Refinance your home loan at CIT Bank with ease and expertise. Since its inception in 1908 and for over one hundred years, CIT Bank has been renowned for its strength as a financial institution. CIT Group, Inc. (CIT on the New York Stock Exchange) is a financial holding company that operates its principal bank subsidiary, CIT Bank. CIT Bank is a top-rated bank that began in St. Louis, Missouri, and has now spread across the country as a leading national bank and across the globe as a top-level international bank. The bank’s name as a leader in financing has stood the test of time.
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● During the Great Depression and World War II, CIT Bank remained solid as a financial institute.
● During the postwar era, CIT Bank helped revitalize the economy with greater financing options.
● In the 1980’s and 1990’s CIT Bank went through many technological advancements to modernize its presence which eventually brought it online.
● CIT Bank is now a strictly online bank that has seventy branches of OneWest Bank in California operating as retail on-site branches.
● And, since acquiring Mutual of Omaha Bank, a fortune 500 organization (considered to be one of the five hundred most profitable companies in the US), in 2020, the banking division of Mutual of Omaha,CIT now offerseven more expanded and diversified financial options for people, businesses, and groups in the United States.
● And, in 2021, CIT Bank is merging with First Citizens Bank to pull on their mutual strengths and resources to develop a top 20 US bank with a broader range of financial products and market capabilities for customers.
Is CIT Group Legitimate?
CIT Bank is a legitimate member of the Federal Deposit Insurance Corporation (FDIC), an independent organization created by the US Congress in 1933 to ensure the strength of and public trust in financial institutions. With FDIC membership, deposit accounts are insured up to $250,000 per person for each account category. CIT Bank is a top ten online bank. CIT Bank has a trust score of 4.1 at Trustpilot by cumulative customer reviews, which is a great, but not excellent, score. CIT Bank also has an A- rating with the Better Business Bureau (BBB). Though CIT Bank has not sought accreditation with the Better Business Bureau, businesses are not obligated to become BBB accredited.
CIT Bank is legitimate. Its longstanding history of over one hundred years, its capacity to withstand the Great Depression and World War II, and its ability to modernize its banking with technology and revolutionize its accounts with online banking, shows just how far it has come as a financial institution.
Why Refinance Your Home Loan?
Home loan refinancing involves applying for and replacing your current mortgage with a new mortgage. There are many reasons you might want to refinance your home loan, such as:
● Pay off your mortgage faster
● Refinance your home loan terms with a shorter or a longer repayment period
● Refinance your home loan into a lower interest rate
● Reduce the monthly mortgage payment
● Switch from an adjustable-rate to a fixed-rate mortgage to protect against payment increases associated with interest rate fluctuations
● Consolidate debt (i.e., medical bills, student loans, auto loans, credit card balances)
● Use a portion of the available equity in your home to finance major expenses
● Combine a first and second mortgage into one loan
● Improve your financial situation
What Refinance Loans Are Available?
Mortgage rates are at an all-time historic low. CIT Bank offers a wide range of refinance home loans, including adjustable-rate and fixed-rate mortgages. CIT Bank’s adjustable-rate mortgages have a competitive rate to help you pay off the mortgage much faster, a fixed payment for an initial fixed period, and an interest-only payments option.
CIT Bank’s fixed-rate mortgages have competitive rates, consistent monthly payments, protect against interest rate increases, and have a wide range of repayment terms such as 10, 15, 20, 25, and 30-year options. In addition, CIT Bank offers a $525 cashback reward on your next funded loan. Regardless as to whether you are planning an adjustable rate or a fixed-rate loan refinance, CIT Bank can help you to secure the loan that is for you.
By opening an account with CIT Bank, CIT Bank can offer relationship benefits such as lowering your mortgage rate while earning a top savings rate. Special FHA Loans are also available to achieve a better mortgage rate.
To open an account at CIT Bank, click on the “open account” button link at the header menu and enter your name, phone number, email address, and social security number and follow the instructions on the screen. Your account will be set up in about five minutes. CIT Bank offers consumers with savings, checking, money market, or certificate of deposit (CD). Once your account is set up, you can access it at ATMs using your Debit Card, through the online banking at www.CITBank.com, through the contact center, and through the CIT Bank downloadable mobile banking application.
What Elements Are in Your Monthly Payment?
A monthly mortgage payment includes four elements: the principal, interest, taxes, and insurance.
● The principal is the amount applied to the balance of the loan.
● The interest is the fee paid for borrowing money.
● The property taxes may be included in the mortgage payment or paid separately to your local government office.
