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Is Citizens Bank Good For Mortgages

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Citizens Bank Cfpb Complaints

Citizens Bank || Best for conventional mortgage

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau , a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since December of 2011, consumers have submitted 8,256 complaints complaints about Citizens Financial Group, Inc. for an average of 16 complaints per week. Among the total number of complaints, 216 address the lenders student loan product at least 26 of these complaints refer to student refinance products.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers experiences with Citizens Bank, and may contain outdated information . Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.

Below weve included 3 of the most recent complaints in which the consumer referenced student loan refinancing and consented to share their details.

4/21/2020Pennsylvania

3/26/2020Florida

2/5/2020South Carolina

For a full list of complaints made against Citizens Bank in the CFPBs Consumer Complaint Database, .

Can You Refinance A Personal Loan With Citizens Bank

There doesn’t seem to be an option to refinance your personal loan with Citizens Bank. However, you can consolidate your personal loan into a new loan. Loans are limited to one open and active loan per borrower.

A personal loan with Citizens Bank carries no fees and features competitive interest rates, so it’s worth a look if you’re already shopping around for personal loans. A venerable bricks-and-mortar institution, it’s good for borrowers who want to apply for a personal loan in personthough, unfortunately, their physical branches are just in a handful of states.

The “Rate Quote” feature is a risk-free way to get a preview of the financing terms for which you might qualify, and it makes it easy to compare options from other lenders without affecting your credit score. However, if your credit score isn’t considered in the good range at the very least, you may need to look elsewhere, as Citizens Bank tends to favor those with better credit.

Taking out a personal loan at Citizens Bankor any institutionmight be a good idea if you’re looking to cover large purchases or consolidate high-interest debts. Before applying for any type of loan, though, first, consider carefully whether it’s an absolute necessity and make sure that you have enough room in your budget to cover the monthly payments.

Citizens Bank Student Loan Refinancing Review

Citizens Bank student loan refinancing customers net an average annual savings of $2,628, according to the publicly traded companys 2021 review of nearly 22,000 loans. So if youre anxious to pay off your student loans as soon and as cheaply as possible, Citizens Bank might be worth a review.

Citizens Bank student loan refinancing is a good fit for creditworthy applicants who want to keep their finances under one roof to benefit from loyalty rate discounts. The lender is a worthy option for nontraditional borrowers, such as nongraduates or noncitizens who have a Social Security number. Thanks to its high debt limits, Citizens Bank refinancing is also geared toward borrowers with high outstanding loan balances.

What to like:
Limited repayment protections

Also Check: Can A Locked Mortgage Rate Be Changed

Citizens Bank Fha Mortgage Loans

Insured by the Federal Housing Administration , these loans are ideal for low- and moderate-income homebuyers with less-than-perfect credit. They can require as little as a 3.5 percent down payment, rather than the usual 20 percent. Citizens Bank offers FHA loans to borrowers who qualify for down payment assistance.

Citizens Bank Customer Service

Citizens Bank Student Loans Review

Citizens Bank offers customer service for customers of its consumer accounts via phone , and via its mobile app. Customers can also visit one of its brick-and-mortar branches.

In the 2020 J.D. Power Customer Satisfaction Survey of Regional Banks, Citizens Bank received a score of 804 out of 1,000 in the North Central region. The average was 827.

Recommended Reading: What Banks Look For When Applying For A Mortgage

What To Keep In Mind About Citizens Bank Student Loan Refinancing

Low rates, flexible eligibility requirements and ease of use are benefits of Citizens Bank student loan refinancing. But also keep the following drawbacks in mind as you shop around.

Relatively high minimum borrowing amount

Citizens Bank student loan refinancing allows you to privately consolidate your federal and/or private education debt. But it also requires you have at least five figures of it.

If you have less than $10,000 in student loans to refinance, keep in mind that most top-rated lenders set their minimum borrowing requirement at $5,000. If you have an especially low balance to refinance, check out LendKey, which sets its threshold at $2,000.

Few student loan refinancing perks

The self-proclaimed 13th largest retail bank in the U.S., Citizens Bank has been around since 1828. It allows you to potentially house your personal finances under one roof, offering savings accounts and credit cards as well as personal loans, mortgages and more. If you live close to one of its approximately 1,000 branches, you have the option to hash out your financial plan with a banker.

If those features arent relevant to you, however, you might find competitors more modern perks to be more enticing:

  • SoFi offers unemployment protection and career guidance during repayment.
  • CommonBond funds the education of an underserved student abroad when you refinance.
  • Earnest lets you choose from as many as 180 repayment term options, spanning five to 20 years.

Limited repayment protections

Citizens Bank Home Equity Loans And Heloc: Verdict

Citizens Bank offers home equity lines at good rates, with lower-than-average fees. The bank operates out of 22 states and offers customers a range of financial services as well as home equity lines of credit.

The application process can be started online, but you will need to complete it either over the phone or in-person at one of the 1,000 branches. The application processing time falls within the average range, and customers can expect to receive funds between 30 and 60 days after applying.

