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First Citizens Bank mortgage review
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This full service bank allows you to apply for a mortgage online, but loans are only available in four states.
First Citizens offers a wide range of financial products, including checking accounts, retirement accounts and home loans. But unless you live in one of four select states, you won’t be able to get a mortgage through this bank.
Details
| Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
|---|---|
| Minimum credit score | 620 |
| State availability | Only available in: NC, SC, VA, WI |
First Citizens Bank requirements
To find out if you meet the requirements for a First Citizens Bank home loan, you’ll want to get preapproved online or speak with a loan officer directly.
Basic eligibility for a mortgage with First Citizens bank includes:
- Residency in South Carolina, North Carolina, Virginia or Wisconsin
- Two years’ history of employment
- A minimum credit score of 620 for a traditional loan
- No history of bankruptcy in the past two years
- Proof of funds in your bank account for the past 60 days
- A debt-to-income (DTI) ratio of less than 43%
Documentation
To apply for a mortgage from First Citizens Bank, you’ll need:
- Social security number
- Employer’s contact information
- Listing of your estimated income, assets and liabilities
- Details on the home you’re looking to buy
Costs and fees
The First Citizens Bank website doesn’t list information about the fees and costs associated with applying for a home loan. We were not able to obtain this information after three phone calls to two different service centers, so we advise contacting a loan officer directly for information.
How to apply for a mortgage with First Citizens Bank
We had a problem starting the loan application and received an error. The error message advised enabling cookies in the browser settings and then refreshing the page. We don’t feel this is helpful, as non-technical users may not know how to do this. Listing a phone number to call for assistance would be a more helpful addition to the website.
If you live in NC, SC, VA or WI and wish to apply for a mortgage with First Citizens Banks, here’s how to start the process:
- Visit its website. On the top of the homepage, select Personal, then Mortgages.
- Select your mortgage type. On the mortgages page, you’ll see a list of mortgage products. Select the mortgage you wish to apply for by clicking the Get Pre-approved button. You can also click Learn More for additional information about the loan.
- Apply for a mortgage. Next, you’ll be directed to start the application by clicking on the Apply Now button.
What types of mortgages can I get through First Citizens Bank?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by First Citizens Bank
First Citizens Bank also offers:
- Construction and renovation loans. Apply for loans up to $3 million and make interest-only payments throughout the construction phase of your home.
- Mortgage refinancing. Lower your interest rate, shorten your loan term or consolidate other debts or pay off expenses.
How First Citizens Bank mortgage products compare to other lenders
Compared to other lenders, First Citizens Bank offers a standard range of home loans, including conventional, FHA, VA and USDA loans. However, unlike other mortgage lenders that have nationwide reach, First Citizens Bank only offers mortgages in NC, SC, VA and WI.
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First Citizens Bank reviews and complaints
As of December 2020, First Citizens Bank had a 1 out of 5 rating on Consumeraffairs.com from 87 customers and 81 complaints registered with the Better Business Bureau (BBB). Of the 81 complaints filed with the BBB over the past three years, 27 were closed in the last 12 months. First Citizens Bank is not BBB accredited.
Most of the customer complaints on Consumeraffairs.com appear to be from First Citizens Bank banking customers unhappy with excessive overdraft fees and miscellaneous account fees. One mortgage customer complained about additional paperwork being requested only a few days before the scheduled closing date.
Pros and cons of First Citizens Bank
Pros
- Offers a range of financial products. First Citizens Bank offers more than mortgages. It also offers checking, savings and retirement accounts, so you can manage your finances in one place.
- Longevity. The company has been around for 120 years, which may appeal to customers looking for an established local bank.
Cons
- Only available in four states. First Citizens Bank only has mortgage bankers in NC, SC, VA and WI.
- No information about fees. The website is thin on mortgage information and doesn’t list the costs and fees associated with applying for a mortgage.
- No FAQ page. The website doesn’t have a FAQ page for loan customers. There’s no information about how to qualify for a loan, minimum credit scores or interest rates.
What is First Citizens Bank?
First Citizens was founded in 1898 in Johnston County in North Carolina and has been helping businesses and families with their financial needs for 120 years. First Citizens Bank has over 500 branches in four states and 7,000-plus associates.
Frequently asked questions
Expert review
Review by
Kat Aoki
kat.aoki@findercrew.comKat Aoki is a mortgage writer at Finder. Since 2011, she’s helped consumers make better financial decisions with their home loans, credit cards, insurance and more. As a business writer for the real estate, mortgage and personal finance industries, she’s written hundreds of helpful, informative articles for some of the leading brands around the globe that include iSelect, InfoChoice, realestate.com.au, GE Money and Amex. Kat earned a BS in Marketing from California State University, Sacramento. She enjoys travel, hiking and photography in her spare time.
Expert review
First Citizens Bank offers a full range of financial services and products for banking customers. It also offers mortgage loans in four states. But unless you’re already a First Citizens Bank customer and have a connection with the bank, you’re better off going with another company that specializes in home loans in your state. To find the best mortgage for your needs, compare more lenders.