Mortgages

Take advantage of our variety of mortgage programs designed with terms and features to help save you money.

Use our Home Ownership Kit to help make your new home a reality.

Overview

Fixed Rate

Adjustable Rate (ARM)

Jumbo Mortgage

FAQ

If you have larger borrowing needs, a jumbo mortgage may be right for you. We offer competitive rates that can be either fixed or adjustable. We also offer interest-only payments for those who qualify and borrowing amounts up to $2 million.

Call one of our home loan advisors at 1-888-514-2300 to see if a jumbo mortgage may be right for you and to discuss possible discounts. Or click Act Now to start your application and a home loan advisor will contact you about your loan options.

Act Now

Product	Rate	Points	APR**
30-Year Fixed Rate Mortgage Act now	View Rate	View Points	View APR
15-Year Fixed Rate Mortgage Act now	View Rate	View Points	View APR
Why Apply Online?

Assumptions

^** The annual percentage rate (APR) may vary. Click here for loan product terms and conditions. Rates are subject to change at any time. APR as of #MORTGAGE_APR_DATE#.

Benefits

Fixed APR for the life of the loan
Fixed rate mortgages available from 10 to 30 years (120 to 360 month terms)
Receive 1/8% off your mortgage rate by having your monthly mortgage payments automatically deducted from a Citizens Bank Circle Gold Checking Account.*

Product	Rate	Points	APR**
7/1 Adjustable Rate Mortgage Act now	View Rate	View Points	View Rate
5/1 Adjustable Rate Mortgage Act now	View Rate	View Points	View Rate
3/1 Adjustable Rate Mortgage Act now	View Rate	View Points	View Rate
Why Apply Online?

Assumptions

** The annual percentage rate (APR) may vary. Click here for loan product terms and conditions. Rates are subject to change at any time.

Benefits

Save with lower interest rates
Qualify for a larger loan amount than with a fixed rate mortgage
Protect your interest rate for an extended period of time
Keep your monthly payment low with a 30-year term and amortization
No prepayment penalty

