Citi Mortgage Review for 2022

Citi Mortgage has a record for good customer service, low interest rates, and a good range of loan options. Learn more here.

Minimum down payment3%
Minimum credit scoreNot Listed
Loan Products Offered

Conventional mortgages
FHA mortgages
VA mortgages
Jumbo mortgages
First-time home buyer loans

Best Features

  • Low mortgage interest rates on average
  • Offers credits to help pay closing costs
  • Existing customers can get rate and fee reductions


  • Can't apply fully online
  • No USDA loans


Citi Mortgage — the home lending branch of Citigroup — has a good reputation as a mortgage lender. Customers give Citi's mortgage business relatively strong review scores and there's a wide range of mortgage loan options on offer.

One great perk is that some borrowers are eligible for closing cost assistance from this bank.

In addition, compared to other major lenders, Citi offers very low interest rates on average. But remember that rates vary a lot by customer. You'll need a custom quote from Citi to see what kind of deal you can get.

Citi mortgage rates

Mortgage rates from Citi tend to be below average. At least, compared to other big-name lenders and banks.

But rates and closing costs vary by person, so you’ll need to request a personalized rate quote to see how Citi mortgage compares for you.

Average mortgage rates at major lenders

Citi MortgageRocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202112.90%3.00%3.14%2.66%
Median Total Loan Costs, 20211$4,921$4,670$3,600$3,880
Median Origination Fee, 20211$1,190$2,430$1,330$0

Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Citi mortgage review for 2022

Citi Mortgage offers borrowers a lineup of fixed-rate and adjustable-rate mortgages for home purchasing and refinancing.

Eligible first-time home buyers may find what they’re looking for with the underwriter’s low-down-payment mortgage and closing cost assistance programs.

Citi Mortgage’s customer satisfaction scores are impressive, at least for some. But despite its strong customer reviews, Citi Mortgage has more complaints than one would like to see.

As always, you should compare loan options from a few different lenders to make sure Citi mortgage rates and closing costs are competitive

Working with Citi home lending

Most of Citi’s website seems geared toward helping you “find a loan officer” or “request a call,” which suggests Citi puts an emphasis on person-to-person communication for setting up mortgage loans, rather than providing an online application process.

That said, there are also some online tools available.

Citi Mortgage offers extensive educational resources for both home buyers and homeowners alike. You’ll also find a variety of mortgage calculators that will help you estimate your monthly mortgage payments

While you can’t complete a mortgage application wholly online, the CitiMortgage website lets you upload documents — like tax returns and pay stubs — and access your Loan Estimate at any time.

Those hoping to obtain mortgage preapproval online will be disappointed. Citi requires borrowers to speak with a mortgage representative to get preapproved.

Citi Mortgage credit score requirements

As for flexibility, Citi Mortgage credit requirements are not especially lenient. But the bank is prepared to consider mitigating factors for credit that many other lenders ignore.

People with little credit history — who haven’t borrowed much or used credit cards in the past — might be able to rely more heavily on things like rent and utility payments to qualify for a mortgage loan.

Still, Citi doesn’t publish its credit score requirements. So you’ll need to speak with a loan officer for specific information.

Discounts for Citi customers

Citi Mortgage also states that “new and existing Citi customers with eligible balances may qualify for a lower interest rate or closing cost credit on a mortgage.” So current Citibank customers have a better shot at getting a great deal from Citi through its relationship pricing.

Existing Citibank customers also get access to Home Captain, an online tool to find real estate agents and MLS listings.

Citi mortgage customer service reviews

What sort of experience are you likely to receive as a Citi Mortgage customer?

The Consumer Financial Protection Bureau (CFPB) maintains a database of complaints against all lenders. And when it comes to mortgages, Citi has more complaints than its competition. Although the lender may not underwrite as many loans as other financial institutions, it has over two complaints per 1,000 loans lodged with the CFPB.

However, many borrowers also have a positive experience with Citi Mortgage. The bank earned third place in JD Power’s customer satisfaction survey, scoring 875 in 2021.

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Citi Mortgage1402.11875/1,000
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

If you’re interested in working with CitiMortgage, we’d recommend reading out and connecting with a loan officer. Everyone’s experience will be a little different based on their situation and the Citi representative they work with. So you should start the process and gauge Citi’s customer service for yourself before deciding.

Mortgage loan products at CitiMortgage

Citi Mortgage has a loan portfolio that one expects from a big financial institution. So there’s a high chance it will offer the loan type you’re looking for.