Citizens Bank has a lot of educational information available on the website which may help you find out if this is a good option for you before you apply. The customer service team can be reached over the phone or you can go in-branch to discuss services.

While customer care is more hands-on than other providers in terms of phone calls and bank appointments, you are still able to find out the information you need from the website and can gather the application information easily, plus the offers are attractive.

Citizens Bank is a good option for people who are already informed about home equity loans and their financial implications, or who have been advised that a HELOC is right for them.

Also Check: What Does A Mortgage Consist Of

What Do I Need To Qualify

Your business must meet the following requirements to qualify for a business loan from Citizens Bank:

  • At least one year in business
  • Located in a state where PNC Bank has a branch
  • Over 18 years old

Other factors like your revenue and other business debts can affect your eligibility.

Where are Citizens Bank business loans available?

  • Connecticut
  • Vermont

What information do I need to apply?

Citizens Bank recommends having the following information on hand before you get started on an application:

  • Legal name of your business
  • Business tax ID
  • Annual net profit

Citizens Bank Personal Loan Rates Fees & Other Terms

Continue to see reasonably good loan demand: Citizens Financial CEO

Category Rating: 4.6/5

The APR range for Citizens Bank personal loans is 6.79% – 20.88%. Their minimum is a little higher than that of some competing lenders, which offer rates as low as 4% to 6% on personal loans. But their maximum is on the low side, as some lenders charge anywhere from 25% to 36%. The exact rate you get with Citizens Bank depends on a number of different considerations including your credit score, income and other debts. Citizens Bank personal loan interest rates are fixed. That means the interest rate will never change for the life of the loan.

There are no fees on Citizens Bank personal loans. You will not have to pay any kind of origination/application-processing fee. You wont be penalized for paying off the loan early. And there wont be a fee if you happen to miss a due date, though that definitely is not advised due to the potential credit score damage it can cause.

Naturally, Citizens Bank scores very well in this category due to their low rates and complete lack of fees. Their score is also boosted by the fact that they offer 36 to 84 months to pay loans off. Their loan sizes are on the lower side, though, at only $5,000 to $15,000.

Also Check: Does Bank Of America Do Mortgage Loans

Citizens Bank: Mortgage Transparency

Citizens Bank lists a handful of rate products for the 30-year and 15-year fixed-rate loans, as well as for its 7-year/6 month fully-amortizing ARM. However, prospective borrowers must sift through the fine print to learn that the advertised rates listed have a built-in autopay discount of 0.125%. The rates also are based on having a 25% down payment and credit score of 740.

To get a customized quote based on your own credit profile, prospective borrowers need to go through the application process, including the hard credit pull. Finding information on upfront lending costs is difficult on the Citizens website. After searching through the website, including reading the fine print, we had to call a loan officer at Citizens Bank to get information on the closing costs and other upfront lending costs involved.

Also in the fine print, we found that customers who live in states with Citizens Bank branches must have their mortgage payment deducted from a Citizens Bank account to take advantage of the autopay discount. For those who live outside the area of Citizens Banks physical footprint, its possible to get an autopay discount regardless of the financial institution used for mortgage payments.

Citizens Bank Undergraduate Student Loan Rates & Terms

Loan Amount
Origination Fee None

Graduate student loans apply to graduate degrees, MBA and law degree programs, and health care degree programs. The maximum amount you can borrow depends on the degree. For graduate degrees, you can borrow up to $150,000. For MBA and law degrees, you can borrow up to $225,000. For health care degree programs, you can borrow up to $180,000 or $350,000, depending on the degree.

Rates vary for MBA, law, and health care degree loans. For MBA and law degrees, fixed rates are 4.29% to 9.27% , and variable rates are 1.42% to 9.01% . For health professions, fixed rates are 4.29% to 8.49% and variable rates are 1.42% to 8.23% .

Read Also: How Much Interest Do I Pay On A Mortgage

Pros Of Citizens Bank Loans

  • Offers multi-year loans: Multi-year approval allows you the chance to get approved for loans for more than one year so you dont have to go through the entire application process for subsequent years. Most lenders dont offer multi-year approval.
  • Co-signer release available: After 36 consecutive payments, your co-signer can be released from your loan. Some private lenders, like Earnest, dont offer a co-signer release.
  • Defer payments for up to eight years: Its possible to defer payments for up to eight years while youre in school. This includes graduate school attendance as well as undergrad attendance.
  • Options for international students: Its possible for undergraduate students to borrow from Citizens Bank for school. They will need an eligible co-signer, however.

Are Citizens Bank Student Loans Right For You

Citizens Bank

The best private student loans carry the lowest interest rates but dont stop there. They also provide additional support and rewards that you might find useful in the short term or years into repayment.

Citizens Bank student loans carry attractive APRs, few fees and a pair of valuable rate discounts. The lender also stands out for its multi-year approval benefit as well as a nice variety of in-school repayment plans.

On the downside, Citizens Bank could improve by clearly outlining its repayment protections and shorten the time required to release a cosigner.

