Citibank Mortgage

Citibank Mortgage is a member of Citigroup Inc, and is based in St Louis, Missouri. They are often referred to as CitiMortgage. Citibank, itself, was initially established in 1812, at which time they were known as the City Bank of New York. They have since become one of the largest international banks and are extremely well known across the world. In terms of domestic deposits, Citigroup is the third largest bank in the US, just behind Bank of America and JP Morgan Chase.

Citibank Mortgage provides an extensive portfolio of home mortgage and refinancing products and services. Their range of products and services are available to first-time homebuyers and to people looking to buy a new or second home or simply to refinance their existing mortgage. In addition to this they also offer a number of home equity borrowing options.

Citibank offer some of the lowest mortgage rates in the industry, which is why they are one of the most popular mortgage providers amongst consumers. Qualified applicants with an excellent credit record can qualify for 15 and 30 year fixed and adjustable rate mortgages, although their portfolio of products will also allow for terms of 10, 20, 25 and 40 years. Their rates are subject to change, and the interest rate you are offered will very much depend on your creditworthiness as an applicant.

Citibank’s fixed rate mortgages are an excellent way for consumers to budget their monthly mortgage payments, as this will stay exactly the same, regardless of interest rate changes for the full term of the mortgage. There is also the choice of an adjustable rate mortgage, which will offer the flexibility of changing interest rates.

Citibank Mortgage offers the convenience of applying for your mortgage home loan online. Their website allows consumers to search through their database where they can compare a variety of mortgage products. This will allow you to choose a product that is best suited to your current financial situation. You can also start your mortgage application online, whereby a qualified mortgage consultant will contact you to continue the process and complete your application.

Once your application has been processed, CitiMortgage will send you a welcome pack and prepare your mortgage for closing. The property will need to be appraised by a licensed appraiser, although the type of appraisal required will very much depend on the type of mortgage product you have applied for. An appraiser may either view both the inside and outside of your property, or for an option such as refinance, they may simply evaluate your home from the street.

When purchasing a new property through Citibank you will find that title insurance is necessary, and typically your mortgage consultant will liaise with your real estate broker or the seller to ensure that the title details are ordered as soon as possible. However, for a refinance, Citibank will simply order your title information on your behalf. Just in case you weren’t aware, a title insurance policy will be used to confirm the legal status of any liens on your property, and additionally will be used to prepare the closing documents.

You will, of course, be required to provide a down payment when applying for a mortgage with Citibank. You should aware that the size of your down payment will have a direct impact on the mortgage products you are eligible for, the amount of loan you can be approved for and therefore your monthly payments, and the amount of cash you have at your disposal for other home buying costs.

The standard down payment is 20% of your property’s value, although there are certain other options available to you if you can’t afford 20%. This may involve applying for a mortgage that requires mortgage insurance. This will mean that in addition to your standard mortgage payment you will have to pay a mortgage insurance company another payment which provides insurance to the lender in the event of non-payment or default on the mortgage loan.

You also have the ability to apply for a combination first and second mortgage. This will involve you having a down payment of 10%, for example. You then apply for a first mortgage for 80% of the property’s value, and then a second mortgage for 10% of the sale price. This will then eliminate the need for mortgage insurance on your first mortgage.

Citibank are known for their expert guidance and superior customer service, and therefore this is the perfect place to apply for a mortgage. You can rest assured that you will be dealing with one of the biggest names in the mortgage industry, and you are also safe in knowledge that Citibank offers some of the most competitive interest rates in the market.