Citibank mortgage review 2026: Great rates and perks for existing customers

Citibank is a top mortgage lender with lower-than-average rates, nationwide availability and a speedy preapproval process.

Closing costs can be a real hurdle to homebuyers, so we love that Citibank offers a closing cost credit to existing bank customers and other borrowers. And it has options for small down payments, which can be a real boon for first-time homebuyers.

But Citibank, which opened back in 1812 as the City Bank of New York, has a rocky record with customer service: While it's earned some of the highest customer satisfaction scores from JD Power, it also received a failing grade from the Better Business Bureau.

Citibank offers conventional, jumbo, FHA and VA loans in all 50 states and Washington, D.C. It does not issue USDA loans.

• Fixed-rate: With a fixed-rate mortgage, borrowers have the same rate for the duration of the loan term. Citi offers 10-year to 30-year fixed-rate mortgages with down payments as low as 3%.
• Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for a set period and then adjust at regular intervals. Citi offers ARMs with a rate that is fixed for three to ten years and then fluctuates at set periods.
• FHA:  Backed by the Federal Housing Administration (FHA), these loans only require a 3.5% down payment for borrowers with a 580 FICO score or 10% for borrowers with a 500 credit score.
• VA: Veterans and active service members can apply for this lower-rate mortgage which doesn't require a down payment or private mortgage insurance.
• Jumbo loan: A jumbo loan exceeds the conforming limits of the Federal Housing Finance Agency. Citi offers jumbo loans of up to $8.8 million.
• Citi HomeRun mortgage: A low-down-payment loan available to medium- and low-income borrowers in select cities.

• Credit score: Citibank does not disclose minimum credit scores but lenders typically prefer a 620 for a conventional mortgage. 
• Minimum down payment: Conventional 5%, HomeRun 3%, FHA 3.5%, VA 0%. 
• Debt-to-income ratio (DTI): Citibank generally requires a DTI ratio of 43%.

• Origination fees: $915 commitment fee and $175 application fee (in states where applicable).
• Prepayment penalty: Citibank does not charge prepayment fees on first mortgages.
• Rate lock fees: Citibank does not charge a rate lock fee.
• Good faith deposit: Deposit by the buyer to show commitment to purchasing. It is typically between 1% to 3% of purchase price.

Citibank has a variety of programs that can help you achieve homeownership.

Citi HomeRun mortgage

This 30-year fixed-rate loan allows qualified borrowers in select parts of Atlanta, Austin, Dallas, Denver, Houston, Philadelphia and Cambridge, Massachusetts to put as little as 3% down without mortgage insurance. Credit score requirements are more flexible, according to Citi, but applicants should make no more than 120% of the average median income. 

SureStart® mortgage preapproval program

Mortgage preapproval can give you a sense of whether you'll qualify for a loan, but the bank may ultimately decline or lend you less than you expected. Citi's SureStart preapproval promise includes a "commitment to lend" so there are no surprises later.  

Relationship discount

Existing Citibank customers can qualify for a $500 closing credit or up to 5/8% off their mortgage rate, depending on their account balance.

Lender paid assistance program

This closing cost grant is worth up to $7,500 for borrowers who earn no more than 120% of the average median income in their area or who are buying in designated census tracts in Atlanta, Austin, Dallas, Denver, Houston, Philadelphia or Cambridge, Massachusetts.

Citibank offers both cash-out and rate-and-term refinancing, as well as home equity lines of credit, which many competitors don't. It does not offer home equity loans.

• Credit score: Citibank doesn't disclose minimum credit scores but it works with borrowers with limited or no credit.
• Debt-to-income ratio (DTI): Borrowers seeking cash-out refinancing typically need a DTI ratio of no more than 36%. 
• Home equity: Borrowers typically need to own at least 3% to 5% of their home outright to refinance.
• Home appraisal: A complete appraisal is necessary for most refinancing. 

Citibank has a mixed record on customer service: In both 2022 and 2023, it ranked third out of 27 lenders in JD Power's Mortgage Origination Satisfaction Study, which looks at borrowers' feedback from the application process through closing day.

However, the Better Business Bureau (BBB) gave Citibank an F rating, its lowest grade, citing unresolved complaints.

Citibank doesn't have an online chat option and its customer support line is not open on Sundays. The website is available in Spanish, however, and contains sample rates, mortgage calculators and a homebuyer's guide with useful articles.

While it issues mortgages, Citibank stopped servicing mortgages in 2018. Its loan-servicing partner is New Jersey-based Cenlar FSB, which has an A+ from the BBB.

Here's how Citibank stacks up against two other top lenders.

Citibank vs. Chase Bank

Citi's mortgage rates are lower than both Chase's and the market average, but Chase has twice as many low-down-payment options and is clearer about its credit requirements. 

Both lenders are tops on availability and, if you're looking for additional savings, both have discounts for existing customers and generous closing cost grants.

However, while Citi says it strives to meet closing deadlines of 30 days, Chase guarantees on-time closing in as little as 21 days or eligible borrowers can get $5,000 back.

The customer service picture is murkier: The Better Business Bureau gave Chase an A+ rating, while Citibank received an F. But Citibank won out on JD Power's 2023 mortgage origination survey, coming in third place to Chase's 10th.

Chase scores highly as a mortgage servicer, however, while Citibank stopped servicing its home loans in 2018.

Citibank vs. Rocket Mortgage

Citi surpasses Rocket Mortgage on rates and can provide the kind of in-person assistance that digital-only Rocket can't.

If you have less saved up, however, the Rocket ONE+ mortgage only requires 1% down, while the Citi HomeRun loan has a minimum down payment of 3%.

Citibank offers jumbo loans of up to $8 million, while Rocket puts the cap at $3 million. 

Both Rocket Mortgage have high scores from JD Power but Rocket received an A+ from the Better Business Bureau, well above Citi's failing grade.

Once you're preapproved and have found a house you're interested in, you can begin the mortgage application process online, over the phone or in person at one of more than 650 U.S. branch locations. Applicants can call 800-248-4638 Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday, 9 a.m. to 7 p.m. ET. You can also request a call on the Citibank website.

If you're shopping for a home, Citibank can connect you with Home Captain, a real estate platform with listings and agents.

To apply for a mortgage, you'll need to submit loan documentation, including tax returns, pay stubs, bank statements and proof of other debts and assets. Citibank will also perform a hard credit check, which can temporarily lower your credit score. 

Within three business days, you should receive an estimate detailing the proposed loan amount, interest rate, closing costs, insurance and payment schedule. You need to accept the terms to lock in your rate.

After the home is appraised, Citibank's underwriters will make a final decision and you should hopefully be able to move toward closing day. 

If your focus is on cost or availability, Citibank is a great choice: In addition to low rates, this nationwide lender has closing cost grants and mortgage options that don't require mortgage insurance.

It could also be right for you if you're already a Citibank customer: You could qualify for a $500 closing cost credit or even a reduction on your mortgage rate.

Citibank isn't transparent about its credit score requirements, however, and the Better Business Bureau awarded it the lowest grade possible.

In addition, this lender doesn't guarantee its closing timeline. So if getting to the finish line fast is a priority, you may want to shop around.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online service and customer satisfaction. 

In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau.

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