Citizens Bank operates primarily in the Northeast; with branches in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. They are a full service bank that provides checking accounts, savings accounts, lines of credit, etc. They have a well organized website that is user friendly, if somewhat elementary in their explanations. A home loan can come in many different forms; they offer 15-, 20-, and 30-year mortgages at fixed and adjustable rates.
The Benefits of Becoming a Citizen’s Bank Customer
They offer home loans and have several programs that are specific to them that require holding some other type of account with them besides the loan For example Citizen’s Bank will provide benefits like a lowered interest rate (.125%) for direct automatic mortgage payments out of a Citizen’s Bank checking account from the origination of the loan. They also offer a.$1,000.00 credit toward your closing costs if you create a savings account with a minimum monthly deposit of $100.00 for 36 months. The website itself outlines their loan programs assuming the interest discount for the automatic payments made from their checking account. This is a bank that wants to get customers to use all their services, rather than specializing in a particular financial product like mortgages.
The Devil is in the Details
The costs of the loan as far as fees and service charges are not as clearly described or centered in this company’s description of their services. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money it costs to get the loan. Although the site looks full of numbers, most of them won’t specifically apply to your situation.