What Types of Home Mortgages Does Citicorp Offer?


Quick Answer

Citicorp merged with Travelers Group in 1998 to form Citigroup, explains the company. Through its Citibank subsidiary, the company offers fixed- and adjustable-rate mortgages for both new home buyers and individuals looking to refinance an existing loan as well as home equity loans.

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Full Answer

Citibank's fixed-rate mortgages are normally 10, 15 or 30 years in length and offer a guaranteed rate of interest throughout the loan period, says the company. Citibank also offers adjustable-rate mortgages, which offer more favorable interest rates but are updated to reflect market changes. The company's hybrid adjustable-rate mortgages offer an initial fixed interest rate that adjusts periodically after a set period of time. Common hybrid mortgages are 3/1 and 5/1, which mean fixed interest rates for three or five years with updates every year after that time.

Citibank also offers specialty mortgage options such as government-guaranteed Federal Housing Administration, which carry lower down-payment requirements and are available to individuals with credit scores that would not normally qualify, according to the bank. Veterans Affairs loans offer special terms to veterans, and the bank's Opportunities Within Neighborhoods mortgages provide lower- and middle- class borrowers with favorable borrowing conditions. The company also offers special Jumbo mortgages, which help finance high-value homes.

As a part of its refinancing services, Citibank offers loans under the Home Affordable Refinance Program, says the company. These allow individuals with little-to-no equity in their homes to access lower rates of interest for loans guaranteed by Freddie Mac or Fannie Mae.

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