CitiMortgage Mortgage Review 2022 – Forbes Advisor

CitiMortgage offers home loans in all 50 states. As of September 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 house in Los Angeles costs nearly $1 million, these rates may not apply to your situation. To get a more accurate rate, you will need to call the company.

Types of loan

CitiMortgage offers the following types of home loans:

In addition to fixed rate products, CitiMortgage offers adjustable rate mortgages (ARM) with repayment terms of 3 to 10 years. However, although FHA and VA loans are available through CitiMortgage, you will need to consider other lenders if you are interested in one. USDA loan. Also remember that applications for home equity loans and HELOCs remained suspended as of September 2022.

Additionally, new or existing CitiMortgage customers who open a deposit account before their mortgage closes can receive a $500 reduction on 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) after approval, as well as set up automatic payments on your mortgage from your deposit account to qualify for these benefits. .

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

Minimum loan

CitiMortgage does not publicly disclose its minimum loan amount. If you are looking for a small mortgage loan to pay for a cheaper home, you’ll need to contact CitiMortgage to see if it can meet your needs.

Maximum loan

The maximum you can 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 and San Francisco.

To find out the maximum loan amount you may qualify for, you will need to contact CitiMortgage.

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