CitiMortgage Offering Jumbo Loans

May 27, 2011 No Comments »

citimortgage

CitiMortgage is getting back in the game with some super jumbo loan offerings.

The New York City-based bank and mortgage lender is now accepting mortgage applications for loan amounts up to $3 million, according to a company advertisement.

And mortgage rates are pretty competitive, with fixed rate options as low as 4.625% and adjustable-rate options starting at 4.729%, though these seem to apply to a conforming-jumbo loan.

Their example was based on a California loan for $729,750 at 60 percent loan-to-value. That means 40 percent down, or 40 percent home equity.

Not sure how many people have that type of equity these days, or that type of money to put down.

Additionally, you need “excellent credit,” which is probably 760 and up. And it’s probably only good for an owner-occupied, single-family residence.

CitiMortgage is also offering 60-day mortgage rate locks on the product, meaning you’ve got some time to close if you take advantage of the low rates currently on offer.

The company’s example also charges one discount point, which is equal to one percent of the total loan amount.

Finally, the lender is also offering $750 off closing costs at the moment, and a $1,500 on-time closing guarantee, similar to the Wells Fargo Closing Guarantee.

It’s unclear what a jumbo loan for $3 million may set you back, but it’s nice to see a company such as CitiMortgage offering them…

Leave A Response