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Citizens Bank Mortgage Review 2024

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At a glance

Citizens Bank
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
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4.5
Rating: 4.5 stars out of 5
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Bankrate Score

Customer Rating
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3.0
Rating: 3 stars out of 5

2 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Citizens Bank

4.5

Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

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.

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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
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    Rate discounts for banking customers

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    Down payment assistance program for eligible borrowers

Cons
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    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.

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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:

  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.

Compare Citizens Bank to other lenders

Citizens Bank
Rating: 4.5 stars out of 5
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4.5

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

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

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3.0

Rating: 3 stars out of 5

2 ratings

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This lender has 2 recent reviews.

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 3 stars out of 5
Responsiveness
Rating: 3 stars out of 5
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1 star
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50% of customers would recommend this lender.

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.

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