Mortgage options from Citi include:

  • Conforming loans: A loan conforming to guidelines established by Fannie Mae and Freddie Mac. Citi requires a 5% minimum down payment which is more than many lenders require. Conventional loans require private mortgage insurance (PMI) with down payments of less than 20%
  • FHA loans: Federal Housing Administration mortgages (FHA loans) have down payments as low as 3.5% and flexible credit requirements. But you’ll pay mortgage insurance premiums (MIP) for the life of the loan unless you sell or refinance into a new type of loan
  • VA loans: VA mortgages are backed by the U.S. Department of Veterans Affairs. They have zero down payment and no continuing mortgage insurance payments. Citi requires a FICO score of 620
  • Jumbo loans: For those requiring a bigger loan amounts than the cap on conforming mortgages, which is $ for single-family homes in most areas
  • Fixed-rate mortgages: Conventional, fixed-rate mortgages have terms of 10, 15, 20, or 30 years. Your interest rate is fixed for that whole loan term
  • Adjustable-rate mortgages: Adjustable-rate mortgages have an initial fixed-rate period of 3, 5, 7, or 10 years. After that, your rate floats with the market

The main mortgage product missing from Citi’s portfolio is USDA loans. Those are backed by the U.S. Department of Agriculture, and offer home loans for low- and moderate-income buyers in many rural and suburban areas. You’ll have to go elsewhere if you want a USDA loan.

Citi’s first-time home buyer loan program

In addition to these five loan types, Citi offers a proprietary home loan called HomeRun Mortgage.

This HomeRun Mortgage is a little more flexible than other mortgage programs.

  • Low down payment of 3% of the purchase price
  • No private mortgage insurance (PMI) required
  • Available for purchase loans and refinancing
  • Flexible FICO requirements
  • Single-family homes, condos, and 2-unit homes are eligible
  • Loan amounts up to $ (higher limits allowed in Alaska, Hawaii, and select high-cost areas)

This low-down-payment loan might be particularly attractive to those with alternative credit histories (meaning you don’t have a long credit report or a well-built credit score).

To be clear: If you have missed repayments, have late monthly payments on your credit report, or have maxed out your credit cards recently, you’ll still struggle to get approved for a mortgage with Citi. But if you have a low score because you haven’t borrowed much in recent years, that may be less of a barrier than with other lenders.

Providing you can show that you’ve paid your rent, child support and other regular commitments promptly, the bank may be willing to take that into account. And that’s unusual in the mortgage industry.

Closing cost assistance

Eligible buyers may qualify for the financial institution’s Lender Paid Assistance program. Support comes in the form of a $5,000 closing cost credit and it works with any loan type offered by Citi.

To qualify for closing cost assistance, you need to:

  • Meet income limits
  • Purchase a primary residence
  • Complete a home buying education program
  • Purchase a new home in an eligible Citi Assessment Area

An assessment area is defined as an area where the company has Citi branch locations. However, like most aspects of working with Citi, you’ll need to contact a home lending officer to get more information.

Refinancing with Citi Mortgage

Homeowners who are looking to refinance their mortgage can choose between a rate-and-term refinance or cash-out refinancing.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers loan terms that are more favorable
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash

Citi Mortgage refinance rates are similar to its home purchase rates, but you’ll need to speak with a Citi loan officer to see the specific rate that you qualify for.

Homeowners who want to tap their home equity without refinancing may need to look elsewhere. Citi Mortgage is not currently accepting new applications for either home equity loans or home equity lines of credit (HELOC). Still, this decision may be temporary. So if you’re excited to work with Citi, check its website.

Where can you get a mortgage with CitiMortgage?

CitiMortgage Inc. NMLS ID: 413108

If you’re lucky enough to live near one of Citi’s branches, you can apply for your mortgage across a desk in a brick-and-mortar location.

However, those locations are mostly in the biggest urban areas. For example, Chicago, Los Angeles, and New York City are well served. But many — perhaps most — Americans live too far from a branch to make face-to-face applications practical.

Those who don’t live near a Citibank branch can start their mortgage application online. However, the loan process is not fully digital.

At some point, you’re inevitably going to be making and receiving phone calls with loan officers. However, you can upload documents securely using the Citi website, which is quicker than mail service.

Really, the choice comes down to personal preference about how you’d like to connect with your mortgage lender.

Is Citi the best mortgage lender for you?

Citi has a reputation as an affordable mortgage lender with competitive interest rates and fees.

That’s especially true for existing Citi customers. CitiBank offers mortgage rate deals and savings on closing costs for current account holders.

Yet buying a new home is a big financial decision. So be sure to compare rates and fees from a few different lenders. If you’re interested in working with Citi, see how it stacks up against other mortgage companies before you make a final decision.


  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings