CitiMortgage $500 off Mortgage Closing Costs

citibank-mortgage-500-off-closing-costs

CitiMortgage is offering a promotional deal of $500 off on mortgage closing costs. 

CitiMortgage is also offering some competitive mortgage rates. We were quoted the following numbers for fixed mortgages in Atlanta, Georgia, for a single family home with a purchase price of $500,000 with a 20 percent down payment.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
District Lending
NMLS #1835285
5.456%
15-Year Fixed
5.250%
$5,412
Includes 0.853 points for $3,412
Lender Fees: $2,000
$3,216 /mo
Truss Financial Group
NMLS #2006915
License: 60DBO-149268
5.675%
15-Year Fixed
5.500%
$4,565
Includes 0.655 points for $2,620
Lender Fees: $1,945
$3,269 /mo
GenNext.Mortgage
NMLS #2326098
License: 60DBO-181478
5.700%
15-Year Fixed
5.500%
$5,389
Includes 0.859 points for $3,436
Lender Fees: $1,953
$3,269 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.806%
15-Year Fixed
5.625%
$4,692
Includes 0.998 points for $3,992
Lender Fees: $700
$3,295 /mo
Bison State Bank
NMLS #757416
5.870%
15-Year Fixed
5.750%
$3,112
Includes 0.778 points for $3,112
Lender Fees: $0
$3,322 /mo
FBC Mortgage
NMLS #152859
5.896%
15-Year Fixed
5.750%
$3,780
Includes 0.945 points for $3,780
Lender Fees: $0
$3,322 /mo
PenFed Credit Union
NMLS #401822
5.932%
15-Year Fixed
5.625%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,295 /mo
District Lending
NMLS #1835285
6.356%
30-Year Fixed
6.250%
$4,504
Includes 0.626 points for $2,504
Lender Fees: $2,000
$2,463 /mo
Truss Financial Group
NMLS #2006915
License: 60DBO-149268
6.618%
30-Year Fixed
6.500%
$4,945
Includes 0.750 points for $3,000
Lender Fees: $1,945
$2,529 /mo
FBC Mortgage
NMLS #152859
6.683%
30-Year Fixed
6.625%
$2,384
Includes 0.596 points for $2,384
Lender Fees: $0
$2,562 /mo
Bison State Bank
NMLS #757416
6.710%
30-Year Fixed
6.624%
$3,548
Includes 0.887 points for $3,548
Lender Fees: $0
$2,561 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.721%
30-Year Fixed
6.625%
$3,984
Includes 0.821 points for $3,284
Lender Fees: $700
$2,562 /mo
GenNext.Mortgage
NMLS #2326098
License: 60DBO-181478
6.738%
30-Year Fixed
6.625%
$4,853
Includes 0.725 points for $2,900
Lender Fees: $1,953
$2,562 /mo
District Lending
NMLS #1835285
6.893%
5-Year ARM
6.750%
$5,876
Includes 0.969 points for $3,876
Lender Fees: $2,000
$2,595 /mo
PenFed Credit Union
NMLS #401822
7.010%
30-Year Fixed
6.875%
$5,495
Includes 0.875 points for $3,500
Lender Fees: $1,995
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.130%
15-Year Fixed
6.990%
$3,500
Includes 0.875 points for $3,500
Lender Fees: $0
$3,594 /mo
Rocket Mortgage
NMLS #3030
7.200%
30-Year Fixed
7.125%
$3,000
Includes 0.750 points for $3,000
Lender Fees: $0
$2,695 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

CitiMortgage along with other banks and lending institutions are a lot more conservative with their loans these days. We did not receive adjustable rate mortgage quotes or interest only mortgage rate quotes. Mortgages vary from location, home and dollar amount. Check Citi's website or call them for mortgage quotes in your area.  

 
30 Year Fixed Rate 
RatePointsPremiumAPRPaymentClosing Fees
5.125%0.125%$0.005.172%

$2,177.95

$4,851.50  
5.250%0.000%$500.005.286%

$2,208.81

$3,851.50  
5.375%0.000%$2,000.005.411%

$2,239.88

$2,351.50  

 
20 Year Fixed Rate
RatePointsPremiumAPRPaymentClosing Fees
5.000%0.125%$0.005.063%

$2,639.82

$4,851.50  
5.125%0.000%$1,000.005.173%

$2,667.52

$3,351.50  
5.250%0.000%$2,500.005.299%

$2,695.38

$1,851.50  

 
15 Year Fixed Rate
RatePointsPremiumAPRPaymentClosing Fees
4.750%0.125%$0.004.830%

$3,111.33

$4,851.50  
4.875%0.000%$1,500.004.936%

$3,137.19

$2,851.50  
5.000%0.000%$2,500.005.061%

$3,163.17

$1,851.50  

The 15 year fixed rate mortgage is the lowest, though with a shorter term mortgage you have to pay back the principal in a shorter period of time, this raises your monthly mortgage payments. As you can see, with a 15 year fixed rate mortgage you will pay almost $1,000 more per month than a traditional 30 year fixed rate mortgage. If you can afford it, over the life of the loan you will save a ton of money with a shorter term loan.

You can apply for a mortgage online or by calling 1-866-561-4322. Be sure to mention offer code 16586.

 
Author: Brian McKay
April 22nd, 2009

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