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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
3%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, Jumbo, FHA, Refinance |
---|---|
Minimum credit score | Conventional - 620 |
Minimum down payment (Conventional) | 3% |
State availability | Available in all states |
NMLS # | 541760 |
Review by
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.
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 is not currently available on Finder
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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:
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:
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:
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.
CIT Bank offers a few special home loan programs and discounts:
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.
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.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
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.
CIT Bank is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.