CIT Bank Mortgage Review – Is Cit Bank Mortgage Legit? CIT Bank is a national bank with physical branches in several states, including California, Florida, and Texas. CIT has an online “Getting Started” mortgage option, but you must provide contact information about the size and type of mortgage you want and then wait for a representative to contact you for more information or to submit an application.
Want to know about CIT Bank Mortgage? If yes, continue reading our guide on CIT Bank Mortgage review as we will walk you through everything you need to know about a mortgage loan from CIT Bank.
Table of Contents
Is CIT Bank Mortgage Legit?
Is CIT Bank Mortgage Legit? Yes, CIT was founded in 1908 in St. Louis, Missouri as an enterprise finance company and has since expanded to the United States and Canada. As a top 50 bank, this lender now offers traditional banking products such as savings accounts and CDs, as well as acting as a direct mortgage lender.
CIT Bank Mortgage Reviews and Complaints
Online reviews describe the quality of interactions with CIT Bank representatives. However, some CIT Bank customers complain about fluctuating interest rates and dislike the design or functionality of CIT Bank’s online platform.
CIT Bank is not accredited by the Better Business Bureau (BBB), which gives it a B rating as of July 2022 after responding to 75 customer complaints over the past three years. With only 16 reviews, the bank achieved an average rating of 1.13 out of 5 stars. Trustpilot gives CIT Bank a 3.2-star rating with 295 reviews.
Is CIT Bank Trustworthy?
Is CIT Bank Trustworthy? Yes CIT bank is trustworthy, CIT Bank is FDIC insured. The federal government protects your money up to $250,000 per depositor, for each account ownership category, in case of a bank failure.
How to apply for a mortgage at CIT Bank?
CIT Bank Mortgage Review – Is CIT Bank Mortgage Legit? Yes CIT Bank is legit, if you are interested in a mortgage with CIT Bank, you cannot apply online but you can start the prequalification process. In addition:
- Visit the CIT Bank website and select Personal.
- Under Borrow, select the Home loan option.
- Fill out the form with some credit 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 receive an email or phone call from a loan specialist.
A CIT Bank mortgage specialist will contact you to provide you with a free loan prequalification, more information about your chosen CIT Bank mortgage, and any other options available to you.
What types of mortgages can I get through CIT Bank?
- Conventional
- FHA
- Jumbo
This company accepts mortgage refinancing applications.
CIT Bank Requirements
The requirements vary depending on the type of loan you want. In general, you need a minimum credit score of at least 620 and 3% lower, although certain types of credit may have much higher requirements.
Before you sign up, make sure you have the following information ready:
- First And Last Name
- E-Mail Address
- Phone Number
- Postal Code
- Loan Amount
- Costs And Fees
CIT Bank doesn’t list its fees online, so you probably don’t know what to expect before signing up. However, common home loan costs include:
- Origination fee
- Application fee
- Underwriting fee
- Rate lock fee
- Ongoing charges
- Third-party cost
Other mortgage products offered by CIT Bank
CIT Bank Mortgage Review: Is Cit Bank Mortgage Legit? Yes, CIT Bank offers some special home loan programs and discounts:
· Interest-only loan
Certain homeowners may qualify for interest payments. These won’t help you build equity in your home but can help you lower your monthly payments. Mortgage payments without interest are generally best for people who know they will make more money in the future, such as B. Physicians nearing the end of their stay.
· Fannie Mae’s HomeReady Program
HomeReady, a government program offered by private lenders, is designed to help low-income home buyers. If you qualify, you can get a home for as little as 3% off.
CIT Bank Mortgage Review – Pros and Cons of CIT Bank
Advantages
- High Loan Limit – CIT Bank offers jumbo loans up to $2 million at fixed and variable rates.
- Interest Payments Only – CIT Bank’s floating rate loans offer the flexibility of interest payments for both conforming and jumbo loans.
- Flexible terms – You can choose from maturities of 10, 15, 20, 25, and 30 years for fixed-rate loans.
