First Citizens Bank Mortgage Review 2024

First Citizens Bank overview

The biggest family-run bank in the U.S. with more than $200 billion in assets, First Citizens Bank assists borrowers with mortgages, in addition to offering banking, business and wealth services. The bank is based in Raleigh, North Carolina, and was founded in 1898.

Pros and cons of First Citizens Bank

How Bankrate scored First Citizens Bank

• Affordability: First Citizens Bank offers competitive mortgage rates (as of this review) with typical closing costs and fees.
• Availability: First Citizens operates in all states and provides conventional loans, government-backed mortgages and more.
• Borrower experience: You can initiate a request for an approval and a rate quote, as well as apply for a mortgage, via the First Citizens Bank website. 

Affordability: 9.6/10

First Citizens Bank’s mortgage rates were below Bankrate’s averages at the time of this review, meaning you might score a deal with this lender, provided you qualify. The bank’s charges for a mortgage might include an origination fee, rate-lock fee and other closing costs.

Availability: 10/10

First Citizens Bank provides mortgages to borrowers in all 50 states, from conventional and government-insured loans through the FHA, VA and USDA programs to options to refinance your existing mortgage. The lender also offers jumbo loans, construction loans and home renovation loans.

Borrower experience: 7.4/10

First Citizens Bank has been in business for more than a century. The bank has an A rating from the Better Business Bureau. As a borrower, you can set up a free online account to ask for preapproval, a process that typically requires three to five days. Then a mortgage banker will reach out to discuss your options. The bank’s average time to close a purchase loan, as of this review, was 25 days.

How to apply for a mortgage with First Citizens Bank

You can apply for a mortgage with First Citizens Bank in person at a branch location, online or by phone at 800-845-3161. Its mortgage customer service hours are Monday through Friday, 8:30 a.m. to 8 p.m. ET.  Your loan officer might also be available after hours or on weekends as needed. Here are some tips to prepare for the process:

1. 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.
2. 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.
3. 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 First Citizens Bank

First Citizens Bank offers both rate-and-term and cash-out refinancing options. You’ll need to complete an online form for a rate quote and an estimate of costs.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.