Disclosures
5/1 Adjustable-Rate Mortgage
The 5/1 Adjustable-Rate Mortgage is a 30-year mortgage, with fully amortizing principal and interest payments and an initial 5-year fixed rate period. After the 5-year fixed period, the payments, interest rate and annual percentage rate may increase or decrease.
EXAMPLE: a $2,000,000 loan with a loan-to-value ratio of 75% and an applicant FICO score of 720 or above, for a purchase transaction of an owner-occupied, one-unit, single family residence in California. At the advertised rate of % (APR %) with % points, which are included in the total closing costs of , the monthly payment would be for the first 60 months. Beginning at month 61, assuming a new interest rate of %, the new payment would be until the next annual change date. The rate and payment may change annually based on changes to the index value.
Important Disclosures
The above example for payments beginning at month 61 was calculated using the 1 Year LIBOR index rate of %, a margin of %, and assumes that the 1 Year LIBOR index remains unchanged for the life of the loan. Rates, points and LIBOR index are as of and are subject to change without notice.
Advertised initial rate for months 1-60 includes the CIT Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The monthly payments shown here do not include amounts for property taxes and insurance premiums and as a result your actual obligation will be greater. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Not all applicants will qualify for financing or the rate shown and are subject to review of credit and collateral. However, a 60-day rate lock is guaranteed for those who qualify.
With interest-only loans, your required payment will increase over time. Your loan balance will not decrease unless you pay more than the required interest-only payment during the initial stages of repayment.
For the following examples, the interest rate and annual percentage rate were calculated using a sample loan of $417,000 based on the loan term indicated and a loan-to-value ratio of 75%. This assumes the purchase of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 740 or above.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Rates include the CIT Bank Relationship Discount is 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The rates displayed require the establishment of an escrow account upon closing. Rates and terms subject to change without notice. Not all applicants will qualify for financing or the rate shown. However, a 60-day rate lock is guaranteed for those who qualify.
30-Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
For the following examples, the interest rates and annual percentage rates were calculated using a sample loan of $2,000,000 and a loan-to-value ratio of 75%. This assumes the purchase of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 720 or above.
Advertised rates includes the CIT Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Not all applicants will qualify for financing or the rate shown and are subject to review of credit and collateral. However, a 60-day rate lock is guaranteed for those who qualify.
Fully Amortizing and Interest-Only Adjustable-Rate Mortgages
CIT Bank offers adjustable-rate mortgages with 30 year loan terms and initial fixed-rate periods of 5, 7 or 10 years. Any of these loan types can be fully amortizing with monthly payments of principal and interest which will fully repay the loan by its maturity date, or they can have monthly payments of interest-only which will not repay any principal during the interest-only period of 120 months (10 years), after which the loan has fully amortizing principal and interest payments for the remaining 20 years of the term. For all of these products, after the initial fixed-rate period the interest rate and monthly payments are subject to change annually based on changes to the Index.
The examples shown below were calculated using the 1 Year LIBOR index (the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market as published in the Wall Street Journal) rate of %, a margin of %, and assumes that the 1 Year LIBOR index remains unchanged for the life of the loan. Rates, points and LIBOR index are as of and are subject to change without notice.
