Citibank Mortgage Interest Rate and Cost Review

Is Citibank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Citibank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.16%)
Loan Related Closing Costslower than average (-$822)
National Rate and Closing Cost Rating(4.5)

On average, Citibank’s interest rates were lower than those of other lenders (-0.16%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$822. Overall, combining interest rates and closing costs we estimate that Citibank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

Citibank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Citibank was most active in:

  1. New York, NY
  2. Los Angeles, CA
  3. San Francisco, CA
  4. Chicago, IL
  5. Washington, DC

Furthermore, Citibank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. New York, NY, for Jumbo mortgages
  2. Los Angeles, CA, for Jumbo mortgages
  3. San Francisco, CA, for Jumbo mortgages
  4. Chicago, IL, for Jumbo mortgages
  5. Washington, DC, for Jumbo mortgages
  6. Yonkers, NY, for Jumbo mortgages
  7. San Jose, CA, for Jumbo mortgages
  8. Jersey City, NJ, for Jumbo mortgages
  9. Stamford, CT, for Jumbo mortgages
  10. San Diego, CA, for Jumbo mortgages

You can click through to check out Citibank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Citibank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Citibank originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference-0.18%-0.03%-0.23%-0.00%
Loan Related Closing Cost Difference-$842-$106-$766-$20
Cost Adjusted Rate Difference-0.23%-0.03%-0.24%-0.00%
Star Rating(4.5)(3.5)(4.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.08%+0.00%-0.23%+0.01%
Loan Related Closing Cost Difference-$721-$38-$1102-$32
Cost Adjusted Rate Difference-0.12%-0.00%-0.24%+0.00%
Star Rating(4.0)(3.5)(4.5)(3.5)

As a summary, Citibank is cheap for Conforming and Jumbo purchase mortgages. It is similar to other lenders for FHA and VA purchase mortgages. For refinancing, Citibank is cheap for Conforming and Jumbo mortgage refinance. It is similar to other lenders for FHA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Citibank:

Registered name: Citibank
Registered city and state: New York, NY, 10012
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: CITIGROUP INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Citibank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.