Citizens One Bank Mortgage Review
Citizens One Bank at a glance
|Lender||30-Year Fixed APR||Available Products||Key Benefit|
|Citizens One||Not listed||Competitive rates are offered to potential homebuyers of all income levels|
What we like about it
Citizens One Bank offers competitive rates on their mortgage loan products, and they offer good product variety, including jumbos, government-subsidized mortgage loan programs, and fully amortized adjustable rate mortgages. Over the years, Citizens Financial Group, the umbrella company, has received many awards for their service; local Citizen Bank reviews are good. They are compliant with both federal and local down payment assistance programs, meaning that low-income applicants may be eligible to receive a mortgage for as little as 3.5% down.
[Read: Best Mortgage Rates]
Areas to consider
Since the advent of online banking, regional banks have struggled to compete with big national players like Quicken Loans and Chase. Citizen One offers competitive rates on mortgage loans in many states nationwide, but if you want to have a savings or checking account with them, you will find high overdraft fees and APY rates that don’t exactly dazzle. Moreover, Citizens Bank only services deposit accounts in eleven states — Rhode Island, Massachusetts, Connecticut, New Hampshire, New York, Michigan, Vermont, New Jersey, Delaware, Ohio and Pennsylvania. You can’t have a checking account with them unless you reside in one of those.
What you need to know
You won’t be able to view a teaser rate on any of Citizen One’s mortgage loan products. In order to receive a customized rate quote, you need to complete an online form. You can then contact a loan officer at 1-800-288-5569 or complete your loan application online. The Citizen One website does contain a variety of useful information for customers, including mortgage payment and home equity line calculators. There is also a Home Ownership Learning Center that gives useful resources to help prospective homebuyers research their options.
In addition to conventional mortgage loans, Citizens One offers FHA loans, which are backed by the Federal Housing Administration, and FHA loan refinances. It also has a unique mortgage called the Doctor Loan Program, which is available to licensed MDs, DOs, DDSs and DMDs or medical residents who meet certain criteria. The program offers low down payments and sometimes waives mortgage insurance requirements.
Although the website doesn’t advertise its current rates, it does offer borrowers a 0.125% discount when they sign up to have automatic payments withdrawn from a Citizens Bank checking account. It also has construction-to-permanent financing as well, allowing homeowners to convert a construction loan and their primary mortgage into one loan.
Collateral and criteria
Citizens One approves borrowers with a credit score of at least 620 and reside in one of the states where the lender offers mortgage products. It works with borrowers who want to purchase conventional fixed-rate mortgages and individuals who qualify for federal government subsidized loan programs. You can borrow with as little as a 3% down payment.
Prospective homeowners will improve their chance of being approved for a Citizens One mortgage at a competitive rate if they have very good to excellent credit, a debt-to-income rate of 36% or less, regular income and the ability to make a 20% down payment.
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