First Citizens Bank Mortgage Review 2023

Breakdown of First Citizens Bank overall score

• Affordability: First Citizens Bank offers competitive mortgage rates with typical closing costs and fees.
• Availability: First Citizens operates in all states and provides conventional loans, government-backed mortgages and other types of loans.
• 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. 

• 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

First Citizens Bank’s mortgage rates are below Bankrate’s averages, meaning you might stand to obtain a favorable rate 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: 4.3/5

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: 4.5/5

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.

If you have questions about a loan, First Citizens Bank is available Monday through Friday from 9 a.m. to 6 p.m. ET. Your loan officer might also be available after hours or on weekends as needed.

Refinancing with First Citizens Bank

You can refinance your current mortgage with First Citizens Bank. You’ll need to complete a form for a rate quote and an estimate of costs.

Alternatives to First Citizens Bank

• Freedom Mortgage review – If you’re looking for a HELOC, Freedom Mortgage might fit the bill.
• Mr. Cooper mortgage review – This online-only lender offers a wider range of niche mortgage products.
• United Wholesale Mortgage review – UWM is a wholesale lender that works with brokers and other lenders.