Citizens Bank Mortgage Review 2023

Breakdown of Citizens Bank overall score

• 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 just below average in terms of customer satisfaction for mortgage origination, however.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 5/5

Citizens Bank displays daily purchase and refinance rates and estimated monthly payments online for 30- and 15-year fixed-rate mortgages. The 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.The bank’s home equity calculator helps estimate your rate, too, if you want to borrow against your current home. Citizens Bank doesn’t disclose its fees on its website. Generally speaking, lender fees can include an origination fee, rate-lock fee and other closing costs.

Availability: 4.5/5

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: 4.3/5

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.

Citizens offers an all-digital mortgage application process. There’s also a mortgage resource center online with educational content, although the website isn’t as informative as those of some of the bank’s competitors.

To apply for a mortgage, you can get the process started online, use the bank’s website to find a loan officer in your area or call 888-514-2300.

Refinancing with Citizens Bank

You can refinance your existing mortgage with Citizens Bank to take advantage of lower rates or explore cash-out refinance options. The bank’s website displays updated refinance rates for borrowers with good credit, but you’ll need to connect with a loan officer for a breakdown of additional fees and a personalized rate quote.

Alternatives to Citizens Bank

• Citibank mortgage review – Another huge bank, but with higher customer satisfaction scores for mortgage origination
• Chase Home Lending review – Financial giant with wider branch network and solid customer satisfaction scores from J.D. Power, plus potential discounts for existing customers
• Bank of America mortgage review – Fast online preapprovals, regularly-updated rates online and low-down payment loan programs