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Citizens Bank offers a good range of loan types and a few different worthwhile features, including a rate discount for enrolling in automatic payments and e-statements. But the lender ranked below average in J.D. Power's annual Primary Mortgage Origination Satisfaction Study, which measures customer satisfaction.
620
3%
Conforming, FHA, VA, jumbo, construction-to-permanent, HELOC, Destination Home Mortgage
- Low average rates
- Destination Home mortgage offers 3% down with no PMI
- Get a rate discount for setting up automatic payments
- Ranks below average in customer satisfaction
- Only shows a couple sample rates
- You need a 620 score to get an FHA
Citizens Bank offers a good range of loan types and a few different worthwhile features, including a rate discount for enrolling in automatic payments and e-statements.
- Available in all 50 states and Washington, DC
- Minimum credit score and down payment displayed are for conforming mortgages. Non-first-time homebuyers must put down at least 5%.
Citizens Bank Mortgage Basics
Loan Types
This lender offers the following mortgages:
It also has its own unique affordable mortgage program called a Destination Home Mortgage.
The Destination Home Mortgage is available to low-to-moderate income borrowers or borrowers who live in a low-to-moderate income area. It allows 3% down payments with no monthly private mortgage insurance. Typically, when you put down less than 20%, you'd be required to pay for mortgage insurance as part of your monthly mortgage payment, so this mortgage can help you keep your monthly costs down without having to save for a large down payment.
Citizens is also a participating lender in the Massachusetts Housing Partnership's ONE Mortgage program. If you're buying a home in Massachusetts, you could get a 3% down mortgage with a below-market rate and no PMI.
Customer Discount
You may also be able to get a 0.125% discount on your interest rate if you set up automatic payments through your checking account and enroll in paperless billing. If you live in Connecticut, Delaware, Florida, Vermont, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, or Washington, DC, you'll need to use a Citizens Bank checking account to get this discount.
Lending Area
Citizens lends mortgages in all 50 states and Washington, DC. But it only has physical branches in 14 states, limiting its ability to offer in-person mortgage services to many potential borrowers.
How to Apply
You can get started with Citizens Bank online, over the phone, or in person if you live near a branch.
Citizens Bank Mortgage Interest Rates and Fees
In our review of Home Mortgage Disclosure Act data, we found that Citizens Bank's mortgage rates were slightly lower than average.
Citizens Bank shows sample mortgage rates for its 30-year and 15-year fixed-rate mortgages on its website. If you want to see rates for the other mortgages it offers, or to get a customized rate, you'll need to talk to a loan officer or start an application.
In 2022, the average borrower getting a conventional loan from this lender paid $3,170 in origination fees, according to HMDA data. This is around average compared to other lenders.
Citizens Bank Mortgage: Overall Lender Rating
Loan Types: 4 out of 5
Citizens offers a broad range of mortgages, including conventional and government-backed loans, plus construction-to-permanent mortgages and HELOCs.
Affordability: 4 out of 5
This lender has a variety of affordable programs and features. This includes its 3% down Destination Home Mortgage and the 0.125% rate discount for borrowers who set up autopay and paperless billing. It also has slightly lower rates compared to other lenders.
Customer Satisfaction: 3.48 out of 5
When it comes to customer satisfaction, Citizens ranked below the industry average on J.D. Power's Primary Mortgage Origination Satisfaction Study in 2023. But it otherwise has good customer reviews; on its Zillow profile, it has 4.95 out of 5 stars, based on over 2,000 customer reviews.
Trustworthiness: 4 out of 5
Citizens Bank has a B rating from the Better Business Bureau due to government action against the business and taking too long to respond to customer complaints.
In 2023, Citizens settled allegations from the Consumer Financial Protection Bureau that Citizens violated the Truth in Lending Act by inappropriately handling billing errors on consumers' credit card accounts.
Citizens Bank Mortgage Pros and Cons
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You May Get a Low Rate
Citizens Bank's average rates are on the low end compared to other mortgage lenders, according to HMDA data. Getting a low rate on your mortgage can help you save hundreds of dollars or more per year.
Get a Lower Rate by Setting Up Autopay
You can get a small mortgage rate discount when you set up automatic payments and paperless billing on your mortgage. This is a relatively low effort way to save a few bucks each month.
High Minimum Credit Score for FHA Loans
To qualify for an FHA loan from Citizens, you may need a credit score of at least 620. Many lenders will accept scores down to 580 or even 500 on these loans, making them more available to borrowers who struggle to qualify for conventional loans.
What Borrowers Are Saying About Citizens Bank Mortgages
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Citizens Bank mortgages.
Knowledgeable and Helpful Mortgage Pros
Most of the customer reviews we looked at were from borrowers who had great experiences with their Citizens Bank loan officers. They said the mortgage professionals they worked with were knowledgeable, communicative, and made the process easy for them.
We saw some previous borrowers say they had a spotty or difficult customer service experience, but we don't believe these negative reviews were indicative of a larger problem with the lender.
How Citizens Bank Mortgages Compare
Citizens Bank vs. SoFi Mortgages
SoFi Home Loans is a good option for borrowers who want an easy online application process. SoFi® and Citizens both have very similar loan offerings, though Citizens has construction-to-permanent loans, unlike SoFi. SoFi allows slightly lower credit scores on its FHA and VA loans compared to Citizens.
If both of these lenders offer the type of mortgage you're looking for, it might be a good idea to get preapproved with both to see which one offers you a better rate.
Citizens Bank vs. Bank of America Mortgages
Bank of America Mortgage is one of the best mortgage lenders for first-time homebuyers. It offers grants and low or no down payment mortgage options for eligible borrowers.
Bank of America's average rates are significantly lower than average, and its fees are on the low end, too. Like Citizens, Bank of America offers a mortgage discount for current bank clients who are Preferred Rewards program members.
Bank of America Mortgage Review
Citizens Bank Mortgage FAQs
In our review of the latest HMDA data, we found that Citizens has slightly lower than average rates, so you may be able to get a good rate with this lender.
Yes, Citizens Bank is an FHA lender.
You may need a credit score of at least 620 to qualify for a mortgage from Citizens.
The length of the mortgage process will vary depending on the details of your loan, but it can often take between 30 and 60 days.
Yes, you can get preapproved for a mortgage with Citizens Bank online. You can also start the process over the phone or in person.
Citizens Bank has a specialty mortgage called the Destination Home Mortgage that allows 3% down payments with no mortgage insurance.
Why You Should Trust Us: How We Reviewed Citizens Bank Mortgage
For our review of Citizens Bank, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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