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First Citizens Bank Mortgage Review 2024

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At a glance

First Citizens Bank
NMLS: 503941
Editor's take

First Citizens Bank merged with CIT Bank in 2022, catapulting it into the top 20 banks nationwide in terms of assets. Along with banking services, First Citizens continues to offer an array of mortgage options, including construction and renovation loans.

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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4.7
Rating: 4.67 stars out of 5

97 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 701 for jumbo loans, 620 for FHA loans, 640 for USDA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3.5% for FHA loans, none for VA loans

At a glance

First Citizens Bank

NMLS: 503941

4.5

Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 701 for jumbo loans, 620 for FHA loans, 640 for USDA loans

First Citizens Bank overview

The biggest family-run bank in the U.S. with more than $200 billion in assets, First Citizens Bank assists borrowers with mortgages, in addition to offering banking, business and wealth services. The bank is based in Raleigh, North Carolina, and was founded in 1898.

Pros and cons of First Citizens Bank

Pros
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    Relationship discounts for banking customers

Cons
  • Close X

    Offers online prequalifications, not preapprovals

Our Editor’s Take on First Citizens Bank

First Citizens Bank merged with CIT Bank in 2022, catapulting it into the top 20 banks nationwide in terms of assets. Along with banking services, First Citizens continues to offer an array of mortgage options, including construction and renovation loans.

How Bankrate scored First Citizens Bank

  • Affordability: First Citizens Bank offers competitive mortgage rates (as of this review) with typical closing costs and fees.
  • Availability: First Citizens operates in all states and provides conventional loans, government-backed mortgages and more.
  • Borrower experience: You can initiate a request for an approval and a rate quote, as well as apply for a mortgage, via the First Citizens Bank website. 

Affordability: 9.6/10

First Citizens Bank’s mortgage rates were below Bankrate’s averages at the time of this review, meaning you might score a deal with this lender, provided you qualify. The bank’s charges for a mortgage might include an origination fee, rate-lock fee and other closing costs.

Availability: 10/10

First Citizens Bank provides mortgages to borrowers in all 50 states, from conventional and government-insured loans through the FHA, VA and USDA programs to options to refinance your existing mortgage. The lender also offers jumbo loans, construction loans and home renovation loans.

Borrower experience: 7.4/10

First Citizens Bank has been in business for more than a century. The bank has an A rating from the Better Business Bureau. As a borrower, you can set up a free online account to ask for preapproval, a process that typically requires three to five days. Then a mortgage banker will reach out to discuss your options. The bank’s average time to close a purchase loan, as of this review, was 25 days.

How to apply for a mortgage with First Citizens Bank

You can apply for a mortgage with First Citizens Bank in person at a branch location, online or by phone at 800-845-3161. Its mortgage customer service hours are Monday through Friday, 8:30 a.m. to 8 p.m. ET.  Your loan officer might also be available after hours or on weekends as needed. 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 First Citizens Bank

First Citizens Bank offers both rate-and-term and cash-out refinancing options. You’ll need to complete an online form for a rate quote and an estimate of costs.

Compare First Citizens Bank to other lenders

First 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
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, 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, 701 for jumbo loans, 620 for FHA loans, 640 for USDA 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

3.5% 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

First Citizens Bank customer ratings and reviews

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NMLS: 503941

4.7

Rating: 4.67 stars out of 5

97 ratings

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This lender has 0 recent reviews.

Knowledge
Rating: 4.7 stars out of 5
Level of service
Rating: 4.7 stars out of 5
Professionalism
Rating: 4.7 stars out of 5
Responsiveness
Rating: 4.7 stars out of 5
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1 star
89%
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7%

93% of customers would recommend this lender.