CIT Bank Mortgage Review 2022

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At a glance

Visit CIT Bank website

NMLS: 541760

4.4

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term refinancing; interest-only
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Nationwide availability

Available in all U.S. states
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • Active in California, making it a good option for borrowers the state
  • Offers relationship discounts for banking customers
  • Offers conforming, jumbo and FHA loans

Cons

  • Doesn’t offer government-insured VA or USDA loans
  • Doesn’t have an app
  • Doesn’t offer online preapprovals or support

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.

Good for

Borrowers looking for conforming, jumbo or FHA loans, and borrowers in California, where CIT does most of its business

Loan types

  • Conventional
  • Jumbo
  • FHA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term refinancing
  • Interest-only

Lender fees

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.

Rates

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.

Reputation

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.

Online services

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.

Not sure if CIT Bank is right for you? Consider these alternatives

Breakdown of CIT Bank overall review score

  • Affordability: 5/5
  • Availability: 3.8/5
  • Borrower experience: 4.3/5

Review methodology

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.

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CIT Bank consumer reviews

4.7

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89 reviews

5 stars
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79
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6

Customer service rating

Knowledge
4.7
Level of service
4.7
Professionalism
4.7
Responsiveness
4.8

93% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with CIT Bank.

10 of 11 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Jaime Sermano and his staff are great to work with.

Great experience | Hacienda Hts | 2/9/2021

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Extremely happy with loan process

Ramin S. | Los Angeles | 3/1/2021

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Nothing less than 5 stars. Thank you CIT team for all you did to make it as a pleasant experience.

very responsive, super competitive rates, exceptional personalized customer service making the buyin | Duluth, GA | 3/2/2021

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Top Notch Refinance

Top Notch Refinance | Upstate South Carolina | 4/3/2021

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Great Refinance Experience

Great refinance experience | Lexington, MA | 4/7/2021

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Very easy process and great rates

Rocket Scientist Rob | Redondo Beach | 6/8/2021

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Great customer service

Jaime Sermeno provided great customer service throughout. | Southern California | 8/2/2021

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Seamless Refinance!

Excellent Customer Service - beat expectations | Lake Oswego, Oregon | 10/5/2021

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Just closed with CIT conventional loan!

Dealt with same person every step of the way. Very knowledgeable | Sun City Arizona | 11/13/2021

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Upfront low rates, closed on time

Great rate, Closed on Time | Houston, TX | 12/18/2021

Written by
Jeff Ostrowski
Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Edited by
Mortgage editor