There are multiple mortgage and loan industries out there, and if you are someone who is planning on purchasing a loan, then we are sure you must have done your search well. In between your findings, you for sure must have come across the term first Citizen bank mortgage, right?

If this is the case, and this type of mortgage piqued your interest, then we are sure you must want to gain more insight into it before making an actual decision. If so, then you have landed on the right page. Hop on below to read a detailed First Citizens Bank Mortgage Review and judge whether this loan would suit you best or not.

What is First Citizen Bank Mortgage?

The First Citizens Bank is excellent for borrowers who are interested in a variety of mortgage types like renovation, construction, quick closing, etc. It is issued by the biggest family-run bank in the United States, which assists borrowers with mortgages along with banking, wealth services, and businesses.

The bank was founded in 1898 and is based in Raleigh, North Carolina, and is spread out in many other states too. The CIT group acquires the bank, and its mortgage plans not only assist borrowers in the best way but also provide excellent pros and cons.

What are the Pros and Cons of the First Citizen Bank Mortgage?

If there is one reality many of us cannot deny, it is that not every bank would suit every user. This is because each user has a set of different demands, and at times, different banks can fulfill those expectations for two separate individuals. Hence, understanding the pros and cons of every bank is essential before making huge decisions like taking up a mortgage with it.

If you are someone who plans on opting for the First Citizens Bank Mortgage, then we will assure you that you are making an excellent decision. However, it is still ideal for you to look into the pros and cons of the said bank before making a decision.

Pros

• The First Citizen digital app lets users track spending habits, which helps manage their budget.
• The bank has a wide variety of checking account products for different needs, which also includes small business owners.
• The bank requires no minimum balance requirement for tasks like basic checking or saving products.

Cons

• The interest rate of the bank is lower compared to many competitors. This is especially the case in its money market account or deposit certificate.
• The bank offers locations in more than 20 states; however, the First Citizen Branch locations are majorly found in California, Georgia, and Carolinas.
• The bank requires paperless statements for free checking accounts.

Breakdown of the First Citizen Bank Overall Score

Before hopping into the First Citizens Bank Mortgage game, it is essential to understand the overall score distribution of the bank as well. If you are someone who wants to read a detailed breakdown of the First Citizen Bank's overall score, then we have a thorough one listed for you below. Let's dive into it.

Affordability

The affordability factor on the First Citizen Bank overall score has been rated a solid five on five by a large majority of users who have utilized its services. The bank's mortgage rates are lower than any other bank rates average, which eventually means that users may stand to obtain a more favorable rate with the lender if they qualify for it. The charges in this bank to acquire might include a rate-lock fee, origination fee, and other closing costs.

Availability

The availability of the bank and its efficiency in serving its customers plays a significant role in determining its excellence. Given the First Citizen Banks have been operating for over 120 years, it isn't surprising that it checks this sector with an excellent rating of 4.3 over 5.

This financial institution offers mortgage services to individuals across all 50 states. They provide a wide range of mortgage options, including conventional and government-insured loans such as FHA, VA, and USDA, designed to assist borrowers with refinancing their current mortgages. Additionally, this lender extends their services to encompass jumbo loans, home renovation loans, construction loans, and various other mortgage programs.

Borrowers Experience

The First Citizen Bank has been operating for over a century now and has an A rating from the Better Business Bureau. Through this bank, borrowers can set up free online accounts to ask for pre-approvals – a process which, without it, might take three to five days to process – and hence save themselves so much time. Moreover, it also provides many other excellent benefits which make any borrower's experience worthwhile.

Are First Citizen Banks Legit?

Yes! The First Citizen Banks are legit. These banks hold a reputable financial institution with a range of products and services that meet a user's financial needs. Moreover, First Citizen Bank takes its security factor very seriously. It hence offers its users a wide range of resources and tools that help protect the bank accounts of all its users.

Another excellent factor of the bank is its free checking and savings account, which provide a primary way for users to bank. However, for other accounts, this bank has monthly fees and interest rates that aren't as competitive as other financial competitors but still significant.

Wrapping Up!

Understanding the bank before hopping on taking a mortgage loan from it works in favor of any borrower. This is because it gives a user a clear idea of what they are getting themselves into. If you are someone who is planning to get a loan from First Citizens Bank Mortgage but wants to gain a detailed review insight on it, then we hope this article was helpful for you.