Citizens Bank Mortgage Reviews

We recommend Citizens Bank mortgages for homebuyers purchasing their first home or building one from the ground up. It has several low-down-payment programs that make homeownership more accessible. Moreover, its construction-to-permanent loans mean you only pay closing costs once when financing your home’s build.

Aside from being one of the oldest and largest financial institutions in America, Citizens ranked third out of 25 lenders in J.D. Power’s 2025 U.S. Mortgage Origination Satisfaction Study. Citizens’ overall customer satisfaction index rating was 787 out of 1,000, compared to the study average of 760. This data suggests that Citizens is among the most customer-friendly lenders.

Citizens Bank offers mortgage options beyond the standard conventional loan, many with low down payment requirements. Loan options include:

• Conventional loan: Conventional loans aren’t backed or insured by the federal government and typically require higher credit scores and down payments than government-backed loans.
• Construction-to-permanent loan: This loan finances the construction of a new home and automatically converts into a permanent mortgage once construction is complete.
• FHA loan: FHA loans are government-insured mortgages designed to help borrowers with lower credit scores or smaller down payments qualify for a home loan. They require as little as 3.5% down with a 580 credit score.
• Conventional 97 loan: This loan allows a down payment as low as 3% without income limits or upfront mortgage premiums.
• HomeReady loan: The Fannie Mae HomeReady program allows eligible low- to moderate-income borrowers to purchase a primary residence with as little as 3% down. Borrowers can use gift funds or assistance programs for the down payment and closing costs.
• Destination Home Mortgage loan: This Citizens program allows qualified borrowers to put as little as 3% down on one- to two-unit homes or 5% on three- to four-unit homes, with no private mortgage insurance (PMI) for eligible properties in low-to-moderate-income areas.
• ONE Mortgage loan: Available only in Massachusetts through the Massachusetts Housing Partnership, this program offers discounted interest rates, a 3% down payment requirement, no PMI and potential payment assistance for qualified borrowers.
• VA loan: Eligible service members, veterans and surviving spouses can finance up to 100% of a home’s value with no down payment and no monthly mortgage insurance, though most borrowers pay a VA funding fee.
• Jumbo loan: Jumbo loans are used when you need to borrow more than the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for your area.

Citizens refinance and home equity products

You can also refinance an existing mortgage with Citizens. Options include rate-and-term refinancing, which may lower your interest rate or change your loan term, and cash-out refinancing, which lets you access your home equity as cash.

Citizens also offers home equity products, including a traditional home equity line of credit (HELOC) and the GoalBuilder HELOC, a smaller line of credit for amounts up to $25,000.

You can start the refinance process through Citizens’ FastLine online application and view personalized rate options in minutes, though final approval depends on your credit profile, income and property information.

Citizens Bank evaluates several factors when determining whether you qualify for a mortgage and what interest rate you may receive. Key considerations include:

1. Credit history and credit score
2. The property being purchased
3. Debt-to-income ratio

Lenders may also review your income stability, assets and employment history during the underwriting process.

When applying for a mortgage or requesting preapproval, you may be asked to provide documentation such as:

• State-issued ID
• Pay stubs for the last 30 to 60 days
• Federal tax returns from the last two years
• Recent checking and savings account statements
• Investment or retirement account statements from the previous quarter

If you’re self-employed, Citizens may request two years of personal and business tax returns and additional documentation to verify income.

If you don’t already have a real estate agent, Citizens’ Your Home Rewards program can connect you with one of its partner agents and offer a reward after closing. Eligible customers can receive between $350 and $9,500 when they buy or sell a home through the program’s network agents.

The reward amount depends on the home’s purchase or sale price and the commission structure, and customers who both buy and sell through the program may receive rewards for each transaction. The program isn’t available in Alaska, Iowa, Louisiana or Missouri, and additional state-specific restrictions may apply.

Citizens also allows borrowers to lock their mortgage interest rate before identifying a property. After locking a rate, you typically must provide a property address within about 30 days, and the loan must close within the rate-lock period you selected.

Citizens Bank’s main mortgage page can give you an idea of your monthly mortgage payment. It provides sample interest rates using today’s rates for 30-year and 15-year fixed mortgages on a $300,000 loan. Rates include a 0.125% autopay and paperless discount for your mortgage bill.

Citizens Bank doesn’t publish detailed closing-cost estimates online, though it notes that borrowers may pay lender fees, title fees, appraisals and other third-party costs at closing. Specific charges vary by loan type. For example, certain construction-to-permanent loans may include extension fees if the construction period needs to be extended.