CitiMortgage

CitiMortgage

 3.4/5 (1921 ratings)
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About CitiMortgage

CitiMortgage is the lending branch of Citigroup. It offers home loans ranging from conventional to FHA products. Its rates are fairly affordable when compared with other lenders, but mortgage rates vary depending on your situation. It provides cashback and rewards programs and closing cost credits for some borrowers.

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Rated with 5 stars
Verified

We refinanced with CITI twice. The whole process was fast, easy and all done via computer except when we had to sign. Representatives were very informative and patient. Always kep...

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Rated with 5 stars
Verified

The most important thing is the time it takes to complete the loan process and what is necessary to do so. The application at CitiMortgage was quick and easy with associates being...

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Looking to refinance your mortgage?

See which lender is best for you!

View Rates

What is CitiMortgage?

CitiMortgage is a financial institution that offers various mortgage loans. You can choose between short- and long-term mortgages and products like conventional, FHA, jumbo and VA loans. It provides refinancing services and lets you use your home equity to get a Home Equity Line of Credit (HELOC). It also offers a fixed-rate home equity loan.

One aspect that sets CitiMortgage apart from its competitors is its special pricing for new and existing clients. You could qualify for closing cost credits or a lower interest rate on your mortgage. You’ll also receive rewards points for banking with Citi and qualify for cashback if you shop with its Double Cash card.

How does CitiMortgage work?

To get started with CitiMortgage, you’ll need to select the right loan program for you. It offers a variety of lending, refinancing and home equity options, including:

  • Conventional
  • FHA
  • Jumbo
  • VA
  • Fixed-rate mortgage
  • Adjustable-rate mortgage
  • HELOC
  • Fixed-rate home equity

Once you’ve chosen a suitable loan, you’ll complete the mortgage application and provide consent to proceed. Then CitiMortgage will ask you to submit various documents, such as signed disclosures, bank statements, tax returns and details of your employment.

Within three days of receiving your application, the lender will provide a loan estimate. CitiMortgage has to appraise your home to determine its market value, then an underwriter will analyze your application and make a final decision. Once your application is approved, you’re ready to close.

CitiMortgage rates

CitiMortgage lists its interest rates on its website. Though mortgage rates fluctuate depending on the economy, CitiMortgage’s rates seem relatively affordable in general. CitiMortgage will determine your interest rates based on several factors, including your home’s location and loan amount. Work with a company representative to get an accurate estimate of your mortgage interest rates.

CitiMortgage FAQ

Who owns CitiMortgage?
Citigroup is the parent company of CitiMortgage. Citibank and Citi Retail Services are also part of this group.
How long does it take to get approved for a CitiMortgage loan?
CitiMortgage requires 45 days to provide a response. In some cases, it might need more time. If this is true for you, CitiMortgage will notify you.
Where is CitiMortgage available?
CitiMortgage is available in all 50 states.
Does CitiMortgage sell its loans?
Yes, it does, which can simplify its operations, improve returns on capital and reduce expenses.

Is CitiMortgage legit?

Yes. CitiMortgage is available in all 50 states and offers conventional, jumbo, VA and FHA mortgage loans. You can also choose to refinance your home or get loans through home equity. CitiMortgage offers special rates to new and existing customers, rewards for banking with Citibank and cashback benefits for shopping with Citi’s Double Cash card.

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How do I know I can trust these reviews about CitiMortgage?
How do I know I can trust these reviews about CitiMortgage?
  • 3,933,332 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: 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.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: 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!!!!

3 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: 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.

    4 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: 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.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: 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.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: 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 **.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: 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.

    26 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: 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!!!

    23 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 15, 2021

    I applied and was approved for a refinance to lower my interest rate in October, 2020. It it now the middle of June, 2021 and still no closing date. I continue to get calls and emails that documents have expired and I must submit XYZ by a certain date. Ok... I’ve sent those 5 times. I’ve had the same job for 17 years, same house over 20. They’ve had to pull my credit report twice, due to the length of time, it’s expired. The second time was in Feb. I’m sure it’s due to expire again soon. My daughter bought a house and start to finish, closed in 30 days. I’ll celebrate an anniversary with Citibank if we make this last all summer. What a joke... I can’t even get an answer back from anyone about a refund of the $1k prepaid closing costs I gave them in November to just move on with a different lender. Never again. Use anyone else, literally ANY OTHER BANK!!

    21 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 29, 2021

    A simple refi to lower interest rate started in early January and still lingers. The customer service was less than 1 star. We had an existing gold star relationship with CITI and escalated several times with zero progress. The CITI strategy is to delay and then request updated information-multiple times. We provided an encyclopedia of requested documents and they are clearly overwhelmed. We will discontinue business with CITI with zero regrets. We are researching FBA complaint process.

    19 people found this review helpful
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    CitiMortgage Company Information

    Company Name:
    CitiMortgage
    Website:
    www.online.citi.com