Founded in 1828 as High Street Bank, Citizens Bank is now part of Citizens Financial Group, Inc., which is one of the nation’s oldest and most established financial institutions. Citizens is headquartered in Providence, Rhode Island, and offers a wide range of banking, lending, and investment services to individuals, small businesses, and large corporations.
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Citizens Bank History
Established nearly 200 years ago, Citizens Bank provides services in 11 states in the New England, Mid-Atlantic, and Midwest regions of the U.S.
Citizens Bank mortgage rates and qualifications are relatively comparable to industry standards, although the lender does offer discounts for borrowers who also have a Citizens Bank checking account. There are various conforming mortgage and refinance options, as well as non-conforming jumbo loans, available that apply to a diverse selection of homebuyers.
While Citizens Bank doesn’t top the list of lenders dominating the market, customer reviews are typically positive in regard to service and rates.
Citizens Bank Mortgage Facts
- Competitive mortgage rates on fixed and adjustable-rate mortgage plans, with state and federal down payment assistance programs accepted
- Consumers can use the mortgage payment and home equity line online calculators to help plan their budgets
- Borrowers can get a 0.125 percent mortgage rate discount when they set up automatic payments with a Citizens Bank checking account
- Provides personal loans for debt management, significant home improvement projects or other large purchases
- Mortgage Learning Center with resources to help borrowers research home loan options
Citizens Bank Mortgage Rates
Citizens Bank Mortgage Options
Citizens Bank provides competitive rates on many of the standard mortgage and refinancing options offered by most lenders. The majority of the mortgage rates for buying a new home also apply to refinance a current mortgage.
Citizens also offer many down payment assistance options to help borrowers in different situations and financial standings to purchase homes. However, it only serves specific regions in the U.S., making property location a determining factor for borrowers considering the lender.
Fixed-Rate Loans
Ideal for borrowers who plan to stay in their homes for a significant period or want peace of mind that their rate will always be the same, fixed-rate loans have interest rates and payments that do not change during the loan term. Citizens Bank offers both 15- and 30-year fixed-rate mortgages.
Adjustable-Rate Loans
Better for those who plan to stay in their home for a shorter amount of time or borrowers who have the funds to pay off the loan quickly, adjustable-rate mortgages (ARM) start with a fixed interest rate for a set number of years. Once that designated period ends, the interest rate fluctuates each year based on financial market rates throughout the remaining duration of the loan.
Standard options are 3/1 and 5/1 ARMs, which means the interest rate is fixed for the first three or five years, respectively. Citizens Bank offers fully amortizing ARM options at competitive rates.
Jumbo Mortgage Loans
These large, non-conforming home loans are offered when the requested loan amount exceeds the limits set annually by important institutions like Fannie Mae and Freddie Mac. Jumbo mortgages generally come with higher rates and require steeper down payments, often 20 percent or more. Citizens Bank has fixed and variable jumbo mortgage rates available, as well as interest-only payments for qualifying borrowers.
Citizens Bank FHA Mortgage Loans
Insured by the Federal Housing Administration (FHA), these loans are ideal for low- and moderate-income homebuyers with less-than-perfect credit. They can require as little as a 3.5 percent down payment, rather than the usual 20 percent. Citizens Bank offers FHA loans to borrowers who qualify for down payment assistance.
VA Loans
These fixed-rate mortgages are insured by the U.S. Government’s Department of Veterans Affairs (VA) and feature low-down payments and in some cases no down payment, options for qualified military members or veterans. Citizens Bank offers VA loans to military personnel, veterans, or spouses who have good credit and sufficient income to cover the mortgage payments.
Doctor Loan Program
This program offers low down payment options, and sometimes no mortgage insurance requirements, for licensed Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Surgery (DDS), and Doctors of Dental Medicine (DMD). These borrowers can qualify for the loan program if they:
- Completed residency within the last ten years
- Are you currently a medical professional resident, fellow, or intern
- Are self-employed physicians
- Are employed by a major hospital as a medical researcher
Construction-To-Permanent Financing
This allows borrowers to combine construction financing and permanent mortgages into one loan. It’s ideal for borrowers who are building or renovating a primary home or constructing a new vacation property.
