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Citizens Bank Mortgage Review 2024
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At a glance
Editor's take
Citizens Bank is one of the biggest banks in the U.S., primarily serving customers on the East Coast and in the Midwest. The bank also operates a national mortgage lending division — the country’s 10th-largest in 2022, according to federal data. This bank could be a good option if you’re already a customer, as you’ll benefit from a rate discount and potentially other perks.
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
4.5
Rating: 4.5 stars out of 5
Customer Rating
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
3.0
Loans offered
Conventional, jumbo, FHA, VA, refinancing and more
Min. credit score required
620 for conventional loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
At a glance
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, refinancing and more
Nationwide Availability
All U.S. states
Min. credit score required
620 for conventional loans
Citizens Bank overview
Citizens Bank’s home loan programs include a first-time homebuyer loan with down payment assistance. For a home purchase, closing with Citizens typically takes 30 days to 60 days. Notably, if you manage your money with the bank and set up auto-payments, you’ll get a rate discount of 0.125 percent.
Bankrate insight
Citizens Bank's commission rebate program allows homebuyers and sellers to get up to $9,500 back after closing. Known as Your Home Rewards, the program connects buyers and sellers with Citizens' network of real estate agents. You don't need to take a mortgage with Citizens to qualify, but you do need to live in a state that allows commission rebates (most do).
Pros and cons of Citizens Bank
Pros
-
Rate discounts for banking customers
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Down payment assistance program for eligible borrowers
Cons
-
Doesn’t list lender fees online
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Doesn’t offer USDA loans
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Slightly below average customer satisfaction scores for mortgage origination
Our Editor’s Take on Citizens Bank
Citizens Bank is one of the biggest banks in the U.S., primarily serving customers on the East Coast and in the Midwest. The bank also operates a national mortgage lending division — the country’s 10th-largest in 2022, according to federal data. This bank could be a good option if you’re already a customer, as you’ll benefit from a rate discount and potentially other perks.
How Bankrate scored Citizens Bank
- Affordability: You’ll find competitive mortgage rates from Citizens Bank if you’re a well-qualified borrower, and even more so if you’re a banking customer.
- Availability: Citizens Bank lends mortgages nationwide, and has experience working with first-time buyers on low-down payment loans.
- Borrower experience: There are multiple avenues to get in touch with Citizens, including an online chat feature. J.D. Power ranked the bank below average in terms of customer satisfaction for mortgage origination, however.
Affordability: 8.4/10
Citizens Bank displays daily purchase and refinance rates and estimated monthly payments online for 30- and 15-year fixed-rate mortgages. The advertised rates are based on the assumption that the borrower has a credit score of 740, so while these are a barometer of how the bank’s rates stack up against the market, if your score is lower, expect to get a higher rate.
Availability: 10/10
Although Citizens Bank only maintains branch locations in some states, it provides mortgages to qualified borrowers in all 50. The bank’s loan products include conventional, FHA and VA loans, along with home equity lines of credit (HELOCs) and refinancing, including cash-out. The bank can also assist with construction financing if you’re building a new home.
Borrower experience: 8.7/10
Citizens Bank scored a 710 out of 1,000 in J.D. Power’s latest customer satisfaction study of mortgage originators, which is below the industry average. The bank has been accredited by the Better Business Bureau since 2019 (though it’s been in business far longer). Over on Trustpilot, the bank has a “Bad” rating. As far as experience, the bank offers an all-digital mortgage application process, as well as a mortgage resource center online with educational content.
Bankrate staff insights
"I like the online interface. It's easy to find the documentation I'm looking for and provides information about my current home value. Autopay is easy to setup and change, making it clear what is due and when."
- Carrie Van Brunt-Wiley, Director, Bankrate
How to apply for a mortgage with Citizens Bank
You can apply for a mortgage with Citizens Bank in-person at a branch location, online or by phone at 888-514-2300. Here are some tips to prepare for the process:
- Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
- Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
- Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)
Refinancing with Citizens Bank
Citizens Bank offers both rate-and-term and cash-out refinancing options.
Compare Citizens Bank to other lenders
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Rating: 4.5 stars out of 5
4.5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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|---|---|---|
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Loans offered Conventional, jumbo, FHA, VA, refinancing and more |
Loans offered Conventional, jumbo, FHA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
|
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans, 500 for FHA loans |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 580 for VA loans |
|
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
|
Nationwide availability All U.S. states |
Nationwide availability Available in all U.S. states except Texas |
Nationwide availability All U.S. states |
Citizens Bank customer ratings and reviews
3.0
2 ratings
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
This lender has 2 recent reviews.
Knowledge
Level of service
Professionalism
Responsiveness
50% of customers would recommend this lender.
2 of 2 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Top notch service for renovation loan
I can't say enough about how positive my experience was with Citizens for our construction/renovation loan. From initial loan application (Nov 2021) through our final disbursal (July 2023), they provided excellent service. We chose Citizens because they were the best fit for our project and our contractor. Other lenders we looked at weren't able to offer the same flexibility to get the loan approved. Steven Breznicky was our loan officer, and he got us through a very challenging application process. When doing a construction or renovation loan, a whole bunch of ducks have to be aligned, and although the process was not without frustration, I think that was just due to the complexity of the situation, not the quality of service. We locked our rate in Dec 2021, and they were able to secure multiple extensions until we were cleared to close in April 2022. This was absolutely essential, because by the time we closed, market rates were about 2.5% higher. We would have had to abandon the project. Then in the construction phase, Kimberly James was our construction department contact, in charge of the disbursals as our house was built. She was incredibly helpful to work with all the way through. There were a lot of delays with the title company, which was frustrating, but I felt Citizens did a fantastic job. I would highly recommend Citizens Bank for a construction/renovation project.
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Closed on time?
Yes
Would you recommend this lender?
Yes
Alan
Metuchen, NJ (Sept. 29, 2023)
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Closed on time?
Yes
Would you recommend this lender?
Yes
Rude horrible bank they froze my personal checking account
They refused to explain why they froze my personal One Deposit checking account. After multiple times of trying to log on to monitor my One Deposit checking and having to change my password almost everytime, they froze my account. They did not explain over the phone or in the branch. Their online sign-in system is useless and they are rude. Do not bank with them.
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
No
Closed mortgage with this lender?
No
Closed on time?
N/A
Would you recommend this lender?
No
Frozen p.
New York, United States (Aug. 2, 2023)
Knowledge
Level of service
Professionalism
Responsiveness
Rates and terms of loan honored?
No
Closed mortgage with this lender?
No
Closed on time?
N/A
Would you recommend this lender?
No
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