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Frequently Asked Questions
Where do I send my payment?
The CIT Group
P.O. Box 24330
Oklahoma City, OK 73124
Can I make a payment over the phone or online, and how much does this service cost?
Yes, you can make a payment by calling 1-800-401-6587 or visiting www.citcustomeredge.com. A fee of $5.95 will be charged by Western Union for use of this convenient service.
How do I request that my payment be taken out of my checking account every month?
Visit www.citcustomeredge.com and log in to the site and go to the automated payment plan page. Once there, submit the required authorization and checking/savings account information.
What is a prepayment penalty and how do I know if my loan has one?
A prepayment penalty is the charge that you may incur if you pay your loan off early. If your loan has a prepayment penalty, a detailed description of this can be found on the Note or Rider that you signed when you closed your loan.
How do I request a payoff?
You can do two things:
1) Call us at 1-800-401-6587 and follow the instructions on our Automated Voice Response System or
2) Fax your request to 1-856-988-5185.
Be sure to include the date you would like your payoff good through as well as the county in which the property is located. If you want the information faxed back to you, you may incur a fax fee of $10.00, which will be added to the payoff amount.
I have an escrow account. Where do I send my bill for homeowner's insurance or taxes?
Please send any bill that you receive to:
The CIT Group
Escrow Department
PO Box 24610
Oklahoma City, OK 73124
I have an insurance check for damages to my home from fire, flood, hail, etc., and it's made payable to CIT also. How do I get this endorsed?
If your check is $5,000.00 or less, send the check, along with a copy of the insurance adjuster's worksheet to:
The CIT Group
P.O. Box 24610
Oklahoma City, OK, 73124.
CIT will endorse the check and return it to you. If you would like it to be returned via overnight mail, be sure to include an overnight envelope with sufficient postage.
If the check is over $5,000.00, please contact us at 1-800-401-6587.
Why is my next payment due on my statement a different amount from my normal payment?
Our system will bill you for the amount that is currently due on your account. If you are paid ahead or have been making more than your scheduled payment each month, you are only required to pay the amount billed. However, if you are trying to pay the loan off early you will want to keep making your regular payments each month, even if we are requesting less on your monthly statement. If you are behind on your payments, you will be billed for the total amount due to bring your account current.
I've been told my payments are calculated using simple interest. What is simple interest and how is it calculated?
Simple interest means you pay interest on the actual unpaid balance for the actual time you have use of the money. When we receive a payment, we first take interest from the date we received your last payment to the date we received your current payment. We then apply the remaining funds to reduce your principal balance. The amount of your payment that is applied to interest depends on two things: the time since we received your previous payment and the amount of your unpaid balance.
What is an Adjustable-Rate Mortgage (ARM)?
An Adjustable Rate Mortgage (ARM) is a mortgage loan in which the interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan.
What is an index?
An index is the base measurement, outside the lender’s control, used to decide how much the annual percentage rate will change at the beginning of each adjustment period. Generally the index plus or minus margin equals the new rate that will be charged, subject to any caps. Different lenders use different index rates (Treasury Bill Rate, Prime Rate. London Interbank Offered Rate (LIBOR).
How are rates determined?
Rates are determined by the stock and bond market and other financial measurements that impact the economy. Interest rates generally change daily and can change several times a day based on volatile market conditions.
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