CIT Bank overview
CIT Bank is a brick-and-mortar lender available nationwide, with branches in California and a handful of other states. The bank is headquartered in Pasadena, California, and most of its residential mortgages are for homes in Southern California. It emerged from IndyMac, one of the most prominent financial institutions to fail during the Great Recession, and acquired OneWest Bank in 2015 and still operates branches under the OneWest name. It offers $525 cash back deposited into a borrower’s CIT Bank or OneWest Bank account after closing. Borrowers can also reduce their mortgage rate with one of two relationship discounts, either by 10 basis points with 10 percent of the loan amount in new deposits, or by 20 basis points with 25 percent of the loan amount in new deposits.
Borrowers looking for conforming, jumbo or FHA loans, and borrowers in California, where CIT does most of its business
- Rate-and-term refinancing
CIT Bank’s lender fees can include an origination fee, rate-lock fee and other closing costs. These expenses can vary by loan type, taxes and other factors.
CIT Bank advertises mortgage rates, although you’ll have to jump through a small hoop: On its home loans page, you’ll need to provide very basic information about the size of the loan, your credit score and your ZIP code.
CIT Bank is not accredited by the Better Business Bureau but gets a grade of B from the organization. The bank also gets a score of “average” from Trustpilot with 3.2 out of five stars. As a federally-insured bank and licensed mortgage lender, CIT is subject to oversight from multiple federal agencies.
Borrowers with CIT Bank can apply for a mortgage after contacting the bank’s call center. The bank will then send a link to start the process online. CIT Bank does not offer online prequalifications, preapprovals, support or an app.
Minimum borrower requirements
CIT Bank generally follows the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA). For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement. Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.
For FHA loans, those requirements are set by the government. You can find them here:
Refinancing with CIT Bank
CIT Bank offers refinances at competitive rates. The refi deals advertised on its website included points.
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Breakdown of CIT Bank overall review score
- Affordability: 5/5
- Availability: 3.8/5
- Borrower experience: 4.3/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.