| Type of Mortgage | Fixed Period | Adjustable Period1 |
|---|
| | APR | Points | Closing Costs | Initial Rate | Initial (Principal and Interest) Payment | Fully Indexed Rate rounded to the nearest 1/8% | Monthly (Principal and Interest) Payment |
| 5/1 LIBOR ARM Fully Amortizing | % | % | | % for 60 months | for 60 months | % for months 61 - 360 | for months 61 - 360 |
| 5/1 LIBOR ARM Interest-Only | % | % | | % for 60 months | for 60 months | % for months 61 - 360 | for months 61 - 360 | for months 121 - 360 |
| 7/1 LIBOR ARM Fully Amortizing | % | % | | % for 84 months | for 84 months | % for months 85 - 360 | for months 85 - 360 |
| 7/1 LIBOR ARM Interest-Only | % | % | | % for 84 months | for 84 months | % for months 85 - 360 | for months 85 - 120 | for months 121 - 360 |
| 10/1 LIBOR ARM Fully Amortizing | % | % | | % for 120 months | for 120 months | % for months 121 - 360 | for months 121 - 360 |
| 10/1 LIBOR ARM Interest-Only | % | % | | % for 120 months | for 120 months | % for months 121 - 360 | for months 121 - 360 |
|
For the following examples, the interest rate and annual percentage rate were calculated using a sample loan of $417,000 based on the loan term indicated and a loan-to-value ratio of 75%. This assumes the purchase of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 740 or above.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Rates include the CIT Bank Relationship Discount is 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The rates displayed require the establishment of an escrow account upon closing. Rates and terms subject to change without notice. Not all applicants will qualify for financing or the rate shown. However, a 60-day rate lock is guaranteed for those who qualify.
Conforming Fixed-Rate Mortgages
30-Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
25-Year Fixed-Rate Mortgage
The 25-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
20-Year Fixed-Rate Mortgage
The 20-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
15-Year Fixed-Rate Mortgage
The 15-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
10-Year Fixed-Rate Mortgage
The 10-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
Jumbo Fixed-Rate Mortgages
Advertised rates includes the CIT Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
15 Year Fixed-Rate Mortgage
The 15-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % with % points and closing costs of (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of % and a monthly payment of . Rates and points are as of and are subject to change without notice.
30 Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % with % points and closing costs of (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of % and a monthly payment of . Rates and points are as of and are subject to change without notice.
5/1 Adjustable-Rate Mortgage
The 5/1 Adjustable-Rate Mortgage is a 30-year mortgage, with fully amortizing principal and interest payments and an initial 5-year fixed rate period. After the 5-year fixed period, the interest rate and payments will fluctuate for the remainder of the loan term. During this time, payments, interest rate and annual percentage rate may increase or decrease. Payments are fully amortized.
EXAMPLE: a $2,000,000 loan for a refinance transaction of an owner-occupied, one-unit, single family residence in California with a minimum FICO score of 720, at the advertised rate of % (APR %) with % points, which are included in the total closing costs of , would have a monthly payment of for the first 60 months. Beginning at month 61, the rate would change. Assuming a new interest rate of %, the new payment would be and is subject to change annually based on changes to the index value.
Disclosures
The above example was calculated using the 1 Year LIBOR index rate of %, a margin of %, and assumes that the 1 Year LIBOR index remains unchanged for the life of the loan. Rates, points and LIBOR index are as of and are subject to change without notice.
Advertised initial rate for months 1-60 includes the CIT Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The monthly payments shown here do not include amounts for property taxes and insurance premiums and as a result your actual obligation will be greater. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Not all applicants will qualify for financing or the rate shown and are subject to review of credit and collateral. However, a 60-day rate lock is guaranteed for those who qualify.
With interest-only loans, your required payment will increase over time. Your loan balance will not decrease unless you pay more than the required interest-only payment during the initial stages of repayment.
For the following examples, the interest rate and annual percentage rate were calculated using a sample loan of $417,000 based on the loan term indicated and a loan-to-value ratio of 75%. This assumes the refinance of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 740 or above.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Rates include the CIT Bank Relationship Discount is 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The rates displayed require the establishment of an escrow account upon closing. Rates and terms subject to change without notice. Not all applicants will qualify for financing or the rate shown. However, a 60-day rate lock is guaranteed for those who qualify.
30-Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
The examples shown below were calculated using the 1 Year LIBOR index (the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market as published in the Wall Street Journal) rate of %, a margin of %, and assumes that the 1 Year LIBOR index remains unchanged for the life of the loan. Rates, points and LIBOR index are as of and are subject to change without notice.
