CitiMortgage $500 off Mortgage 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.

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
Rate	Points	Premium	APR	Payment	Closing Fees
5.125%	0.125%	$0.00	5.172%	$2,177.95	$4,851.50
5.250%	0.000%	$500.00	5.286%	$2,208.81	$3,851.50
5.375%	0.000%	$2,000.00	5.411%	$2,239.88	$2,351.50

20 Year Fixed Rate
Rate	Points	Premium	APR	Payment	Closing Fees
5.000%	0.125%	$0.00	5.063%	$2,639.82	$4,851.50
5.125%	0.000%	$1,000.00	5.173%	$2,667.52	$3,351.50
5.250%	0.000%	$2,500.00	5.299%	$2,695.38	$1,851.50

15 Year Fixed Rate
Rate	Points	Premium	APR	Payment	Closing Fees
4.750%	0.125%	$0.00	4.830%	$3,111.33	$4,851.50
4.875%	0.000%	$1,500.00	4.936%	$3,137.19	$2,851.50
5.000%	0.000%	$2,500.00	5.061%	$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.