Citizens Bank is a strong mortgage lender overall with a variety of loan offerings, but it ranks below the industry average in customer satisfaction.
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Citizens Bank; Insider
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 3 |
| Customer satisfaction | 3.5 |
| Trustworthiness | 4 |
| Total | 3.63 |
| Pros | Cons |
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Citizens Bank shows sample rates for its 30-year and 15-year fixed-rate mortgages on its website. If you want to see rates for the other mortgages it offers, or to get a customized rate, you'll need to talk to a loan officer or start an application.
Citizens | SoFi |
Types of mortgages Conforming, FHA, VA, jumbo, construction-to-permanent, HELOC, Destination Home Mortgage | Types of mortgages Conforming, jumbo, fixed-rate mortgages |
Standout feature Destination Home Mortgage | Standout feature Easy online experience |
Both Citizens Bank and SoFi are good options for borrowers who prefer an online application process. But Citizens Bank has a wider range of loan options than SoFi, which only offers fixed-rate conforming and jumbo mortgages. Citizens offers many different types of loans, including both fixed- and adjustable-rate mortgages.
If both of these lenders offer the type of mortgage you're looking for, it might be a good idea to get preapproved with both to see which one offers you a better rate.
Citizens | Bank of America |
Types of mortgages Conforming, FHA, VA, jumbo, construction-to-permanent, HELOC, Destination Home Mortgage | Types of mortgages Conforming, jumbo, FHA, VA, HELOC, Community Affordable Loan Solution |
Standout feature Destination Home Mortgage | Standout feature Community Affordable Loan Solution |
Citizens and Bank of America have similar mortgage offerings, including an affordable mortgage for borrowers who otherwise might have trouble qualifying.
Bank of America's Community Affordable Loan Solution comes with no down payment requirement, no closing costs, and no mortgage insurance. But it's currently only available in a handful of cities.
Citizens Bank's Destination Home Mortgage requires a 3% down payment, no mortgage insurance, and it can be combined with the lender's down payment assistance program, if you live in an eligible area. The Destination Home Mortgage is available to low-to-moderate income borrowers or those who live in a low-to-moderate income area.
You can get started with Citizens Bank online, over the phone, or in person if you live in one of the 14 states Citizens has a physical branch in. Citizens lends in all 50 states and Washington, DC.
This lender offers conforming, FHA, VA, jumbo, construction-to-permanent mortgages, and HELOCs. It also has its own unique affordable mortgage program called a Destination Home Mortgage.
The Destination Home Mortgage is available to low-to-moderate income borrowers or borrowers who live in a low-to-moderate income area. It allows 3% down payments with no monthly mortgage insurance payment. Typically, when you put down less than 20%, you'd be required to pay for mortgage insurance as part of your monthly mortgage payment, so this mortgage can help you keep your monthly costs down without having to save for a large down payment.
Citizens also offers down payment assistance, which can be combined with its Destination Home Mortgage. Down payment assistance is only available in certain counties in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia.
Like the Destination Home Mortgage, down payment assistance is only available to low-to-moderate income borrowers or those buying in a low-to-moderate income area.
You may also be able to get a 0.125% discount on your interest rate if you set up automatic payments through your checking account and enroll in paperless billing. If you live in New Hampshire, Vermont, Maryland, Rhode Island, Connecticut, New York, New Jersey, Delaware, Pennsylvania, Ohio, or Michigan, you'll need to use a Citizens Bank checking account to get this discount.
Citizens allows down payments as low as 3% on its conforming loans, but this option is only available to first-time homebuyers. Non-first timers will need to put at least 5% down. You'll need at least a 620 credit score to get a mortgage with this lender.
Citizens Bank has an A+ rating from the Better Business Bureau. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
But Citizens was the subject of a 2020 complaint filed by the Consumer Financial Protection Bureau alleging that Citizens violated the Truth in Lending Act by inappropriately handling billing errors on consumers' credit card accounts.
When it comes to customer satisfaction, Citizens ranked below the industry average on J.D. Power's Primary Mortgage Origination Satisfaction Study in 2021. But it otherwise has good customer reviews; on its Zillow profile, it has 4.96 out of 5 stars, based on 2,062 customer reviews.
Citizens Bank offers a number of different mortgages to choose from, including government-backed loans and conventional loans that allow low down payments. It also has features that help it stand out, such as its Destination Home Mortgage and live online chat.
But every borrower's needs are different. Whether this lender is good for you will depend on if it has the type of mortgage you're looking for and what types of rates and terms it can offer you. If you have a lower score, Citizens might not be the best pick for you, since you'll need at least a 620 score to qualify with this lender.
Yes, Citizens Bank is an FHA lender.
To get a conforming, FHA, or VA mortgage from Citizens Bank, you'll need a credit score of at least 620.
