CIT Bank mortgage review December 2018 | finder.com

CIT Bank mortgage review

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CIT Bank

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Compare and get a mortgage from companies like CIT Bank.

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Impressive options make this bank a contender for your next home loan.

Finding competitive home financing is a must for any soon-to-be homeowner. And the process of selecting a lender comes down to comparing rates, eligibility criteria and loan terms.

The primary bank subsidiary of CIT Group, CIT Bank, offers both conforming and jumbo fixed- and adjustable-rate mortgages, plus several home refinancing options. Get preapproved for a home loan by requesting a call from a CIT home loan expert.

Name CIT Bank
Description A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA
Minimum credit 620
Minimum down payment 3%
Origination fee N/A
Other fees N/A

Pros

  • Multiple loan options.
  • Low down payments.
  • Interest-only loans.
  • Online accounts.
  • High loan limit.

Cons

  • 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 Better Business Bureau, which gives it a C rating. Trustpilot doesn’t have enough information on CIT Bank to provide an assessment.

Do I qualify for a loan with CIT Bank?

CIT Bank doesn’t offer any prequalification tips for borrowers on its website. To find out what you could potentially qualify for, contact a CIT Bank loan specialist during business hours.

You can call 800-217-6629, Monday to Friday from 9:00 a.m. to 8:00 p.m., or fill out the secure online form on CIT Bank’s website to request a call.

How does CIT Bank compare?

Name Product Min. down payment Origination fee
3.5%
Depends
Connect with vetted lenders quickly through this free online marketplace.
3.5%
N/A
Competitive rates and no prepayment penalties on a variety of loans.
3.5%
1.0% to 5.0%
A nontraditional lender offering impartial guidance on a range of loans, though with potentially high fees.
3%
0.5% to 1.0%
Streamline your mortgage from quote to final payment — all from your computer or phone.
3%
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

What can I expect with a CIT Bank home loan?

Before you apply, here are a few things to keep in mind:

  • Direct lender. CIT Bank is a direct lender, so you won’t need to worry about dealing with thirty-party lenders.
  • Preapproval. Apply for loan preapproval right on CIT Bank’s website.
  • Maximum loans. CIT Bank’s fixed- or adjustable-rate jumbo loans offer funding of up to $2 million.
  • Interest-only payments. Apply for an adjustable-rate loan for interest-only payments on your home loan.

Are there any special programs?

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

  • FHA loans. Federal Housing Administration loans are available to those with credit scores of at least 580 and offer down payments as low as 3.5%.
  • 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.

Pros and cons

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

Pros

  • Multiple loan options. Access a variety of mortgage sizes and terms, from fixed rates to jumbo loans of up to $2 million.
  • Low down payments. Take advantage of Fannie Mae’s HomeReady program, designed to help lower-income homebuyers qualify for affordable down payments as low as 3%.
  • Interest-only loans. Secure a competitive rate and pay only the interest on an adjustable-rate loan for a fixed period of five, seven or 10 years.
  • Online accounts. Gain access to the details of your home loan with CIT Bank’s online banking platform.
  • 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.

Cons

  • 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.

What types of loans does CIT Bank offer?

Type of loan Details
Conforming
  • Terms of 10 to 30 years
  • 10/1, 7/1 and 5/1 adjustable-rate terms
    Jumbo
    • 15-year and 30-year fixed-rate terms.
    • 10/1, 7/1 and 5/1 adjustable-rate terms as a LIBOR or interest-only loan.
    • Borrow up to $2 million.
    Fannie Mae’s HomeReady
    • Conventional loans designed to assist low-income homebuyers.
    • 3% down payment options.
    • Provides online homeownership education.

    What types of fees come with this loan?

    It’s hard to find information online about the fees you can expect for CIT Bank home loans. But you’ll want to keep an eye out for hidden fees, prepayment penalties and other potential costs if you pursue a home loan with this lender.

    How do I get preapproved?

    Required documentation

    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

    I got the loan. Now what?

    After closing your home loan with CIT Bank, here are a few tips to help keep you on track:

    • Review your loan agreement. Make sure you understand both the conditions of your loan and your loan payment schedule by reviewing the information contained in your loan agreement.
    • Reach out to CIT Bank. If you’re unable to make an upcoming payment or have a question about your home loan, contact CIT Bank’s customer service by email or phone, Monday through Friday.

    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 make sure you know about your other home loan options with additional providers before making your decision.

    Frequently asked questions about CIT Bank

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