Citizens Bank Mortgage Review 2024

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.

Pros and cons of Citizens Bank

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.

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:

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 Citizens Bank

Citizens Bank offers both rate-and-term and cash-out refinancing options.

• 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.