Citi Financial makes it simple for home buyers to purchase a new home, and to live out their dreams in the home that makes them smile. If you’re a buyer looking for a new home, it’s imperative you first understand the importance of preapproval, what it means for you, and how to go about getting a mortgage from a lender. Preapproval is the first step. This is the step that many buyers must begin before they begin shopping for a home. Some sellers won’t consider an offer from a buyer without a preapproval from a lender.
Some sellers will forgo your offer for a lower offer if it’s one with a preapproval versus yours without. It’s a game, and no one wants to lose this game. Before you go about securing a loan from any lender, you must shop around. Lenders are not always offering the same rates to buyers, and looking at more than one bank enables you to find the best rate so you can afford more house. Citi Financial offers loans for those in the market for a new home, and each one is worth considering.
Citi Financial Mortgages
Citi Financial offers mortgages to buyers all over the country, and the rates are among the most competitive. A brand-new 30-year mortgage is currently as low as 4.25% on a new home. If you have a home and want to refinance, that rate changes to 4.125% for homeowners.
Citi offers several mortgage types for those who want to buy a new home. Each one is designed to help specific buyers, and each one comes with different rates and terms. Which one you choose depends largely on your financial situation, your income, and much more.
- Fixed rate mortgages: These are available to anyone who wants to know their monthly mortgage payment will never change throughout the life of their loan. Depending on your personal preferences, you can choose to finance a home with a fixed-rate mortgage for 10, 15, or 30 years.
- Adjustable rate mortgages: This is a great option for someone who knows they’ll only be in this house for a few years or less. The rate is very low at the beginning, but it changes as the Fed changes their rates every set number of years.
- Jumbo Loans: If you’re buying a home more than $417,000, this is the loan for you.
- FHA Loans: These are loans that work for many buyers, but those who have a small budget and a low down payment are the people who prefer this type of loan most often.
- VA Loans: If you serve or have served in the armed forces, this loan is available to you.
- OWN programs: This is a program offered only by Citi Financial, and they encompass those who live well below the median income in your neighborhood. These loans also include numerous community assistance programs for those who need the help.
Your Loan Rates
Citi cannot guarantee a loan is available for you without first seeing your credit report. Your score, income, and many other factors help determine the rate you receive. These are also the concepts that help you learn what you can afford.
Citi offers mortgages similar to those offered by other financial institutions, but also loans that aren’t offered anywhere else. These are helpful for many buyers, particularly in the low-income family. Find out if you qualify for a mortgage and how much it is by filling out the free online application. It’s easy to do, and you’ll have the answers you desire in very little time.