● The insurance (i.e., hazard or fire insurance) protects your home and may be included in the mortgage payment paid through an impound/escrow account or paid separately to your insurance company. Insurance coverage is required by the lender, but you may choose which insurance company to carry the policy on.
In addition to these four elements in your monthly payment, you may also need to pay private mortgage insurance PMI on a monthly basis too. The PMI is insurance that protects your lender against losses that would occur if you default on your loan.
How To Get Started Refinancing a Home Loan?
To get support in choosing the right loan for you, CIT Bank offers phone support on its main CIT Bank website. Once you know which loan you will be applying for, you can prequalify online or by calling the phone support. To prequalify online with ease, click on the word “Borrow” in the main header menu at the top of the CIT Bank website; an application form will open up to enter some basic details to get started.
Once your application is received, a CIT Bank loan officer will send you a list of documents to turn in as well as an Estimated Settlement Statement for the amount to turn in in the form of a cashier’s check. Once all requirements are met for the application for refinancing a primary residence, the loan will be funded three business days after signing the documents. These three days of time are required to give the borrower the right to rescind the agreement.
What Criteria Are Used to Approve the Loan?
CIT Bank will look at three main criteria to determine whether or not they can approve you with the loan. The three criteria are capacity, credit, and collateral. Capacity requires verifying funds for down payment and closing costs, as well as proof of income verification to determine if you can meet the monthly repayment terms of the loan. Credit includes determining creditworthiness by looking at your credit history and looking for a history of on-time payments made through regular credit card use, rent payment history, installment debt payment history, etc. Collateral involves giving a list of property that you own already that can be used as a pledge against the loan amount.
You will need the following documents to show proof of income:
● 2-3 months of pay stubs
● 2 years of tax returns
You will need the following documents to show your property:
● Most recent property tax bill
● Current home owner’s insurance policy
● Flood insurance
You will need the following documents to show your assets:
● Savings
● Checking
● Certificate of Deposit
You will need the following documents to show your credit:
● Credit report with current credit score
● Written explanation of any credit blemishes
● Bankruptcy discharge documentation
● Copy of divorce or separation agreement
What Risks Are Involved In Refinancing Your Home Loan?
There are some risks to consider when choosing whether or not to refinance your home loan. It is best to consider both the pros and the cons before making a decision about refinancing and to consult with a mortgage expert to learn everything you need to know to make a good decision that is right for you.
First, you will need to pay a home refinance appraisal in order to find out if its value on the market has changed, up or down. If the value of the house has increased, that means you may be eligible for an even better interest rate than anticipated or be able to get more cash out. However, if the value of the house has decreased, you can still refinance your home loan, but it can change which options you may qualify for. If your home loan value has fallen dramatically below the original value of the home, you may find out that you are not able to refinance. If the appraisal is really lower than you expected, you can have it redone.
As well, the closing costs are also a downside to refinancing a home loan because you’ll have to pay most of the same closing costs again that you did when you originally bought the home (i.e. origination fees, title insurance, application fees, and closing fees).
And, remember, refinancing your home loan can affect your credit due to the inquiries made by your lender closing the old credit and starting a new credit.
Is Refinancing Worth It?
Refinancing your home loan comes with many benefits, including lowering the monthly payment, lowering the interest rate, paying off your mortgage faster, debt consolidation, etc. And, yet, to receive all of these wonderful benefits, refinancing can take time and money. Most refinances can typically take thirty to forty-five days of your application to complete. And, all the costs to refinance must be added up to see if these additional costs involved might increase your monthly payments instead of reducing them, in which case refinancing would not be worth doing. If you decide to do a cash-out refinance by adding the cost into your new loan or extending the term of your current loan, you will lose equity.
Before deciding if you will refinance, be sure to consider both the pros and the cons in order to make sure you make the best decision for your needs. As well, it is best that you seek expert advice and speak with a mortgage specialist to add up all your estimated costs accurately and to receive a professional assessment in order to help you with making your decision. If you have an account at CIT Bank, your application can be processed completely online with ease, and the refinancing process is handled efficiently and professionally for you, offering competitive rates, relationship benefits, and expert support.
If you are personally looking to refinance your home loan, CIT Bank can offer expert-level advice and offer loans that meet your specific needs. CIT Bank is a top-rated international bank empowering people with financial tools to reach their personal goals. CIT Bank offers financial experts who can guide you on any of the options and help you find the right solution for you. CIT Bank is a name you can trust. FDIC insured. Trustpilot verified. Great rating on the BBB. CIT Bank is a leader in the financial sector and a name that has stood the test of time.