Citizens Bank Home Equity Loans

An overall pattern of poor judgment, inconsistent underwriting, and unacceptable handling of a HELOC application by Citizens Bank ultimately resulted in the closure of both my credit account and personal banking relationship.

We were approved for a $200,000 HELOC. Four months later, we applied for an increase to $250,000 to support expanded home renovations, including a kitchen and basement project. At that time, we had over $175,000 in available equity.

Citizens Bank assigned appraiser Keith S. from Unique Realty Associates, whose report cited a dumpster in the driveway and the absence of kitchen appliances and electrical outlets as justification for denying the additional $50,000. These conditions were temporary and directly related to the active renovation project—the very purpose of the HELOC.

Despite this, Jason S., Loan Officer, and Michelle G., Processor II, provided no reasonable resolution or escalation path and instead upheld what was presented as a final denial based on these factors. The explanation given—that the presence of a dumpster influenced the inspection outcome—demonstrates a lack of sound underwriting judgment and basic understanding of renovation lending.

As a result, we obtained a $300,000 HELOC through a local credit union at a more favorable rate and immediately paid off and closed our Citizens Bank accounts.

We had an excellent experience with our Citizens Bank HELOC loan. From start to finish, it was transparent, professional, and easy. We were always able to speak to our loan contact, and there were no issues with the complete process. The interest rates and all steps in the process were clear, and we never had a moment of confusion. From application to closing, and even post-closing, we were kept fully informed. And finally, the interest rate beat out all competitors.

The staff at the bank were very nice but not very sophisticated. The loan processors in some central office somewhere? A total mess. Before we applied for a HELOC, we showed them our tax returns because, as self-employed individuals, our income stream is complicated. We didn't want to ruin our credit score with unnecessary hard credit pulls. We showed it to the bank manager; she said it was no problem. It then became a very big problem. One application was lost, requiring a second. After three credit pulls, their loan processors not only did not understand what they were looking at in terms of income but also didn't bother to ask us for clarification. They just summarily declined us, and it took three tries for them to adequately explain why we were declined. They couldn't interpret our tax returns sufficiently to understand our income. I emailed the branch manager for assistance; she never bothered to respond. Don't bother with this bank.

I am writing to express my extreme disappointment and frustration with the services provided by Maria A. Laborio, Home Equity Specialist at Citizens Bank. My experience with Ms. Laborio has been nothing short of misleading and deceptive, and I feel compelled to share my ordeal to prevent others from falling victim to her dishonest practices.

Upon reaching out to Ms. Laborio for information about home equity services, I was met with false promises and inaccurate claims. Ms. Laborio persuaded me into believing that the minimum Home Equity Line of Credit (HELOC) was preapproved, urging me to apply without providing transparent details or full disclosure about the process.

Ms. Laborio's misleading representation of the HELOC preapproval status was a blatant attempt to maneuver me into applying for a product without fully understanding the terms, conditions, or implications. Her actions demonstrate a clear lack of integrity and a disregard for ethical business practices.

Furthermore, Ms. Laborio's failure to provide accurate and honest information reflects poorly on her professionalism and integrity as a Home Equity Specialist. By misrepresenting the preapproval status and pressuring individuals to apply for financial products under false pretenses, she undermines trust and erodes confidence in the services provided by Citizens Bank.

I urge prospective clients to exercise caution and skepticism when dealing with Maria A. Laborio and to thoroughly examine any information or offers presented by her. My experience serves as a cautionary tale about the importance of due diligence and vigilance when navigating financial transactions, especially with individuals like Ms. Laborio, who prioritize misleading tactics over genuine customer service.

In conclusion, I strongly advise against engaging with Maria A. Laborio or entrusting her with any financial matters. Her deceptive practices and lack of integrity tarnish the reputation of Citizens Bank and betray the trust of unsuspecting clients.

Please don't waste your time applying for a home equity loan if you are retired or elderly. They simply won't offer anything reasonable for you; they won't count most of your assets, even if you have a nearly perfect credit score and always pay your bills on time. Additionally, when they offered us a line of credit, it was half of what we requested. They said we had to use the money to pay outstanding credit card debt, of which there was none, except for charges made in the previous 30 days, which we always paid off each month. It was a terrible experience.

They lie about the interest rate so they get my business but I changed at th last minutes before i E sighn very bad business strategy I don't recommend it at all

worst ever low life scammers... they reach out and make offers, than ghosted me for some time, than finally I had to reach out to them and they are like oh yeah you weren't approved

Hands down the worst most incompetent customer service I have ever experienced. Every person should be fired from this company. Huge wait times. No call backs and zero ability to meet a single
Commitment made

The HELOC was a way for me to consolidate some bills into one payment. This is achieved by paying interest only for the first 10 years. In addition, you can make principal payments so far this has work, but I am looking for a solution to move on from this.

Very pleasant experience, from on line application thru closing. All of my questions were promptly addressed, very helpful folks. Highly reccomend!