Citizens Bank’s rates
|30-year fixed rate||3.250%||3.301%|
|15-year fixed rate||2.625%||2.733%|
|7/1 ARM rate||3.000%||2.847%|
*Example rates for a $300,000 mortgage in Hartford, CT 06101. Last updated 6/25/2020.
Citizens Bank offers basic fixed-rate and adjustable-rate mortgage options with rates that are competitive for a somewhat smaller, regional lender. It offers fewer varied mortgage options than some of the other lenders, and none are truly geared toward first-time or low-income buyers — so if you’re a buyer who’s looking for a low-income or first-time loan program, Citizens may not be the right fit.
However, Citizens does offer some other solid perks, including a discounted rate for current customers looking to take out a home loan or refinance. And, while Citizens doesn’t offer products geared toward low-income and first-time buyers with lower down payment options, it may work well for customers who have a bit more home buying experience.
Why it might pique your interest
Citizens Bank is a regional lender serving Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island and Vermont. Despite their limited presence, Citizens is among the top-15 largest retail banks in the U.S., with over 5 million customers. It offers traditional fixed-rate mortgages and a 7/1 adjustable-rate mortgage option, with online tools to assist potential borrowers.
Current customers are most likely to maximize benefits from a Citizens Bank mortgage. Customers with a Citizens Bank checking account will qualify for a 0.125% rate discount when setting up automatic mortgage payments. However, it can be difficult to determine rates and qualifications with Citizens prior to starting an application. They don’t include information about credit score requirements and specific information about individual mortgage products online.
Citizens Bank overview
Citizens Bank Loan types:
- 30 year fixed-rate
- 15 year fixed-rate
- 7/1 ARM
Pros and cons
- Citizens Bank offers discounts to current customers with a Citizens Bank checking account.
- The site includes online tools to help determine what you can qualify for up front.
- Being a smaller lender, Citizens Bank has the advantage of more personal customer service.
- It’s a regional lender only available in 11 states, so it isn’t accessible to everyone.
- Citizens Bank only has a few options beyond typical fixed-rate and adjustable-rate offerings.
- You’ll likely have to apply or prequalify before getting more information about their mortgage offerings.
The final word
If you live in one of the states that Citizens serves, or if you already bank with them, this lender offers reliable options for basic fixed-rate or ARM mortgages. Current checking customers benefit from the 0.125% rate discount, which applies to refinancing as well. Citizens Bank offers limited mortgage options compared to other lending institutions, so it may not be the best fit for first-time homebuyers who are shopping for rates. However, it may be a smart option for those looking for a smaller lender that can offer a more personalized, flexible experience over the larger lenders.
Citizens Bank FAQs
Is Citizens Bank a good bank?
Citizens Bank offers a good mix of banking products to make them seem like a one-stop resource for home buyers. That said, there might be better options available. When searching for a reputable lender, its reputation is everything, and one way you can determine a bank’s reputation is through the Better Business Bureau. The BBB assigned Citizens Bank a B grade.
That, on its own, isn’t an awful grade. However, the bank only earned one out of five stars in customer reviews. This indicates the lender doesn’t do a great job of resolving customer complaints. Given how important finding the right lender is for a mortgage, it would be best to compare how other lenders measure up with their customers.
Does Citizens Bank do FHA loans?
Yes, Citizen Bank does work with a variety of mortgage programs depending on the borrower’s needs. With an FHA loan, the prospective borrower has a more manageable down payment, as they’re only required to pay one percent of the loan. As part of this program, the homeowner must also carry special insurance, though, according to Citizens Bank, the cost of this premium is modest. When you speak with a loan advisor, they’ll help you discover which programs are the right fit for you.
Where can you get a mortgage with Citizens Bank?
There are several ways you can start the mortgage process with Citizens Bank. You can use the find a loan advisor feature on its website to find one near you. You can also call them at 1-800-288-5569.
Once you start the process, they’ll determine if you’re eligible for a mortgage. If you qualify, you’ll receive a pre-approval that you can use to shop for your dream home. The pre-approval would include how much you could afford on your next home and how much you would have to put down to close the loan.