Citizens Bank is a regional bank based in Providence, Rhode Island. It offers traditional banking services and products, including home loans and mortgage refinance loans.
- Provides a homebuying service with rewards for borrowers in select states
- Offers an interest rate discount for qualifying automatic payments
- Offers the ability to apply online
- Has brick-and-mortar branches in only 11 states
- Doesn’t have specialized loan options
Which Mortgage Products Does Citizens Bank Provide?
Citizens Bank offers several mortgage products directly in 11 states and through its subsidiary, Citizens One, in other states. Options include:
- Conventional mortgage
- Adjustable-rate mortgage
- Mortgage refinancing
- Home equity loans
How Can I Qualify for a Loan With Citizens Bank?
Citizens Bank doesn’t provide any public information about its credit score or debt-to-income ratio requirements. In general, a conventional mortgage requires a FICO credit score of 620 or above. Other loan types can have different eligibility requirements. The higher your credit score and the lower your debt-to-income ratio, the better your chances are of getting approved.
What Mortgage Fees Does Citizens Bank Charge?
The lender doesn’t disclose its closing costs publicly but, as with any other lender, will provide a loan estimate when you submit your mortgage application. In general, closing costs range from 2% to 5% of the purchase price of the home you’re buying.
If you use the bank’s homebuying service, Your Home Rewards from Citizens Bank, you could get a cash reward of between $350 and $6,500 when you buy (or sell) your home. This reward can help offset the cost of closing on your loan. However, it’s not available in Alaska, Iowa, Louisiana or Missouri.
Does Citizens Bank Offer Good Customer Service?
Citizens Bank has a B rating with the Better Business Bureau.
The Consumer Financial Protection Bureau received 236 mortgage-related complaints in 2019 about Citizens Bank. The most common complaints involved:
- Having trouble during the payment process
- Struggling to pay a mortgage
- Applying for a mortgage or refinancing a mortgage
- Closing on a mortgage
Each complaint received a timely response.
Does Citizens Bank Offer Online Features?
You can complete the entire mortgage application process, including uploading documents, through the lender’s website. Once you’ve closed on your loan, you can manage it through your online account.
Citizen Bank Mortgages Are Best for:
- Existing Citizens Bank customers who can qualify for the rate discount
- Homebuyers who are eligible for the lender’s homebuying service
- People who prefer an online mortgage experience