First Citizens Bank Mortgage Review 2025

First Citizens Bank, founded in 1898 and based in Raleigh, North Carolina, is a top 20 bank in the U.S. with more than $200 billion in assets. Along with banking services, commercial lending and wealth management, First Citizens offers an array of mortgage options, including construction and renovation loans. The bank also offers a lineup of government-backed loans for qualifying borrowers and physician loans for medical professionals.

Pros and cons of First Citizens Bank

Affordability: 5/5

With competitive interest rates and many mortgages requiring no or low down payments, First Citizens Bank scored the full 5 out of 5 stars for affordability.

• Interest rates: First Citizens Bank reported annual percentage rates (APRs) significantly below Bankrate's national averages at the time of this review.
• Down payment: Down payments with First Citizens Bank mortgages are standard depending on loan type. VA and USDA loans have no down payment requirements, FHA loans require 3.5 percent down and conventional loans require 3 percent down. The bank also provides down payment assistance for qualifying veterans, public service workers and first-time homebuyers.
• Fees: The lender has reported to Bankrate that it charges an underwriting fee.
• Closing costs: Closing costs vary by the borrower but typically cost between 2 and 5 percent of the loan amount. Be sure to review your loan paperwork to learn how much you'll be expected to pay on closing day.

Availability: 4.9/5

Because First Citizens Bank offers such a wide range of mortgage products and serves borrowers in most states, the lender scored 4.9 out of 5 stars for availability.

• Home loans offered: This lender offers a wide array of mortgage products, including conventional loans and government-backed loans, such as FHA, USDA and VA loans. You can also get jumbo loans, construction loans, and physician loans through the lender.
• Footprint: First Citizens Bank provides mortgages to borrowers in most U.S. states. 
• Where to find: First Citizens Bank offers a prequalification process online, with customer service available by phone and email. You can also search for a local loan officer to work with.

Borrower experience: 3.5/5

Because prospective borrowers need to contact the bank for a rate quote and phone customer service hours are limited to during the week, First Citizens Bank earned 3.5 out of 5 stars for borrower experience.

• Application and preapproval process: To start working with the bank for your mortgage, you can apply for a prequalification online or call to speak with a loan officer directly. If you choose the online route, you'll need to create an account and complete an application, after which a loan officer will contact you within 48 hours to discuss your options. Once you've found a home and the seller accepts your offer, you can formally apply for a mortgage. Upon approval, you'll be on your way to close on the home.
• Transparency: Mortgage rates are not displayed on First Citizens Bank's website. To get a rate quote and see how much you could qualify for, you'll need to apply for a prequalification online. 
• Customer service: Customer service is available by phone at 800-845-3161. Mortgage customer service hours are Monday through Friday, 8:30 a.m. to 9 p.m. ET. You can also find a local branch for help in person. 

First Citizens Bank has been in business for more than a century, growing in size and assets over the years. The bank has a "B" rating from the Better Business Bureau but does not hold accreditation from the organization. Its Trustpilot rating is “Poor” at the time of this writing.

Money Saver Mortgage

First Citizens offers a Money Saver Mortgage product that is unique to its lineup. With a shorter-than-standard term (20 years for fixed-rate loans), this mortgage is designed to help borrowers save on upfront fees and overall costs. This loan does not feature an escrow account, so homeowners are responsible for their own insurance and property tax payments.

Down payment assistance

The bank offers down payment assistance in the form of grants to certain borrowers. First-time homeowners can receive up to $5,000, public service workers can get up to $7,500 and military members and their spouses can receive up to $10,000 in assistance. To qualify, you'll need to meet income requirements. If interested, you can contact a loan officer to speak about your eligibility. 

First Citizens Bank offers rate-and-term and cash-out refinancing options. You’ll need to complete an online form for a refinance rate quote and a cost estimate. HELOC and home equity loans are also available through this lender for borrowers looking to tap their equity without a full mortgage refinance.

You can apply for a mortgage with First Citizens Bank in person at a branch location, online or by phone. 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.)