Disadvantages
- The Rates Are Not Transparent – CIT Bank does not list its fees online, so inquire as early as possible about closing fees, prepayment penalties, and other possible charges.
- Application In Two Steps – Unlike some mortgage lenders, you will need to speak with a mortgage specialist before you can see your interest rates and options after filling out the online form.
- Limited Options – A conforming or jumbo loan will probably work well for most home buyers, both personal and business, but if you’re looking for other loans like VA or USDA, you’ll need to find another lender.
CIT Bank Mortgage Review – 4 Things You Need To Know About a Mortgage Loan From CIT Bank
- Some information about installments and monthly payments is available online – but that’s it after you have provided some details via an online form such as the value of the desired home, your desired loan amount, your zip code, and your credit score, CIT Bank will give you an idea of the mortgage interest rate and terms. From there you will not be able to complete an application or get more detailed information online – you will need to speak to a CIT Loan Advisor or send an email to proceed.
- Discounts available with an eligible bank account – CIT Bank offers two relationship discounts with which you can earn a lower interest rate. If you deposit 10% of your loan balance into a money market account (cheque, savings, or money market account), you may qualify for a 0.1% discount on your interest rate. And you can qualify for a 0.2% discount on your interest if you keep 25% of your loan balance in a qualifying account. This can be a good option if you want to bank with CIT.
- Not a lot of upfront information about credit options – If you visit the mortgage page on the CIT Bank website, you will not find detailed information about the mortgage types available. While it provides information on hardship assistance and how to use the online portal, the site does not specify whether it offers traditional mortgages, government-backed loans, or other types of home loans.
- Must speak to a loan officer before applying – You can contact CIT Bank to start the mortgage process online by filling out a contact form with basic questions about you and your desired mortgage. But you must wait for a loan officer to contact you for pre-approval or to officially apply. So if you just want to research online and compare loans, interest rates, and terms, CIT is not a good option as you cannot get this information without talking to a loan officer.
Frequently Asked Questions – CIT Bank Mortgage Review
Who is a CIT Bank loan good for?
A CIT Bank mortgage may be worth considering if you are interested in banking with CIT along with a mortgage and qualify for the affiliate discounts. The lower interest rate allows you to save money over the term of your loan.
How to apply for a CIT Bank mortgage?
To apply for a CIT Bank mortgage, you need to fill out a few online forms and wait for a loan advisor. Or you can call CIT’s customer service number to discuss your mortgage needs with a live person.
Like any other mortgage lender, CIT Bank assesses your creditworthiness, debt-to-income ratio, and other factors before deciding whether to provide a mortgage.
Is CIT Bank Trustworthy?
Is CIT Bank Trustworthy? Yes, CIT Bank is FDIC insured. The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the case of a bank failure.
What are the alternatives of CIT Bank?
Not sure if CIT Bank is for you? Consider these alternatives.
If you want to compare the interest rates of multiple lenders, remember that you have a chance where multiple hard loan requests from lenders only count as one for your credit score. You usually have 14 days – depending on the scoring model, this could be longer.
Here are a few other lenders to consider.
- Rocket Mortgage: Rocket Mortgage offers VA loans as well as conventional and FHA loans.
- Freedom Mortgage: Freedom Mortgage can meet your needs if you are a first-time home buyer and want to take advantage of a federally secured mortgage such as an FHA loan, USDA loan, or VA loan
Conclusion – Is CIT Bank Mortgage Legit?
CIT Bank Mortgage Reviews; Online reviews describe the quality of interactions with CIT Bank representatives. However, some CIT Bank customers complain about fluctuating interest rates and dislike the design or functionality of CIT Bank’s online platform.
CIT Bank is not accredited by the Better Business Bureau (BBB), which gives it a B rating as of July 2022 after responding to 75 customer complaints over the past three years. With only 16 reviews, the bank achieved an average rating of 1.13 out of 5 stars. Trustpilot gives CIT Bank a 3.2-star rating with 295 reviews.