We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

CIT Bank mortgage review

Last updated:  

finder.com’s rating: 1.2 / 5.0


Get a mortgage up to $2 million — but watch out for hidden fees.

CIT Bank offers mortgages to low-income, middle class and high-income borrowers. But you’ll need to speak with a mortgage specialist to find out what options you qualify for.


Loan types Purchase, Refinance, Jumbo, FHA
Minimum credit 620
Minimum down payment 3%
Available States Available in all states


  • Interest-only loans
  • Online accounts
  • High loan limit


  • Two-step application
  • Limited options
  • Hidden fees
Online reviews detail quality interactions with CIT Bank representatives, suggesting the bank is easy to work with through responsive, efficient customer service.

However, some CIT Bank customers complain of fluctuating interest rates and don’t like the design or functionality of CIT Bank’s online banking platform.

CIT Bank is not accredited with the Better Business Bureau, which gives it a B- rating as of August 2019.
Trustpilot gives the company a 9.2/10 rating, with just under 200 reviews.

What types of loans does CIT Bank offer?


CIT Bank offers traditional mortgages with terms of 10 to 30 years. You can choose a fixed- rate loan or an adjustable-rate loan.


CIT Bank offers jumbo mortgages up to $2 million. You can choose from a 15-year or 30-year fixed-rate term. You can also choose a loan that’s fixed for the first ten, seven or five years before converting to an adjustable rate.


CIT Bank offers refinance loans. Refinance loans can help you shorten your loan term, lower your payments or lower your interest rate.


An FHA loan is designed for borrowers with low to moderate income. You can get approved for an FHA loan with as little as 3.5% down, and you may be able to qualify with a lower credit score than you’d need for a conventional mortgage.

Fannie Mae’s HomeReady program

A government program offered through private lenders, HomeReady is designed to assist low-income homebuyers. If you qualify, you can get a home with as little as 3% down.

CIT Bank fees

It’s hard to find information online about the fees you can expect for CIT Bank home loans, so you likely won’t know what fees to expect before you apply. Common home loan fees include:

  • Application fee
  • Origination fee
  • Underwriting fee
  • Rate lock fee
  • Ongoing fees
  • Third party fees

Are there any special programs?

CIT Bank offers a few special home loan programs and discounts you may qualify for:

  • Interest-only loans. Certain homeowners may qualify for interest-only payments. These don’t help you build up any equity in your home, but can help lower your monthly payment. Interest-only mortgage payments are generally best for people who know they will be making more money in the future, like doctors about to finish residency.
  • Relationship discount. If you hold a CIT Bank or OneWest Bank account, you could qualify for a $525 cash back deposit after closing your loan with CIT.


Requirements will vary depending on what type of loan you’ll take out. You’ll generally need at least a minimum credit score of 620 and 3% down, though certain loan types may have much higher required credit score and/or down payment guidelines.


Before applying, make sure to have the following information on hand:

  • Full name
  • Email address
  • Phone number
  • ZIP code
  • Loan amount you’re interested in applying for

Pros and cons of CIT Bank

If you’re considering a home loan with CIT Bank, here are some benefits and drawbacks to be aware of:


  • Online accounts. You can view your mortgage and amortization schedule and make payments online, or even set up automatic monthly payments.
  • Maximum loans. CIT Bank offers jumbo loans of up to $2 million at both fixed and adjustable rates.
  • Interest-only payments. CIT Bank’s adjustable-rate loans offer the flexibility of interest-only payments on both conforming and jumbo loans.


  • Hidden fees. CIT Bank isn’t transparent about mortgage fees online. Watch out for hidden fees, prepayment penalties and other potential costs.
  • Two-step application. Unlike some home loan lenders, you have to speak with a mortgage specialist before you can see your rates and options after you fill out the online form.
  • Limited options. A conforming or jumbo loan will probably work well for most personal or business homebuyers, but if you’re looking for other loans like VA or USDA, you’ll need to find another lender.

How does CIT Bank compare to other lenders?

Name Product Min. credit score State availability Loans offered
Not available in: HI, NY
Purchase, Refinance, Jumbo, HELOC, FHA, VA, USDA, Reverse
Loan officers work with you to find the right mortgage to fit your lifestyle and budget.
Not available in: AZ, HI, IN, MO, NV, NY, RI, UT, WA, WV
Get personalized rates in minutes and then choose a home loan offer from several top online lenders.
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Not available in: HI, MA, NV, NY, ND, UT
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Explore financing options and home shopping services all on the same website.
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Flexible options, fast approvals and support online backed by a trusted brand.
Available in all states
Purchase, Refinance, Jumbo, FHA
A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
Available in all states
Purchase, Refinance, Jumbo, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.
Available in all states
Purchase, Refinance, Jumbo, HELOC, FHA, VA, USDA
A national lender that offers the full selection of mortgage products.

Compare up to 4 providers

How to get a home loan with CIT Bank

If you’re interested in getting a mortgage with CIT Bank, start by prequalifying to find out how much you’re eligible for.

What is CIT Bank?

Founded in 1908, CIT Bank offers traditional banking products, like savings accounts and CDs, and also serves as a direct mortgage lender.

As of August 2019, it has a 9.2/10 score on Trustpilot, with customers praising the company for being responsive and having a quick mortgage process. But it has a B- rating with the BBB, with a small handful of customers criticizing the bank for being unclear with loan and account terms.

Bottom line

CIT Bank offers conventional home loan products with fixed-rate loans and ARMs available in a variety of term lengths. It can help you fund the purchase of a new property, but you’ll need to go through a prequalification process with a CIT Bank loan specialist first.

Selecting a mortgage is a hefty undertaking, so compare other mortgage options before making your decision.

Frequently asked questions about CIT Bank

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews and borrower experience.

Read the full methodology of how we rate home loan providers.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site