Comprehensive Citizens Bank Mortgage Options
| Mortgage Option | Description |
|---|---|
| Fixed-Rate Loans | Ideal for Stability; 15- and 30-Year Fixed-Rate Options |
| Adjustable-Rate Loans | For Short-Term or Quick Payoff; 3/1 and 5/1 ARMs Available |
| Jumbo Mortgage Loans | For Larger Loans Exceeding Limits; Fixed and Variable Rates |
| Citizens Bank FHA Loans | Low-to-Moderate Income; 3.5% Down Payment, Assistance Available |
| VA Loans | Insured by U.S. Government for Military; Low or No Down Payment |
| Doctor Loan Program | Low Down Payment or No Mortgage Insurance for Medical Professionals |
| Construction Financing | Combine Construction and Permanent Mortgages; for Building/Renovation |
Citizens Bank Mortgage Tools
Citizens Bank offers an online rate check form that borrowers can complete to receive customized quotes based on their loan details. Those who are interested in applying can call a Home Loan Officer or complete the process online. Users set up an online account so they can start an application and then return to it later to complete and submit their information.
Depending on the loan type, borrowers will need to provide information such as government-issued identification, credit score, federal tax returns, bank statements, and settlement or closing statements.
Citizens further provide several online resources to assist potential borrowers in understanding mortgage terms and navigating the processes for applying and repaying loans. Citizens Bank received a 710 out of 1,000 rating in the recent 2022 J.D. Power customer satisfaction survey for mortgage originators, falling below the industry standard.
The lender receives mostly positive consumer reviews on online sites like Zillow and Lending Tree, with borrowers citing responsive, supportive, and honest service as reasons for such approving feedback.
Citizens Bank Grades
Serving the U.S. for nearly 200 years, Citizens Bank National Association has a National Mortgage Licensing System and Registry ID number 433960.
The company as a whole received various awards and recognition over the years including Forbes America’s Best Banks and American’s Most Just Companies in 2022. Citizens Bank Citizens Named to FORTUNE’s World’s Most Admired Company List – Citizens Bank in 2023.
Citizens Bank Mortgage Qualifications
Citizens Bank aligns with many of the industry standards when it comes to mortgage qualifications. A credit score is, of course, one of the most important factors the lender considers when reviewing mortgage applications. Borrowers with a credit score above 670 should have a high chance of approval, and the lender will likely offer their best mortgage rates to those with excellent credit scores.
| Credit Score | Quality | Ease of approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Somewhat difficult |
| n/a | No credit score | Difficult |
However, the lender is largely compliant with several state and federal down payment assistance programs. For instance, while conventional loans typically require a 20 percent down payment, VA and FHA loans may accept a 3.5 percent down payment.
In general, borrowers with a satisfactory credit score, 36 percent or less debt-to-income ratio, steady employment history, sufficient savings, and the ability to pay a 20 percent down payment will have the best chances of securing a loan from Citizens Bank with competitive rates.
Citizens Bank Phone Number & Additional Details
- Homepage URL: https://www.citizensbank.com/
- Company Phone: 1-800-922-9999 or 1-888-514-2300 (for mortgages)
- Headquarters Address: One Citizens Plaza, Providence, RI 02903
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Citizens Bank Mortgage Review
Product Name: Citizens Bank Mortgage
Product Description: Citizens Bank Mortgage is a prominent financial service offering from Citizens Bank, catering to homebuyers and homeowners with a range of mortgage options. Their services encompass both initial home purchases and refinancing solutions, aiming to meet diverse client needs.
Summary of Citizen Bank Mortgage
Citizens Bank Mortgage stands as a pillar within the vast financial products of Citizens Bank, providing customers with a myriad of mortgage solutions. Whether you’re a first-time homebuyer or someone looking to refinance an existing mortgage, their offerings aim to provide flexibility and reliability. With an emphasis on customer support, they have various tools and resources designed to guide borrowers through the mortgage process, from application to closing.
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Cost and Fees
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Customer Service
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User Experience
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Product Offerings
Overall
Pros
- Diverse Offerings: Citizens Bank Mortgage caters to a wide range of mortgage needs, from first-time homebuyers to those seeking refinancing options.
- Customer-Centric Approach: They place a strong emphasis on customer service, ensuring clients have resources and support throughout their mortgage journey.
- Reputable Institution: As part of Citizens Bank, a well-established financial entity, their mortgage services come with the trustworthiness of a renowned brand.
- Accessible Tools and Resources: Their online platform provides tools like mortgage calculators, guides, and application tracking to assist clients.
Cons
- Below Average Customer Satisfaction: Based on some studies, such as the one by J.D. Power, they have scored below the industry average in customer satisfaction.
- Limited Geographic Reach: Their mortgage services might not be available in all US states, limiting accessibility for some potential clients.
- Potential for Higher Rates: Some users may find more competitive rates with smaller lenders or credit unions.
- Complex Application Process: Some customers report a more involved and lengthy application procedure compared to other lenders.
