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 7, 2022.
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