City Bank Mortgage

City Bank Mortgage Review

City Bank Mortgage are offered by City Bank (NMLS #439822), a credit union founded in 1941 and based in Lubbock, TX. City Bank Mortgage are available in 2 states across the USA.

Key Takeaways

• 5 different mortgage programs offered. City Bank Mortgage offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. City Bank Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for City Bank Mortgage.

City Bank Mortgage Pros & Cons

City Bank Mortgage FAQ

What mortgage rates does City Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, City Bank Mortgage may charge a loan origination fee.

Does City Bank Mortgage charge prepayment fees?

No, City Bank Mortgage does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, City Bank Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does City Bank Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. City Bank Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for City Bank Mortgage is (806) 792-7101.

What is the support contact email?

The support contact email for is support@citybanktexas.com.