When many people ask: how do I apply for a Citi Mortgage loan?, all they wanna know is how to apply for a Citi Mortgage Loan with ease.
godcentvc.com is here to provide you all the important information you need to know about Citi Mortgage Loan.
About Citi Mortgage Bank – Services Offered
Citi Bank is a complete service financial institution which provides US citizens a variety of mortgage products to purchase or refinance a home.
It’s officially known as one of the largest commercial banks in the United States, and has currently more than 650 branches across the country. It’s a New York City based bank and has generated more than $24 billion in the new mortgage loans in the year 2020. See details HERE.
It offers a lot of online services which means you can easily apply for the mortgage loan online. It’s also advisable to talk with a loan officer to enable you complete your application successfully. To apply directly online, CLICK HERE.
Pros And Cons
Pros
Citi Bank provides:
- discounts for all Citi bank customers.
- jumbo loans for larger loan amounts.
- preapproval involve commitment to lend.
Cons
- Few mortgage rate information are available online.
- You must first communicate with a loan officer in order to get started.
- Few availability of loan officers in certain areas.
Types Of Citibank Mortgage Loans – Apply for a Citi Mortgage Loan
The major types of Citibank mortgage loans are:
- VA loan
- Jumbo Loans.
- FHA Loans.
- Conventional Loans.
VA Loans
A service designed mainly to assist military persons, veterans and their family members. This type of loan is precisely for active duty military, veterans and their various families.
The good thing about this is that it doesn’t require down payment but only accepts minimum credit score of 620.
Jumbo Loans
This type of loan is specifically designed for the buyers who actually need to finance a home which costs higher than their current conforming loan limits. Simply put, Citi bank will demand higher credit score and bigger cash deposit/reserves for a jumbo loan application.
FHA Loans
This is basically designed for first time home buyers, borrowers who must have at least 3.5% down payments and can have credit scores as low as 580.
Conventional Loans
This is designed for borrowers whose credit score is at least 620 and can make at least 20% down payment. You can only be allowed to make a 5% down payment if you have private mortgage insurance PMI.
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Easy Steps To Apply For A Citi Mortgage Loan – How to Apply for a Citi Mortgage Loan
It’s very easy to apply for Citi Mortgage Loan. Follow the steps below:
- Visit Citi bank website HERE to start your online application and submit your information
- visit a branch nearest to you or contact Citi mortgage service representative or officer by calling (800) 248-4638 to start your application.
Special Instructions
- Be sure you speak with a Citibank Mortgage loan officer
- provide all your necessary personal information, property information and mortgage requirements.
- ensure you authorize a hard credit pull, to enables Citi mortgage to pull your credit scores to determine the actual loan programs you are eligible for based on your scores, personal details, and loan information.
- get a loan estimate, that is to say the Citi mortgage loan officer will provide a loan estimate that estimates the fees and closing costs for your loan.
- Give Consent to Proceed, when you have approved of the loan details, make sure you provide the loan officer with your consent to move forward with the loan application.
- Make sure you submit all required documents
- Citibank requires documentation in order to support your loan application, with signed disclosures, pay stubs, proof of down payment, including tax returns.
- Patiently wait for home appraisal, an appraisal provides an independent valuation of your home based on its features and recent home sales in the local area.
- Receive the final decision, immediately Citibank is done with underwriting your loan request, it provides a final decision to fund your loan.
- Finally, close your mortgage, by signing the closing documents and also providing the down payment, with the pay closing costs to enables the bank provide the money to buy your home or pay off your home or pay off your existing mortgage.
Alternatives to Consider Apart From Citi Mortgage Loan
Apart from Citi mortgage, there are other recommended mortgage loans. A few to recommend are:
- Bank of America
- Rocket Mortgage
Bank Of America
This is meant specially for those who prefer the long track record of a big bank. This is because Bank of America offers closing cost assistance and down payment grants for borrowers who are eligible or qualify.
To learn more CLICK HERE
Rocket Mortgage
This is designed for most people who prefer online mortgage application. This is because Rocket has an amped up preapproval program which enables you get your offer promptly.
To learn more, CLICK HERE.
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