It may be easier than you think to get a home loan. Iveliris is a mom with two boys looking for a bigger place, and to stop paying rent, and put her money towards a mortgage for home ownership. Maria Zywiciel, VP Strategic Markets for Citigroup explains what steps are needed to get pre-approved for a loan.
We follow Iveliris through the process, guided by Nery Gonzalez, a Community Mortgage Officer. This home buyer is an example of someone who did her homework, and discovered she could qualify for a home loan. Citibank has many resources available to help you, and has created a new website dedicated to home ownership at www.citi.com/homeownership.
Home Sweet Home
Buying a home can be an exciting time, especially for first time home buyer. Along with excitement can come apprehension or confusion because they are unsure what steps to take next. Pre-approval, interest rates, closing costs, down payments, credit scores are just a few of the concerns facing first time home buyers.
There can be an overwhelming amount of information to process for first-time buyers, so where should they turn? Citibank offers several programs that can help first-time homebuyers on their journey to homeownership.
Some homebuyers may be under the impression that they need a huge down payment. They aren’t aware of different options that can help eligible borrowers with financing, closing costs and more.
Citibank helps many people achieve the dream of home ownership every day, with programs and products that smooth the way. A few examples of such services and products are:
- Free SureStart® Pre-approval1 gives buyers a good idea of the amount they should be able to borrow so they can determine the price range for their home search.
- HomeRun mortgage program2 offers low down payment options with no mortgage insurance requirement for eligible borrowers on qualified properties.
- On-time Closing Guarantee3o provide confidence in most cases that the closing date on the real estate contract is the same date that the loan will close.
- Helpful and knowledgeable people to educate buyers each step along the way and assist with identifying mortgage options available for their individuals needs.
Understanding your financial picture and credit history is a key to first-time home buying. Many prospective homebuyers are concerned about their credit rating and it may stop them from taking the next step. Citibank works with a network of non-profit counseling agencies across the country that can help potential borrowers get themselves in financial position to pursue their dreams of homeownership.
Citibank has the tools to help pave the way for qualified borrowers to own their new home. If you are thinking about homeownership, come to Citibank, your first stop to home, sweet home.
Make sure to tune in on Wednesday, June 4 at 7:30 am (ET/PT) on Lifetime or July 4th for the re-air to learn more!
1SureStart® is a registered service mark of Citigroup Inc. Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home you wish to purchase, appraisal and title report, and meeting our customary closing conditions. There is no charge to receive a SureStart pre-approval. However, standard application and commitment fees will apply for the mortgage loan application.
2HomeRun is available only in Citibank assessment areas for loans on the primary
residence of borrowers who qualify and is subject to geographic, income, property,
product and other restrictions.
3On Time Closing Guarantee – If you are purchasing a home, we guarantee to close by the date specified in your purchase contract, unless prohibited by federal law,* and further provided that the date is at least 30 days after the application date and the date of your purchase contract. If your loan fails to close on time due to a delay by Citibank Mortgage, you will receive a credit toward closing costs of $1,500. Offer not available for refinance loans, co-ops, unapproved condos, residences under construction, community lending programs and government loans. In Texas, the credit may not result in your receiving cash back. (*Federal law requires certain disclosures be delivered to the borrower at least 3 business days before consummation. The Guarantee to close does not apply if such disclosures are required and your closing is delayed due to the 3-business-day waiting period.)
Terms, conditions and fees for accounts, products, programs and services are subject to change. This is not a commitment to lend. All loans are subject to credit and property approval.
Citibank, N. A. is an Equal Housing Lender, Member FDIC, NMLS #412915