CitiMortgage APR’s and Reviews – Read Before Applying!

February 1, 2013 4 Comments »
CitiMortgage APR’s and Reviews – Read Before Applying!

Since we are regularly forwarded respectable mortgage and refinance rates offered through CitiMortgage – the lending division of Citibank – we figured we’d dig into their services a little further to construct a review as well as open up the comment section for input from those with first-hand experience in the loan process with CitiMortgage.

When we do our routine sifting of CitiMortgage’s current APR’s on both their refinance and new home products, we almost always see their APR’s either on par with the current national averages or slightly above. And their rates this month are no different – just slightly above the current national average. Scroll down to compare Citibank’s mortgage APR’s to today’s lowest APR’s in your area.

The rates and APR’s listed below are assessed based on the following criteria from CitiMortgage.

1)  A loan-to-value ratio of 75%. This means the following CitiMortgage rates assume a loan equaling 75% of the home’s price or less. They do offer loans that cover a larger portion of the price tag, but keep in mind these will come with larger APR’s and potentially mortgage protection insurance (PMI). PMI is required on loans of more than 80% of the home’s sale price.

2) 60 rate lock period for the loan application process. This simply means your interest rate will remain the same in that 60 day window regardless of whether or not rates as a whole rise or fall.

CitiBank Mortgage Rates 2013:

(Rates accurate as of February 2013 in Los Angeles, CA. Visit CitiMortgage.com for updated rate information.)

Product
Rate
Points
APR
30 year fixed (Purchase) 3.750% 0.00 3.847%
30 year fixed (Purchase) 3.500% 1.375 3.079%
30 year fixed (Refinance) 3.875% 0.250 3.978%
30 year fixed (Refinance) 3.750% 0.750 3.894%
15 year fixed (Purchase) 3.000% 0.00 3.170%
15 year fixed (Purchase) 2.75% 1.25 3.100%
15 year fixed (Refinance) 3.125% 0.250 3.304%
15 year fixed (Refinance) 3.000% 0.750 3.251%

What are points? A buyer may purchase points to pay down the interest rate of the loan. 1 point is generally equivalent to 1% interest on the overall mortgage and usually needs to be paid at closing. Paying less for points will generally result in a higher interest rate but lower closing costs.

Today’s CitiBank mortgage rates listed above are from their featured mortgage products. You can also obtain a customized mortgage loan from Citibank by providing them with more information on your individual or family’s circumstances. Keep in mind that if you do proceed with a more detailed quote your personal info will be entered in their database and you will more than likely receive at least a few sales calls from their representatives.

Today’s CitiMortgage products include (but are not limited to): FHA loans, Reverse mortgages, VA loans, option ARM mortgages, interest only mortgages, and a number of both fixed and adjustable rate loans. The rates we’ve listed below only pertain to standard 30 and 15 year fixed home loans and refinance rates. If you’re looking for a specialized loan, CitiMortgage can certainly help you and customize a specific loan for you, but you will  need to speak to a representative directly.

Additional tid-bits about Citibank:

- They just had their 200 year birthday at the end of last year.

- They hold over 200 million, that’s right million, client accounts. Wow.

- They operate in 160 cities worldwide.

- Despite being founded in New York City, Citibank is actually headquartered in Prague (Czech Republic).

- CitiBank employees more than 50 percent women and 80% of their workforce is in their 30′s or younger!

Compare CitiMortgage’s APR’s to local deals in your area below.

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  • Debra H.

    Be sure you pay attention to the fine print with their closing costs. I got hit with an extra $1200 right after closing of which I was unaware before signing.

  • Jim

    I would avoid taking out a mortgage with them. It seems like they have a million loans going at once which makes them neglect customers service.

  • Jason

    I wouldn’t use Citi Bank to get a mortgage or to refinance. They are a royal pain in the $$$ to deal with…

  • Brock Ricketts

    These people are terrible with mortgage modification plans.

    I supposedly got my mortgage modification originally in March of last year. However my loan has apparently been hidden under a stack of papers for the last half year or whatever. One of their lenders, when finally getting a hold of someone weeks after I was said to have had the loan then thought I was applying for a bank opened property (What??!). Just today, I talked with 3 people and know one seems to even know I applied for a mortgage mod.