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CIT Bank mortgage review

Last updated:’s rating: 3.4 / 5.0


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

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


Loan products offeredPurchase, Refinance, Jumbo, FHA
Minimum credit score620
Minimum down payment3%
State availabilityAvailable in all states

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

CIT Bank reviews and complaints

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 December 2020.
Trustpilot gives the company a 4.5 rating, with just under 258 reviews.

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.

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Need help? Talk to a customer specialist


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.

  1. To prequalify, visit the CIT Bank website. Click Home Loans and select Request a Call.
  2. Enter your information. Complete the form with your full name, email address, phone number, ZIP code and desired home loan amount. Click Send.
  3. Talk to a specialist. A CIT Bank home loan specialist will contact you to provide a free loan prequalification and more information on the CIT Bank mortgage you’re interested in.

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.

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, product selection and borrower experience.

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


Review by

Shannon Terrell is a senior writer 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.

Expert review

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.

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