Citibank Mortgage loan review: Buying a Home

Citibank mortgage is second to None due to it current rate when compare to other banks in United states.Either you are buying a home,refinancing home or use home as equity,the bank has the best offer for you.

Citibank offers a broad menu of home loan products with low rates include comprises of Conventional loans ,FHA loans,Jumbo loans and VA loans. the mortgage is available in all U.S. states, Washington, D.C. and Puerto Rico.

 

Minimum credit score for Citibank Mortgage Loan

The following credit score may be required before you can apply for citibank Mortgage Loan

. conventional loans; 620
. jumbo loans;680
. FHA loans; 620
. VA loans: 620

Type of Citibank mortgage loan

1. Conventional loans
2.FHA loans
3.Jumbo loans
4. VA loans

Read: Citibank online and mobile banking: How to enroll, transfer money home abroad and bills payment

1. Conventional loans

Citibank Conventional loans carry lower interest rates and fewer fees, it best designed option for people with good credit and a larger down payment.It’s not government-backed loan types.

This type of mortgage loan is offered by banks or other private lenders and may be backed by government-sponsored enterprises such as Fannie Mae or Freddie Mac.

The Down payment of Citibank Conventional loans is at least 20% if you want to avoid Private Mortgage Insurance (PMI). it’s Offers fixed and adjustable rate mortgage options

You may require a minimum credit score of 620 to qualify for Citibank Conventional mortgage loans

For most counties, conforming loan limits are:

1. for a 4-unit home (fourplex){$1,867,275}
2. for a 3-unit home (triplex){$1,502,475 }
3. For a 2-unit home (duplex)
4. for a single-family home or residence{$970,800 }
5. for a 4-unit home (fourplex){$1,244,850 }
6.for a 3-unit home (triplex){ $1,001,650 }
7. for a 2-unit home (duplex){$828,700 }
8. for a single-family home or residence{$647,200 }

 

2. FHA loans

The FHA loans offer more flexibility in their lending requirements. The Federal Housing Administration (FHA) loans are good for first-time home buyers and for those who need more financial flexibility.

Mortgage Insurance (MI) is required on all FHA loans, you can get Up to 96.5% financing available for home buyers and Lower down payment is requirements than many conventional loans, and applicants may have lower credit scores than is usually required.

Please note: The FHA doesn’t actually lend anyone money for a mortgage. The loan is issued by a bank or other financial institution that is approved by the FHA.

3. Jumbo loans

The non-conforming loans are used when you want to buy a home that exceeds conforming loan limits, it allows home buyers to get a larger loan without tapping into savings and the mortgage amount could be backed by Fannie Mae and Freddie Mac.

The jumbo loan for mortgage Offers higher loan amounts with higher loan-to-value (LTV) ratios compared to other loans.Debt-to-income (DTI) ratio requirements may differ compared to other loan types

May require a higher credit score than other loan types also you may have cash reserve or deposit requirements

4. VA loans

The Veterans Affairs (VA) loans is designed for veteran and active duty service members, Reserve and National Guard members and surviving military spouses. The VA loans is loans that were created to make housing more affordable for veterans and their families.

A Certificate of Eligibility (COE) to prove you qualify may be required and some  lenders may require a minimum credit score of 620. 0% down payment for qualified borrowers and it Don’t require monthly mortgage insurance premiums

 

Citibank mortgage Rate type

Citibank mortgage has two kinds of mortgage rates: fixed and adjustable:

1.Fixed rate mortgages

. Fixed rate mortgages don’t change, which means your monthly payments will stay the same over the life of your loan.

fix rates stay the same for the life of the loan, so you’re protected from spikes in your monthly payments if the markets change. Fixed rate mortgages are usually offered over 10-, 15- and 30-year periods.

While principal and interest might change from month to month, your payment stays the same — making budgeting easy and predictable.

 

2. Adjustable rate mortgages (ARMs)

This typically start at a lower rate, but change over time.

. ARMs have a fixed rate for the initial period (usually between 3 and 10 years), then adjust over the life of your loan.
. ARMs often feature rate caps that limit how high your rate can go and how much your payments can change.
.Since ARMs have rates that can go up or down after the fixed period expires, your monthly payments can change as well.

Refinancing with Citibank

Citibank offers rate-and-term and cash-out refinancing. As with a purchase, borrowers can apply online, by phone or in person.

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