Act Now

Do I need a fixed rate or an adjustable rate?
Fixed rate loans have interest rates that don't change during the life of the loan. Adjustable rate loans have rates that are linked to an index, LIBOR, and therefore can change over time. Consider factors that could affect your decision, such as the length of time you plan to stay in your home. If you plan to stay in your home for a long period of time a fixed rate may be better for you in case rates go up. If you plan to stay in your home for a shorter period of time an adjustable rate may be better for you since initial interest rates are lower in the first 3, 5 or 7 years (depending on your term) than on a long term fixed rate mortgage.
Do I want an interest-only loan?
Interest-only loans allow you flexibility on monthly payments. The minimum loan payment covers the interest portion of the loan only, so your principal only decreases if you pay above and beyond the interest. You have the flexibility to decide how much principal you pay each month, so you can pay little or none if times are tight, or a lot if you have extra that month. The interest-only period on your loan is for the first 10 years, after which you will be required to make interest and principal payments for the remainder of the term. Interest-only loans are only available to those who qualify so contact one of our home loan advisors to see if an interest-only loan is right for you.
Why should I refinance?
There are numerous reasons customers refinance the loans they already have. Some of these are:
- To lower the monthly payment
- To lower the interest rate
- To switch from an adjustable rate mortgage to a fixed rate mortgage, or vice-versa
- To refinance for a higher amount in order to pay off other debts or get cash
- To change the remaining term of the loan
Whatever your needs, we can help you decide what makes the most sense for you
How can I get pre-approved?
Through the pre-approval process, your information is reviewed and a decision is made as to whether you qualify for a loan. Contact us to see what information you need to provide. Once pre-approved, you can look for a new home with confidence, and sellers will feel more comfortable dealing with you.
Do I need a home appraisal?
Most of the time you will need a home appraisal. However, only after reviewing your application and collateral information can we determine whether one is needed for your situation.
How fast will I get my money?
On a purchase your funds are available on the day you close your loan. On a refinance, funds are normally disbursed on the fourth business day after you sign your loan documents. This is because federal regulations require a 3-day rescission period, during which you have the right to cancel your loan outright.
What are points?
Points are a one-time fee that a borrower pays to lower the interest rate. One point equals one percent of your loan amount.
What is the difference between interest rate and APR?
The interest rate is the cost to borrow the money disbursed in the loan. The APR is the total cost of the loan over its life, including costs, points and fees.
What is pre-paid interest?
Interest accrues between the loan closing date and the last day of that calendar month. This amount is added to the closing costs for your loan so that your first monthly payment will not be increased in order to absorb the additional interest that would be due.
What are closing costs?
Closing costs include items like title insurance fees, attorney fees, pre-paid interest and documentation fees – to name a few. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a good faith estimate of your closing costs in advance of your closing date for your review.
Should I pay my closing costs out of pocket?
If you are refinancing, you may be able to roll some closing costs into the loan amount. However, if you have funds available to pay the closing costs up-front, you should consider paying them out of pocket since financing them would result in a larger monthly payment. (If you are purchasing, closing costs may not be included in the first-lien loan amount in most cases. Ask your home loan advisor about your situation.)
What amounts are included in my monthly payments?
If you have a fully amortizing first lien mortgage, portions of your monthly mortgage payment go toward loan principal and interest. Interest-only first lien mortgage payments include only the interest that is due on the outstanding principal balance. If your first lien mortgage carries mortgage insurance, a portion of your monthly mortgage payment will pay this also, unless the lender has paid your mortgage insurance or you have paid your mortgage insurance upfront. If you have set up an escrow account for your first lien mortgage, a portion of your payment may go toward your property taxes and homeowner’s insurance. No matter the type of mortgage product you have, you can always make additional payments toward principal, which will help you pay off your loan more quickly.
What is PMI?
Private Mortgage Insurance (PMI) protects lenders against losses that can occur when a borrower defaults on a mortgage. PMI is required on conventional first mortgage purchase transactions when the borrower has less than a 20% down payment. Likewise, it is required on conventional first mortgage refinance transactions when the borrower has less than 20% equity in the property being refinanced. The cost of the mortgage insurance is typically added to the monthly mortgage payment.
Do I need a down payment?
For first mortgages, Citizens Bank offers low down payment financing. Opportunities are dependent on the loan product, loan purpose, occupancy and credit profile. We will help you determine which loan program best meets your needs. Contact a home loan advisor to discuss your options.
Can I lock my interest rate when shopping for a home?
For first mortgages, Citizens does not always require a property address to lock a rate. The borrower, however, must provide the subject property address no later than 30 days after locking the rate. Restrictions may apply. Speak with a Home Loan Advisor for specific details on locking your interest rate.
What is LTV and why does it matter?
LTV stands for loan-to-value. It is the total dollar amount of liens on the property divided by its fair market value. If the subject property is a purchase transaction, fair market value will be based on the lower of purchase price or estimated market value as established by the appraisal. LTV is used to determine how much you are eligible to borrow and is one of the factors used in determining your interest rate.
How do I find out my home's value?
When you first apply for a loan, just take your best guess as to your home's value. If you want to try to be more specific, you can talk to a home loan advisor for other methods of trying to determine this amount. However, we will determine the value during your application process.
Is my interest tax deductible?
Interest you pay on a loan which is secured by your primary residence may very well be tax deductible. You should consult with a tax advisor to determine whether this applies to your situation.
How does the lender determine if I qualify for the loan?
When reviewing your application information, an underwriter examines your credit history (FICO score), your property value, and your debt-to-income ratio. These are the main factors which describe you as a mortgage applicant. This perceived level of risk determines your loan decision as well as your interest rate in some cases.
What will my rate be?
Interest rates are based on a variety of factors such as the loan purpose, your credit history (FICO score) and ability to repay, the value of the collateral, and the loan amount, to name a few.
Do I need to have perfect credit?
While it is true that if your credit score is high you may receive better rates and have more options available to you, this doesn't mean you can't obtain a mortgage if you've had some slips in the past. Credit is only one factor in the underwriting process, so don't think that this alone will stop you from getting a loan; however, your credit history needs to demonstrate both willingness and ability to repay on time.

Assumptions

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Contact Information

Home Equity and other borrowing needs:
1-855-310-3497

Mortgages:
Apply: 1-888-514-2300
Service: 1-800-234-6002

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© Copyright 2013 RBS Citizens Financial Group, Inc. All rights reserved.
Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Deposit accounts held at RBS Citizens, N.A. and Citizens Bank of Pennsylvania are separately insured.

All accounts, loans, and services are subject to individual approval. See a banker for details.

Citizens Bank is a brand of RBS Citizens, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).

Mortgages are offered and originated by RBS Citizens, N.A. and Citizens Bank of Pennsylvania. All loans are subject to individual approval.

^* Circle Gold Checking^® with automatic payment deduction required. One offer per property. Not applicable to Bond, CRA, certain Jumbo Loans and 15-year FHA/VA Loans. Other exclusions and restrictions may apply.