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CIT Bank Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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CIT Group Inc. is a financial holding company founded in 1908 that operates a principal bank subsidiary, CIT Bank, N.A. CIT Bank is headquartered in Pasadena, California, but serves residents of all 50 states. The bank offers savings accounts, certificates of deposit (CDs), money market accounts, and mortgage products. CIT Bank is FDIC-insured and an Equal Housing Lender.
 
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How is CIT Bank rated?

Breakdown

4.8/5
Loan Variety
5.0/5
Ease of Process
5.0/5
Customer Service and Reputation
5.0/5
Discounts and fees

Overall Rating: 4.9 / 5 (Excellent)

CIT Bank can help consumers refinance their mortgage and approaches each home loan differently because they understand each case is unique. Customers can start the process by phone or by filling out an online application quote to get in contact with a dedicated loan officer who will aid through the process from beginning to end. CIT Bank also includes a float-down policy, that in the case of a rate drop of at least .100% within 15 days of the rate-lock period, they will split the difference of the drop to benefit the borrower.

Loan Options

Lender Type
Bank
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
Conventional
Jumbo
Fixed Year Terms
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM

Loan Variety - 4.8 / 5

CIT Bank offers a wide selection of fixed- and adjustable-rate mortgages, including unique perks like a relationship pricing program. There isn’t any readily-available information about its minimum or maximum loan size or qualification requirements online, but this is not an unusual omission. You can get more information about its mortgage options by calling the bank and speaking to one of its representatives.

Application Process

Ease of Process - 5 / 5

Because each case is different, CIT prefers that users contact the bank directly to initiate the process, but you can also start the process through an online application. There isn’t information readily- available on CIT Bank’s website about fees, qualification requirements or loan closing times on its website, so you should reach out to CIT Bank representatives with any questions you may have about application requirements or closing times.

CIT Bank Reputation

Memberships & Regulatory Info.

Memberships
Federal Home Loan Bank
FDIC
National Association
Nationwide Mortgage Licensing System ID
541760
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2019-07-30
CFPB Total Mortgage Complaints
1,674
CFPB Collection Date
2019-07-30

Online Reviews

Trustpilot Trustscore
9.2
BBB Rating
B-
BBB Positive Reviews
1
BBB Negative Reviews
9
BBB Neutral Reviews
0
Date Collected
2019-07-30

Customer Service and Reputation - 5 / 5

CIT Bank has received mixed customer reviews. While most of its BBB reviews are negative, the company has received a B- from the organization and it has a high score on TrustPilot. It also has comparatively few complaints filed against it with the Consumer Financial Protection Bureau compared to many other top mortgage lenders. On the whole, it appears CIT Bank has more positive reviews than negative reviews.

CIT Bank offers customer support 24 hours a day, 7 days a week. Consumers may reach the company via email or phone call.

Contact & Additional Information

Homepage URL
https://www.cit.com/cit-bank/
Company Phone
(800) 217-6629
Headquarters Address
75 North Fair Oaks Ave., Pasadena, CA, 91103
Year Founded
2000

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