Because Citizens Bank also lacks a prequalification process, its wise to revisit the lender once youve already shopped around and are ready to submit to a hard credit check. If youre not yet at that point, visit our private student loan marketplace to learn about more borrowing options.

Recommended Reading: Is Closing Cost Part Of Mortgage

Your Home Rewards From Citizens Bank

Citizens Bank has also partnered with real estate brokerage HomeStory Real Estate Services to offer a full service home-buying program to its customers.

Its basically a real estate agent referral program that most notably includes cash back to the home buyer or home seller when they use one of the agents to buy or sell a property.

The rewards vary from $350 to $6,500 depending on the purchase/sales price, but arent available to customers in Alaska, Iowa, Louisiana, or Missouri, or in connection with FHA or VA loans from Citizens Bank.

They say their agents maintain 90% or higher customer satisfaction rating and have at least five years experience.

Citizens Bank Student Loans Review

For students and parents who need to take out private student loans, Citizens Bank is worth circling back to after youve shopped around with other lenders. Thats because the institution doesnt allow you to confirm eligibility and check rates without completing a full application and submitting to a hard credit check.

Citizens Bank student loans are a good fit for borrowers with good credit pursuing a bachelors degree or higher and could envision needing funds for future years. The lender is an especially keen choice for international students who have a U.S.-based cosigner, but be aware of the long path toward cosigner release.

What to like:
Thin menu of repayment protections

Citizens Bank offers funding for three types of borrowers: undergraduates pursuing a bachelors degree, graduate students and parents. Even international students can apply so long as you have a stateside cosigner who can prove citizenship or permanent residency.

Other eligibility requirements include a minimum 700 credit score, but dont worry if your credit history is thin: You have the option to apply with a cosigner.

Basics Borrow as little as $1,000 and as much as your cost of attendance Fixed and variable interest rates available Trim your rate by as much as 0.50 percentage points with autopay, loyalty discounts
Applying
Apply to postpone or pause payments if you return to school, suffer a hardship Loan forgiveness in the case of the borrowers death or permanent disability

Also Check: Is 720 A Good Credit Score For Mortgage

Citizens Bank Mortgage Qualifications

Citizens Bank aligns with many of the industry standards when it comes to mortgage qualifications. A credit score is, of course, one of the most important factors the lender considers when reviewing mortgage applications. Borrowers with a credit score above 670 should have high chances of approval, and the lender will likely offer their best mortgage rates to those with excellent credit scores.

Citizens Bank Mortgage Fast Facts

First Citizens National Bank Mortgage Lending
  • Headquartered in Providence, Rhode Island
  • 13th largest retail bank in the U.S. with 1,100 branches nationwide
  • Owns Franklin American Mortgage Company which provides correspondent and wholesale mortgage lending
  • Typically a top-25 mortgage lender nationally
  • Much of their home loan lending takes place in East Coast states like New York and Rhode Island
  • They originate a high percentage of home purchase loans and ARMs

They have roughly 1,100 physical branches across 11 states in New England, the Mid-Atlantic region, and the Midwest.

Outside of the banks 11-state branch footprint, they refer to themselves as Citizens One Home Loans.

The company also counts Franklin American Mortgage Company as one of its businesses, which offers both correspondent lending and a wholesale division to serve mortgage brokers.

In 2018, Franklin American Mortgage Company did roughly $3.2 billion in total loan volume, with much of it via home purchase financing.

The majority of the lending was concentrated in Texas, Florida, Pennsylvania, and Tennessee.

Citizens Bank recorded total home loan volume of nearly $10 billion in 2018, with about two-thirds of it purchase loans and the remaining third mortgage refinances.

Nearly a quarter of their overall volume was in New York State, with another 17% in their home state of Rhode Island, and about 10% in Pennsylvania.

Citizens Bank Mortgage isnt as active in the west, with very little home loan lending west of the Mississippi River.

Also Check: How 10 Year Treasury Affect Mortgage Rates

Citizens Bank One Deposit Savings

APY

0.01%

With $0 minimum balance

Rates on the basic One Deposit Savings, which was the account we rated, and premium accounts are below the national average of 0.06%.

But the One Deposit Savings account only requires a minimum daily balance of $200 or a single deposit each statement period to waive its $4.99 monthly fee, and the first four fees are automatically waived. And there’s no opening deposit requirement.

Note: Citizens Bank offers certificates of deposit, but not in the term lengths that we rate. The bank’s online CD offerings include 11-month, 14-month and two-year options. Rates are mostly low.

Citizens Bank Personal Loan Features

Apply for a Personal Loan With a Co-Applicant

Citizens Bank allows joint applications, and both the primary borrower and co-applicant can request separate rate quotes. When submitting a personal loan application, the final rates and terms will be based on whoever has the higher FICO score.

Initial Soft Credit Inquiry

Citizens Bank offers what the lender calls its “Rate Quote,” a sort of prequalification process that allows you to see rates and terms you may qualify for in advance. It uses a soft credit check, so your credit score won’t be impacted until you submit a full application, when Citizens Bank will conduct a hard inquiry .

Read Also: How Do You Calculate Self Employed Income For A Mortgage

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