Citizens Bank Mortgage Review 2025

Citizens Bank is headquartered in Providence, Rhode Island and has 1,000 branch locations. Along with conventional and government-backed loans, Citizens Bank offers a down payment assistance program for first-time homebuyers. The bank also offers mortgage refinancing and construction loans. For a home purchase, closing with Citizens typically takes 30 to 45 days.

Pros and cons of Citizens Bank

Affordability: 5/5

Citizens Bank offers competitive interest rates, multiple low-down-payment mortgage options and down payment assistance for qualifying first-time homebuyers, awarding it 5 out of 5 stars for affordability.

• Interest rates: Citizens Bank has annual percentage rates (APRs) below Bankrate's national average as of this writing. Notably, if you manage your money with the bank and set up auto-payments and paperless billing, you’ll get a 0.125 rate discount. The bank offers rate locks of up to 60 days.
• Down payment: The lender provides several options that allow as little as a 3 percent down payment, including Fannie Mae’s HomeReady mortgage for qualifying borrowers. You can also get an FHA loan with just 3.5 percent down or a VA loan with no required down payment. First-time homebuyers might qualify for the bank's down payment assistance program as well. 
• Fees: Citizens Bank does not list information online about lender fees that come with getting a mortgage. You'll have to contact the lender or consult your loan estimate to get an idea of these costs.
• Closing costs: While closing costs vary by the borrower, you can typically expect to pay between 2 and 5 percent of the total loan amount in closing costs.

Availability: 5/5

Citizens Bank lends mortgages nationwide and offers a variety of mortgage options, earning the lender 5 out of 5 stars for availability. 

• Home loans offered: 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. 
• Footprint: Although Citizens Bank only maintains branch locations in some states, it is licensed to originate mortgages for qualified borrowers in all 50 states. 
• Where to find: Customers can apply for a mortgage at Citizens Bank online, at physical branch locations (limited to some states) or by phone.

Borrower experience: 3.3/5

Though the bank offers an all-digital mortgage application process, it doesn't have as many contact methods as other lenders, and you'll need to submit information to get a personalized rate quote. For these reasons, Citizens Bank gets 3.3 out of 5 stars for borrower experience.

• Application and preapproval process: The entire application process can be completed online, and it includes a format optimized for mobile devices and an easy document upload feature.
• Transparency: Citizens Bank offers sample rates online for its 15-year and 30-year fixed-rate mortgages. However, keep in mind that the advertised rates assume a 740 credit score. Borrowers who want personalized rate information will need to complete a prequalification process, which includes verification of employment.
• Customer service: You can get in touch with Citizens via an online chat feature, phone support and in some locations, in-person customer service. 

J.D. Power ranked Citizens Bank four points below the study average in its 2024 mortgage origination satisfaction study. The bank has been accredited by the Better Business Bureau since 2019 and holds a “B+” rating with the organization. On Trustpilot, the bank has a “Bad” rating based on nearly 600 customer reviews. 

What consumers say about Citizens Bank

Here’s what our Bankrate staff had to say about Citizens Bank.

"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

Your Home Rewards program

Citizens Bank's commission rebate program allows home buyers 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).

Down Payment Assistance Program

If you are a first-time homeowner or have not owned a home in three years, you might qualify for Citizens Bank's down payment assistance grant. The funds can be used toward a down payment or closing costs on a primary residence. You must live in certain states and counties within those states to qualify. You must also meet income limits to apply.

ONE Mortgage Program

This program is only available to low- to moderate-income, first-time homebuyers who live in or plan to purchase in Massachusetts. If you're eligible, you'll receive a discounted fixed interest rate and you won't need to pay private mortgage insurance. In addition, just a 3 percent down payment is required.

Citizens Destination Home Mortgage

This program makes homeownership more affordable by requiring a minimum 3 percent down payment and eliminating private mortgage insurance payments. In addition, no income limits apply when purchasing a home in a low- or moderate-income area. Contact the bank for more information and eligibility requirements.

Citizens Bank offers rate-and-term and cash-out refinancing options. The lender displays refinance rates on its website, but to get a personalized quote, you'll need to fill out an online form similar to the bank's purchase loan form.

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:

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 a home appraisal. (If you’re refinancing, you might or might not need an appraisal.)