Mortgage 88

Mortgage 88

Citi Mortgage - Cut Through the Hype and Learn the Truth About Citi

Posted: 08 Dec 2008 03:47 AM CST

Citi mortgage is a nationwide home mortgage lending company. A lending unit of Citigroup, the company offers mortgages to first time buyers, to individuals who need refinancing, and to senior citizens interested in tapping into the equity of their homes.

Headquartered in St. Louis, Missouri, citi mortgage offers several mortgage loan products for borrowers looking forward to buying their first homes and for existing homeowners needing to refinance their homes.

The two main citi mortgage products are fixed rate mortgage and adjustable rate mortgage. Fixed rate mortgage offers an unchanging interest rate from beginning to end of loan term. Loan terms this type of mortgage product vary from 10-40 years.

Adjustable rate mortgage (ARM) typically has a lower interest rate for a set initial period. When the set period is over, the mortgage loan reverts to the mortgage company's standard variable rate. This means that your monthly payments would then vary with the changes of rates in the mortgage market. Available initial interest rate periods for ARM are: 6 months, 1 year, 3 years, 5 years, 7 years, and 10 years.

Interest-only loan is also available from the mortgage company. With interest only loan program, the borrower is required to pay off only the interest of the loan each month.

Other products of the company designed to help future and existing homeowners include: construction and renovation loan, refinance loans, equity loans, and FHA and VA loans. FHA and VA loans are the lowest cost loans, and require little or no down payment.

Application for a loan can be done through the internet, by phone, and in person. When applying online, make sure that the server you are using is secure. If your loan is approved, the mortgage company will UPS you the terms, conditions, and other documents that you need to sign and send back to citi mortgage.

Posted by The 300 mb United Team Monday, December 8, 2008 at 11:33 AM  

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