Citi Mortgage Review
Purchasing a home is likely the most significant investment that most of us will ever make in our lifetimes. Selecting a lender who shadows your values and earns your respect for their integrity and compliance is essential.
On a positive note, CitiMortgage makes it very easy to reach them via phone, which can’t be said for all lenders or all websites.
CitiMortgage rates are posted online and they meet the average rates across the board with other lenders. Online calculators are available for loan amounts, estimated closing costs, mortgage payments as well as refinancing and equity options. There is even a calculator to help you understand the impacts of making extra payments throughout the term of your loan.
In the event you need help meeting payment demands or find yourself facing foreclosure, their user-friendly website offers you insights regarding the proper steps to take under these challenging circumstances. The homeowner’s support site also provides perspectives into recognizing loan assistance scams that plague consumers who are under struggling circumstances.
CitiMortgage was founded in 1979 and is headquartered in O’Fallon, Missouri, minutes west of St. Louis and their dream is to help make the American dream of homeownership a reality across the country. As part of the parent Citigroup organization, their mortgage products cover a wide range of opportunities for everyone from first-time homebuyers to new construction to refinancing or capitalizing on the equity you have already built into your current home.
Getting the right consumer into the right product is all part of the process to meet your goals with the Citi family portfolio of services, which also includes personal and commercial banking, credit cards, insurance, and asset management.
On CitiMortgage Secure Website
Minimum Credit Score
Reputation - Customer Ratings & Complaints
- F on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1.04/5 on BBB customers reviews (248 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
- J.D Power: Citi mortgage got 849 points out of 1000 points available – a bit lower than the industry average. We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey.
- J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms, communication, transparency and more.
The right (or wrong) product can end up costing you more money, more stress, increased worry and can also alter your life based on how the economy acts, reacts and morphs into very different arenas. Let’s quickly review CitiMortgage’s portfolio of products:
Your mortgage rate can never change, no matter how interest rates in general move. Terms generally run ten, 15 and 30 years. The shorter term means you will pay off your home faster; however, your monthly payments will be higher. Be sure to know what you can afford each month.
ARMs allow the borrower to begin their lending relationship with a fixed rate for a defined amount of time, after which the rate will adjust to the market, which can be painful for the consumer because rates tend to rise. Be alert to the initial time frame, because if you plan to pay off your mortgage or sell your home before the adjustable period kicks in, this could be the right option for you. You will see references to 3/1 or 5/1 ARMs, which tells you that the initial fixed period will be three or five years, and then rates will adjust annually. If you are required to transfer periodically with your career, an ARM may be viable.
- Lower credit scores.
- Low down payment ability (less than 20 percent).
- Short employment history or are self-employed.
- Never bought a home.
CitiMortgage Pros & Cons
Alternatives Lenders For Consideration
LendingTree’s concept is unique but should be understood for what it is – a referral source for lenders. The consumer will not get their loan directly from LendingTree.
Due to the variety and depth of its financing and related options, one can find virtually every type of loan, as well as the lenders which fund those loans, without having to sort through hundreds of lenders.
Their proprietary Mortgage Rate Competition Index makes it easy to see which lender offers the lowest cost financing. This can save tens of thousands of dollars over the lifetime of the loan and may be worth extra credit pulls and incessant calls and texts.
LendingTree bills itself as an online exchange or marketplace for financing and it is, in that it makes the process of finding a lender simpler for the consumer, by aggregating the lenders suited for their request and their profile in one place.
Consumers would be advised to read all the fine print and ask about everything before providing their information. This is easily done by calling them at 1-800-813-4620.
Flagstar is best for almost any type of home buyer. If you want to build a home or renovate you might find the added expertise of Flagstar to be chosen. Everyone can find a product to fit their needs with a suite of government loans, conventional mortgages, and even refinance options. They even boost to create flexible options for their customers. Checking out their rates and services are easy on their website.
You can use their mortgage calculator to explore your options without committing your personal information. If you can’t make it to a branch, you don’t have to worry. Flagstar has made their complete online application process easy to use.
If you are in a branch location you have the added bonus of getting full-service banking too.
Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs. If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing. Otherwise, they are the industry gold standard.
Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. Quicken Loans has an abundant and robust online presence. You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online. There are many calculators and resources to help any borrower on their web site.
Quicken Loans does not have to boast about its Customer Service ratings (usually obtained by internal polling of customers) – it is a widely respected company by both consumers and major and minor ratings agencies (BBB.com, JD Powers & Associates, ConsumerAdvocate.org, etc.). Negative ratings can be found, but they are in the minority.
CitiMortgage – From Our Experience
Last, we donned our dark glasses and trench coat to take a mystery shopping trip and here are our facts (don’t you love this cloak and dagger stuff):
We initially applied online with the online promise of receiving a call from a qualified lender. We waited five days for that call and it never came. Then, we called the CitiMortgage origination number online to gather added intel.
We sat on the phone for 22 mins, spoke with four individuals each of whom attempted to transfer us to a lender. Four transfers later and answering the same series of questions four times, we finally made it to a lender. Not a good customer experience.
When we reached the lender, we had to take time to adjust a horrible phone connection; however, after that passed the lender was very professional and pleasant and after about 46 minutes, we got an approval and a good faith estimate. The lender seemed genuinely interested in finding the right solution for our needs and offered suggestions for improvement as well as options for improved pricing based on the higher quality of our credit scores.
It took eight attempts to finally access the welcome package, which took about seven business days when it should have been accomplished in one. The excess time, we attribute to weekends, employee time away from the office and encrypted document access errors on the bank’s part.
Not the best possible experience, but also not the worst.