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CIT Bank vs. Ally mortgages

Compare the home loan programs, fees and requirements of these two lenders.

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How do CIT Bank and Ally compare?

CIT Bank logo
Ally logo
  • Choose this lender if you want to make interest-only payments
  • Choose another lender if you want a fully online application
  • A good option for borrowers who expect a significant income raise in the near future
  • Choose this lender for clear time estimates
  • Not ideal if you’re looking for in-person support
  • A good option for first-time homebuyers

Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Available in all states

Not available in: HI

Pros

  • Interest-only loans
  • Online accounts
  • High loan limit
  • Clear timeline
  • Customer discount
  • First-time buyers guide

Cons

  • Two-step application
  • Limited options
  • Hidden fees
  • No government-backed loans
  • No branch locations
  • No home equity line of credit (HELOC) options

Customer reviews

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.
Reviews across Trustpilot and the Better Business Bureau (BBB) are overwhelmingly negative, but they number relatively fewer compared to bigger-name financial institutions — with only 76 and 180, respectively. As of November 2020, it has a B- rating with the BBB, but it’s not accredited and the average customer rating is 1.25 out of 5 stars. Complaints generally focus on poor customer service experiences, misinformation and mishandling of funds. While the reviews are mostly negative, keep in mind that people aren’t as likely to go out of their way to leave positive reviews in general.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Better.com
(NMLS #330511)
Better.com
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
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