The interest rates and annual percentage rates were calculated using a sample loan of $2,000,000 and a loan-to-value ratio of 75%. This assumes the refinance of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 720 or above.
Advertised rates includes the CIT Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Not all applicants will qualify for financing or the rate shown and are subject to review of credit and collateral. However, a 60-day rate lock is guaranteed for those who qualify.
Fully Amortizing and Interest-Only Adjustable-Rate Mortgages
CIT Bank offers adjustable-rate mortgages with 30 year loan terms and initial fixed-rate periods of 5, 7 or 10 years. Any of these loan types can be fully amortizing with monthly payments of principal and interest which will fully repay the loan by its maturity date, or they can have monthly payments of interest-only which will not repay any principal during the interest-only period of 120 months (10 years), after which the loan has fully amortizing principal and interest payments for the remaining 20 years of the term. For all of these products, after the initial fixed-rate period the interest rate and monthly payments are subject to change annually based on changes to the Index.
The examples shown below were calculated using the 1 Year LIBOR index (the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market as published in the Wall Street Journal) rate of %, a margin of %, and assumes that the 1 Year LIBOR index remains unchanged for the life of the loan. Rates, points and LIBOR index are as of and are subject to change without notice.
| Type of Mortgage | Fixed Period | Adjustable Period1 |
|---|
| | APR | Points | Closing Costs | Initial Rate | Initial (Principal and Interest) Payment | Fully Indexed Rate rounded to the nearest 1/8% | Monthly (Principal and Interest) Payment |
5/1 LIBOR ARM
Fully Amortizing | % | % | | % for 60 months | for 60 months | % for months 61 - 360 | for months 61 - 360 |
5/1 LIBOR ARM
Interest-Only | % | % | | % for 60 months | for 60 months | % for months 61 - 360 | for months 61 - 360 | for months 121 - 360 |
7/1 LIBOR ARM
Fully Amortizing | % | % | | % for 84 months | for 84 months | % for months 85 - 360 | for months 85 - 360 |
7/1 LIBOR ARM
Interest-Only | % | % | | % for 84 months | for 84 months | % for months 85 - 120 | for months 85 - 120 | for months 121 - 360 |
10/1 LIBOR ARM
Fully Amortizing | % | % | | % for 120 months | for 120 months | % for months 121 - 360 | for months 121 - 360 |
10/1 LIBOR ARM
Interest-Only | % | % | | % for 120 months | for 120 months | % for months 121 - 360 | for months 121 - 360 |
|
For the following examples, the interest rate and annual percentage rate were calculated using a sample loan of $417,000 based on the loan term indicated and a loan-to-value ratio of 75%. This assumes the refinance of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 740 or above.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Rates include the CIT Bank Relationship Discount is 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
The rates displayed require the establishment of an escrow account upon closing. Rates and terms subject to change without notice. Not all applicants will qualify for financing or the rate shown. However, a 60-day rate lock is guaranteed for those who qualify.
Conforming Fixed-Rate Mortgages
30-Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
25-Year Fixed-Rate Mortgage
The 25-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
20-Year Fixed-Rate Mortgage
The 20-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
15-Year Fixed-Rate Mortgage
The 15-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
10-Year Fixed-Rate Mortgage
The 10-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % (APR %) with % points, which are included in the closing costs of (not including additional third-party settlement charges), the monthly payment would be . Rates and points are as of and are subject to change without notice.
Jumbo Fixed-Rate Mortgages
Advertised rates includes the CIT Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing CIT Bank Savings account and you must enroll in automatic payments (ACH) from your CIT Bank account for your new home loan at the time of closing for your new loan. This offer is valid only on new mortgages funded by CIT Bank, N.A.
15 Year Fixed-Rate Mortgage
The 15-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % with % points and closing costs of (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of % and a monthly payment of . Rates and points are as of and are subject to change without notice.
30 Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of % with % points and closing costs of (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of % and a monthly payment of . Rates and points are as of and are subject to change without notice.