Citi Financial Mortgage, Mortgage Citi Finance

 

Citi Financial Mortgage is a subsidiary of the renowned Citigroup.
Citigroup is an internationally acclaimed conglomerate dealing in the various sectors of finance, namely: –

• Investment Banking
• Consumer Banking
• Corporate Banking
• Insurance

Citi Financial Mortgage is a member of the international brand Citigroup. Headquarter of the Citi Mortgage is in St. Louis of Missouri, USA. Citi Financial Mortgage offers a wide range of products and services to the consumers.

Products offered by Citi Finance Mortgage are: –

• Citi Mortgage construction Loan
• Citi Mortgage renovation loan
• Flexible Refinance Programs
• Citibank’s Home Equity Products
• Fixed Rate Loans (FRM)
• Adjustable Rate Loans (ARM)
• FHA and VA Loans
• Community Lending Programs
• Insurance

Services offered by Citi Financial Mortgage are: –

• Advisory and discussion facility with Loan Consultant of Citi Financial Mortgage
• Online customer help-desk service
• Telephonic customer help-desk service
• Customer help-desk service via mail
• Customer help-desk service in person at any branch of Citi Mortgage Finance
• Service of proper guidance to the mortgagor right from the pre approval process to the closing date

Now let us discuss about some of the unique products and the facilities offered by Citi Mortgage Finance: –

(1) New Home Construction and Renovation LoanCiti Mortgage offers new home construction and renovation loans to its select customers, which are simpler to access, clear and affordable. Under this head Citi Financial Mortgage offers two types of loans: –

• Single Close LoanUnder this plan, a loan customer applies for and closes the same only once. In the time of construction or renovation, the customer could draw money in accordance with their expense needs. This comes to be known as Construction Phase of the Loan where the person concerned only has to pay interest on the drawn money.
• Optional cash reserve contingency plan

During the construction or renovation, unexpected expenses may crop up. In order to ensure availability of money for these unplanned expenses to complete the work, Citi Mortgage has floated optional cash reserve contingency plan.
After completion of the concerned house, the Permanent Phase of the loan starts where the customer starts paying the monthly payments on Principal and interest amounts.

Benefits of Construction and Renovation Loan

• Best suited for the homes of one or two families.
• Administration fees for construction are low.
• Customer can choose the type of loan from Fixed Rate Mortgage (FRM) to Adjustable Rate mortgage (ARM).
• Terms of construction may be either 6 or 9 or 12 or 15 or 18 months.
• During the construction time the rate of interest is low.
• Escrows for insurance and taxes are delayed only after the loan becomes permanent.
• All costs of the construction could be included in the loan amount.

(2) Refinance Loans

Refinance loan completely replaces the mortgage that one has. In majority of cases, the mortgage company pays off the existing mortgage of a debtor for a reduced rate and a new mortgage is then drawn up. In this way the interest rate scales down and consequently the payment gets slashed down.

Refinance Options offered by Citi Finance Mortgage are:-

1. Refinancing option helping in rolling the mortgagor’s closing costs into his/her loan.
2. Refinancing option, which helps to change the loan type one, has. People having an adjustable rate mortgage could refinance their loan before the start of the interest rate adjustment.

(3) Equity loanEquity loan is such a loan where the owner of the home borrows money from lenders by guarantying their house. Its takers are generally those people who want to borrow huge sums of money by keeping their house as guarantee.

Benefits of Equity loans offered by Citi Mortgage are:-

• Monthly payment is fixed
• Minimum interest payment
• Lowest rate of interest is 3 6.99%.
• 100% of one’s equity can be borrowed
• Repayment Option is flexible in nature
• It can be converted to a fixed loan
• Full deduction of interest is possible
• Interest Rate is of lock-in type

(3) FHA and VA LoansThese loans require either no or small down payment, if someone is eligible for it. In USA, there are two government-backed programs, which have fewer restrictions than their conventional counterparts. These are the following: –

1. Federal Housing Administration (FHA) – These have both the facilities of fixed and adjustable rate loans.
2. Veteran’s Administration (VA) – These are only fixed rate ones.

Benefits of FHA and VA Loans are:-

• Best suited for veteran military personnel and for the first time homebuyers.
• Low cost loan
• Down payment amount is comparatively low. Loan offered by FHA is as low as 3%.
• In case of down payments, cash gifts are allowed.
• 15 to 30 year term is available.