CIT Bank mortgage review
Get a mortgage up to $2 million — but watch out for hidden fees.
finder.com’s rating: 3.4 / 5.0
CIT Bank offers mortgages with flexible terms to low-, middle- and high-income borrowers. But you’ll need to speak with a mortgage specialist to find out what options you qualify for.
Conventional - 620
Minimum credit score
Minimum down payment (Conventional)
Available in all states
|Loan products offered||Conventional, Jumbo, FHA, Refinance|
|Minimum credit score||Conventional - 620|
|Minimum down payment (Conventional)||3%|
|State availability||Available in all states|
Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
CIT Bank offers conventional home loan products with fixed-rate loans and ARMs available in a variety of terms. It also offers jumbo loans of up to $2 million. But it’s not transparent about its fees, and it has a multistep prequalification process before you can see your rates and options.
CIT Bank Requirements
Requirements vary depending on what type of loan you want. You’ll generally need at least a minimum credit score of 620 and 3% down, though certain loan types may have much higher requirements.
Before applying, make sure to have the following information on hand:
- Full name
- Email address
- Phone number
- ZIP code
- Loan amount
Costs and fees
CIT Bank doesn’t list its fees online, so you likely won’t know what to expect before applying. But common home loan fees include:
- Application fee
- Origination fee
- Underwriting fee
- Rate lock fee
- Ongoing fees
- Third-party fees
How to apply for a mortgage with CIT Bank
If you’re interested in getting a mortgage with CIT Bank, you can’t apply online but can start the prequalification process. To do so:
- Visit the CIT Bank website and select Personal.
- Under Borrow, select Home Loans.
- Complete the form with some loan details and personal credit information.
- Select Update Results to view your loan options and Next to select that option
- Enter your personal information and select Contact Us to get an email or phone call from a loan specialist.
A CIT Bank home loan specialist will contact you to provide a free loan prequalification, more information on the CIT Bank mortgage you selected and any other options available to you.
What types of mortgages can I get through CIT Bank?
Other mortgage products offered by CIT Bank
CIT Bank offers a few special home loan programs and discounts:
- 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.
- 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.
How CIT Bank’s mortgage products compare to other lenders
CIT’s mortgage offerings don’t have the variety of other banks its size. But within the bank’s conventional and jumbo home loan products, you can choose from flexible terms, low down payments or interest-only options to find what you need.
CIT offers a special relationship discount for mortgages. 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. You can also get a discount on your mortgage rate for depositing a new lump sum into your account. Deposit 10% of your home loan amount into your CIT Bank or OneWest account for a .1% rate discount or 25% for a .2% reduction at closing.
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CIT Bank reviews and complaints
Online reviews detail quality interactions with CIT Bank representatives. However, some CIT Bank customers complain of fluctuating interest rates and don’t like the design or functionality of CIT Bank’s online platform.
CIT Bank is not accredited with the Better Business Bureau (BBB), which gives it an B rating as of July 2022 after answering 75 customer complaints in the last three years. The bank averaged a 1.13 out of 5 star rating with only 16 reviews. Trustpilot gives CIT Bank a 3.2-star rating with 295 reviews.
Pros and cons of CIT Bank
- High loan maximum. 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.
- Flexible terms. You can choose between 10-, 15-, 20-, 25- and 30-year mortgage terms on fixed-rate loans.
- Not transparent about fees. CIT Bank doesn’t list its fees online, so make sure to ask about closing costs, prepayment penalties and other potential fees as early in the process as possible.
- 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 is CIT Bank?
CIT was founded in 1908 in St. Louis, Missouri as a business financing company and has since expanded across the US and into Canada. As a top-50 bank, this lender now offers traditional banking products, like savings accounts and CDs and also serves as a direct mortgage lender.