CIT Bank mortgage review October 2018 | finder.com

CIT Bank mortgage review

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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-rate and adjustable-rate mortgages, as well as several home refinancing options. Get preapproved for a home loan by requesting a call from a CIT home loan expert.

Product details

Feature Details
Product name CIT Bank mortgages
Rates Fixed, adjustable
Fixed-rate terms 10–30 years
Adjustable-rate terms 5/1, 7/1 and 10/1
Repayment type Principal and interest, interest only
Maximum loan Up to $2 million
Discounts 0.25% off fixed-rate mortgage rates or the initial fixed-rate for ARM loans for existing savings account holders
Loan Purposes Owner-occupied, investment, construction, refinancing
Customer service Phone, email and online chat available seven days a week

Pros and cons

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.
  • Member discount. If you hold a CIT Bank savings account and are comfortable with autopay, you could qualify for 0.25% off the rate of your fixed- or adjustable-rate mortgage.

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 FHA, 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.

    What are customers really saying?

    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.

    How do I apply?

    I got the loan. Now what?

    • 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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