CIT Bank mortgage review: Mortgage loans with discounts for people who bank with CIT

Two women sitting together in their new home, unpacking boxes and smiling as they find old photos.Image: Two women sitting together in their new home, unpacking boxes and smiling as they find old photos.
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CIT Bank mortgage loans at a glance

  • Conventional loans: Yes
  • FHA loans: California only
  • VA loans: No
  • Refinancing: Yes
  • Jumbo loan: Yes
  • Adjustable rates: Yes (​​5/6, 7/6 and 10/6 and interest-only loans)
  • Fixed rates: Yes (10, 15, 20, 25, 30 years)

CIT Bank is a national bank with brick-and-mortar branches in several states including California, Florida and Texas. CIT has an online mortgage “get started” option, but you’ll need to submit contact information about the size and type of mortgage you want, and then wait to be contacted by a representative to get further info or apply.


  • Has a variety of loan terms
  • Offers relationship discounts to people who have or open a qualifying CIT bank account


  • Must speak with a loan officer before applying
  • No upfront info about specific loan options
  • Availability of some loan options depends on the state you’re in

4 things to know about a CIT Bank mortgage loan

1. Some rate and monthly payment info available online — but that’s it

Once you share some details such as the value of the home you want, your desired loan amount, your ZIP code and your credit scores via an online form, CIT Bank provides an idea of mortgage rates and terms. From there, you won’t be able to complete an application or getting more detailed information online — you’ll have to speak to or email a CIT loan consultant to get any further.

2. Rate discounts available with a qualifying bank account

CIT Bank offers two relationship discounts that can get you a lower rate. If you put 10% of your loan balance into a CIT bank account (checking, savings or money market), you can qualify for 0.1% off your rate. And you can qualify for 0.2% off your rate if you keep 25% of your loan balance in a qualifying account.

That can be a good option if you want to bank with CIT.

3. Not much upfront info about loan options

When you visit the mortgage page on the CIT Bank website, you won’t find detailed information about the types of home loans available.

While it has information on hardship assistance and how to use the online portal, the site doesn’t state whether it offers conventional mortgages, government-backed loans or other types of home loans.

4. Must speak with a loan officer before applying

You can contact CIT Bank about starting the mortgage process online by filling out a contact form with basic questions about yourself and your desired mortgage. But you’ll have to wait for a loan officer to contact you about getting preapproval or formally applying.

So if you’re just looking to research and compare loans, rates and terms online, CIT isn’t a great option because you can’t get that info without speaking to a loan officer.

Who is a CIT Bank loan good for?

A CIT Bank mortgage may be worth considering if you’re interested in using CIT for banking along with a mortgage and you qualify for its relationship discounts. The lower interest rate could save you money over the life of your loan.

How to apply for a CIT Bank mortgage

If you want to apply for a CIT Bank mortgage, you’ll need to fill out some online forms and wait to hear from a loan officer. 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 will look at your credit scores, debt-to-income ratio and other factors before it decides whether to approve you for a mortgage.

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

If you want to compare rates with a number of lenders, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

Here are a couple of other lenders to consider.

  • Rocket Mortgage: Rocket Mortgage offers VA loans as well as conventional and FHA loans.
  • Freedom Mortgage: Freedom Mortgage may meet your needs if you’re a first-time homebuyer and want to take advantage of a government-backed mortgage like an FHA loan, USDA loan or VA loan.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.