Citi Mortgage - article about Citi Mortgage

Report Card: Citi Mortgage

Citi Mortgage gives helpful advice to first time buyers on what to do to prepare for that first mortgage. Understanding the risks and the benefits of owning a home is an important part of the process. Many people go into the process not knowing what to expect and end up getting less bang for their buck.

Equity Products

In addition to first time mortgages, Citi Mortgage offers a variety of home equity products from lines of credit to full second mortgages. These are offered at competitive interest rates and with a variety of payback options. Citi Mortgage offers fixed and variable rate loans and caps the variable rate at about 7.25%.

Possible Pitfalls

Like any other company, Citi Mortgage is out to make a profit. Avarice is always a possibility. Numerous complaints have been filed against Citi Mortgage and reported widely. Complaints range from forgotten payments, false default and also taking extra payments designated toward the principle and applying them to the regular monthly mortgage payment. This charge is probably the most serious.

What happens is almost like embezzlement. Citi Mortgage offers a form that has to be sent in with extra payments. On that form, the client can clearly mark whether the payment is against interest or principle. There have been several instances where Citi Mortgage goes against the wishes of its client. Interest is money in their pocket. Payments against the principle reduce interest payments.

Quite often lending institutions can get away with such practices because their clients don’t read their bills closely. It behooves home owners to read their bills and lending agreements carefully, including fine print. After all, the smaller the print, the larger the importance.

While most large lenders have complaints lodged against them, it is important that one investigate the lender carefully. If the complaints seem to be along the line of persons simply mad because they owe money, then one can proceed with a measure of certainty. If there are legitimate issues, particularly issues like class action law suits, it may be best to shop elsewhere.

Overall, Citi Mortgage receives no more complaints than any large lender and as of this writing there are no major lawsuits pending. But one must always be vigilant and monitor statements, court actions, changes in interest rate, and whether complaints are handled with seriousness and are the complaints resolved. Being aware of what is happening with one’s money is not only the responsible thing to do, it is one of the best ways one can save money.

Comments	Date
By Kat	2008-02-07 03:17:36
Beware, if you take out a mortgage with this company, you will constantly be called by foreign telemarkers, who can barely speak english, trying to sell you all sorts of JUNK. When I say "no, not interested" I donot want another phone call on the same crap the next day. Shame on you Citimortgage, for using cheap foreign labor, hire American !!!!!
By Cosme Arroyo	2008-01-31 11:52:03
Just about ready to close decide to give another mortgage company appurtunity to lower % rate citi mortgage came out saying that the value of my house from their cheap appraisal was lower so they wanted for I to consider a seconf mortgage . That is another way of saying take what we have to offer or lose your appraisal fee. appraisal report was so poor that picture taken from appraisal agent from citimortgage was so foggy that you cannot see the picture clear.poor bussiness from citimortgage.I demand my fee of $250. dollars back. I had to go else where locally to do bussiness. mortgage are all in game to rip people off to make a profit in consumer expence.Look what happen to other mortgage company for cheating the customer some are being investigated for fraud, other are selling out, other will be on the line for future investigation. If I have known that this would happen with appraisal. I would not pay the fee of $250 dollars . shame on you citimortgage

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