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First Citizens Bank Mortgage Review 2023

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At a glance

First Citizens Bank
NMLS: 503941
Editor's take

First Citizens Bank is good for borrowers interested in variety of types of mortgages, including construction and renovation loans, and a quick closing.

Bankrate Score
Info
4.5
Rating: 4.5 stars out of 5
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Bankrate Score

Customer Rating
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4.7
Rating: 4.7 stars out of 5

97 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term refinancing; construction and renovation loans; interest-only

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

Available in all U.S. states

Dollar Coin

Min. down payment

3.5% for FHA loans, none for VA loans

Recent customer reviews

The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 5 stars out of 5

You want Philip Newstedt on your team in this market

Philip Newstedt is the reason I would, without hesitation, recommend CIT Bank for a home loan to a friend or colleague, though I would recommend that they specifically seek out Philip. Despite me being skeptical to begin, Philip was professional and patient. He was honest and upfront, without being...

Stephanie
Washington (Jul 6, 2022)

Rating: 5 stars out of 5

Great experience, amazing rates!

Marc Gurgiolo was our loan officer and he did everything possible to get us the best deal. Would absolutely recommend!

Eduardo Cohn
Los Angeles, California (Jun 7, 2022)

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, fixed-rate, adjustable-rate; rate-and-term refinancing; construction and renovation loans; interest-only

Location

Nationwide Availability

Available in 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., 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. In 2022, it acquired CIT Group, which included CIT and OneWest banking customers.

Pros and cons of First Citizens Bank

Pros
  • Checkmark

    Offers relationship discounts for banking customers

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    Provides construction and renovation financing

Cons
  • Close X

    Offers online prequalifications, not preapprovals

Our Editor’s Take on First Citizens Bank

First Citizens Bank is good for borrowers interested in variety of types of mortgages, including construction and renovation loans, and a quick closing.

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. 

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

First Citizens Bank customer ratings and reviews

logo

NMLS: 503941

4.7

Rating: 4.7 stars out of 5

97 ratings

Info

This lender has 2 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
5 stars
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1 stars
89%
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7%

93% of customers would recommend this lender.

of 2 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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