Citi Mortgage

Citi Mortgage Products

Adjustable and Fixed-Rate Mortgages

With an adjustable-rate mortgage (ARM), the monthly payments are fixed for a certain period of time. After this initial period, the interest rate may be adjusted up or down. The interest rate for the initial period of the mortgage is usually lower than what the consumer will pay for a fixed-rate mortgage. The fact that the payments are lower in the initial period makes this product attractive to first-time buyers and those people who want to buy a more expensive home than they would otherwise be able to afford.

An ARM is available with an initial fixed-rate term of:

• Six months
• One year
• Three years
• Five years
• Seven years
• Ten years

Homeowners can also choose an interest-only mortgage. With this option, the only payment required is to cover the interest on the loan, plus taxes and insurance.

A fixed-rate mortgage offers rate stability through the term of the mortgage. As a result, the monthly payments are fixed and not subject to change. This fact gives the homeowner peace of mind, since they can budget for their mortgage payment as a fixed expense. Terms ranging from ten to forty years are offered.

Refinancing a Home

Citi mortgage products are also available for homeowners wanting to finance their home. Refinancing allows the homeowner to use the equity to access cash to pay for renovations or repairs, or to pay off other debts, or for virtually any other use. Parents with children pursuing a post-secondary education can use the equity in their home to help pay for educational expenses.

If interest rates are falling, refinancing allows the homeowner to take advantage of this fact and pay less in interest costs over the term of the loan. Monthly mortgage costs may go down, which will provide better cash flow. If reducing the monthly payment is the goal, another option is to restructure the mortgage so that it will be paid over a longer term.

Features Offered to Customers

Homeowners considering taking out a mortgage can choose from a number of loan features designed to meet their needs, including:

• Interest Only Payments

• Fixed Monthly Payment Option

• Increase the Mortgage up to 95% of the Value of the Home

• Deductible Mortgage Interest

• Interest Rate Locked In for the Term of the Mortgage

• Flexible Repayment Plan

• Convert to a Fixed-Rate Loan

Citi Mortgage offers loan products with no fees and no closing costs.

How to Apply

Citi Mortgage gives consumers three ways to apply for loan products:

• Online

• By Phone

• In Person

Customers who want to apply for a loan online submit their information over a secure server. If approved, they will receive a package of documents (shipped via UPS) to sign and return to Citi Mortgage. Supporting documentation to verify the applicant's financial information will also be required. The welcome package will explain what is required.

A property appraisal will be ordered. In some cases, this can be done by having the appraiser view the property from the street, and in other situations, both the interior and exterior of the property must be inspected.

Once these steps have been completed, a closing date will be set. Citi personnel will contact the applicant to finalize the details a few days before the closing.

Applying for a mortgage can be done quickly and conveniently. With the many mortgage options available through this lender it is easy to find a suitable loan product.