There’s no shortage of mortgage lenders, which can make it challenging to find the right fit. If you’re in the market, start by exploring what CrossCountry Mortgage has to offer. It’s a direct lender who understands that mortgages aren’t one-size-fits-all solutions.
What is CrossCountry Mortgage?
CrossCountry Mortgage is a direct lender specializing in purchase, refinance and home equity loans. It was founded in 2003 in Cleveland, Ohio, and currently operates in all 50 states. CrossCountry is also one of the leading retail mortgage lenders in the US, and it prides itself on providing exceptional customer service during every step of the mortgage process.
How Does CrossCountry Mortgage Work?
CrossCountry Mortgage features a seamless online application process that lets you get pre-approved for a purchase, refinance or home equity loan. You can also manage the application process from start to finish via the mobile app.
What Does CrossCountry Mortgage Offer?
Mortgage Purchase Loans
CrossCountry Mortgage features an assortment of purchase loans in its lending arsenal. These include conventional loans, FHA loans, FHA 203(k) home loans, VA home loans, USDA home loans, fixed-rate mortgages, adjustable-rate mortgages, jumbo mortgages and loans for manufactured homes.
If you have a 620 FICO score, you qualify for most of the company’s financial products. However, you can get a VA loan or an FHA loan if you have a credit score as low as 500. You will have to put at least 10% down for an FHA loan if you have a 500 FICO score.
Some of CrossCountry Mortgage’s loan offers do not require any down payment. Qualifying applicants can get USDA and VA loans without putting down any cash. You can also qualify for a conventional mortgage if you put as little as 3% down.
Mortgage Refinance Loans
If you want to refinance your current home loan, there are several options available. You can choose from an FHA refinance, FHA 203(k) refinance, FHA 203(k) standard loan, FHA streamline refinance, FHA 203(k) limited loan, VA IRRRL (VA Streamline Refinance), USDA rural streamline refinance, or a jumbo loan.
Some of these loans are only good for rate-and-term refinances. Conventional mortgages, jumbo loans, and regular FHA loans also give you the flexibility of initiating cash-out refinances. Streamline refinances are not for people who want to tap into their home equity.
An advantage of refinancing your current mortgage is that you only have one monthly payment. Home equity loans and HELOCs also let you tap into your home equity, but you will have to make an additional monthly payment. It’s not easy for everyone to manage that extra cost, and you should review your finances to see if a refinance is the right path.
Home Equity Lines of Credit (HELOCs)
Homeowners with a sizable amount of equity also have the option to convert it into cash through a home equity line of credit (HELOC). There’s also the reverse mortgage that caters to homeowners aged 62 and older.
You need a 670 FICO score to get a HELOC with the loan service provider. These lines of credit start off with interest-only payments during the draw period. Homeowners also get to keep the rate and terms of their current mortgages. Preserving the current mortgage is favorable for people who secured favorable rates before the pandemic. You should assess your financial needs before deciding if a HELOC is right for you.
Non-QM Mortgages
Cross Country Mortgage has financial products available for people who do not conform to the limits of Fannie Mae and Freddie Mac. You can take out a jumbo loan with the company and borrow up to $5 million. However, these loans typically have higher down payment and credit score requirements.
Pros and Cons of CrossCountry Mortgage
Pros of CrossCountry Mortgage
- Flexible loan solutions: CrossCountry Mortgage offers a wide range of loan options, which means you are likely to find a mortgage that suits your unique financial situation. Its extensive portfolio includes traditional fixed-rate loans, adjustable-rate loans, and government-backed loans like FHA, VA, and USDA loans.
- Reputability: The lender’s A+ rating from the Better Business Bureau (BBB) confirms their commitment to delivering quality service in the mortgage industry. CrossCountry Mortgage has been around for more than 20 years and is a top choice in the industry.
- Digital experience: You can apply for a loan, submit documents, and even communicate with your loan officer online, streamlining the entire mortgage process. Some applicants are also pre-approved in 24 hours or less.
- Down payment assistance: The Smart Start loan program offers down payment assistance up to $6,500 or 2 percent of the home purchase, whichever is lower. It can make homeownership more accessible to first-time homebuyers or those who may struggle to save for a down payment.
- Rapid closings: Homebuyers can expect to close their loans in as few as 21 days. This accelerated timeline can be beneficial, particularly in competitive markets where you may need to act quickly to secure your dream home.
Cons of CrossCountry Mortgage
- Limited rate disclosures: Unlike some lenders, CrossCountry Mortgage doesn’t post their mortgage rates on their website, making it difficult for potential borrowers to compare rates easily. Instead, you must connect with a loan officer and get pre-approved to view potential rates.
- No online chat support: The lender does not offer this feature as part of their customer service. Some users may find it challenging to get the assistance they need promptly.
The Mortgage Application Process with CrossCountry Mortgage
When you’re ready to apply for a home loan with CrossCountry Mortgage, the process is as follows:
- Step 1: Gather the required documentation.
- Step 2: Apply for loan pre-approval.
- Step 3: Explore mortgage loan options and rates.
- Step 4: Formally apply for a mortgage.
- Step 5: Complete the underwriting process.
- Step 6: Close on your home purchase or refinance loan.
Requirements and Eligibility
The eligibility guidelines vary by loan product and location. Consult with the lender to learn more about the lending requirements and which mortgage products may be a good fit for your financial situation.
Documentary Requirements
You will have to provide personal information when submitting a loan application. These are the documents you will need:
- Government-issued photo ID
- Proof of income
- Credit history
- Proof of owning the home (i.e., title insurance and a copy of the recorded deed)
CrossCountry Mortgage will guide you through the entire process. The website lists the documents that you need. If you have any additional questions, you can contact the mortgage lender’s customer support team.
Steps to Apply for a CrossCountry Mortgage
CrossCountry Mortgage makes it easy to apply for a home loan. Simply visit the website and input a few details to get a free rate quote. You can then compare that rate with other mortgage lenders to determine if you are getting a good deal.
Timeframe for Approval
The approval and closing timeline depends on several factors. That said, if you need to purchase a home fast, it’s worth considering the FastTrack Credit Mortgage Approval program. It requires you to clear credit conditions set by the underwriter prior to beginning your home search. If you’re approved under this program, you could close on your home in as little as 10 days. Otherwise, your loan could be approved and closed in as little as 21 days.
Does CrossCountry Mortgage Have Fees?
Breakdown of Fees and Charges
Like most mortgage lenders, you can expect the standard lending fees when you take out a mortgage or home equity product. These are the costs you can expect to incur during the loan application process:
- Loan origination fee: It is a fee charged by the lender to process your loan application. This fee typically covers the cost of underwriting, document preparation and other administrative tasks associated with preparing the file for closing.
- Discount points: These are fees paid at closing to decrease your mortgage interest rate. One discount point typically equals 1 percent of your loan amount and can reduce your interest rate by 0.25 percent.
- Appraisal fee: cover the cost of a professional appraiser who evaluates the fair market value of your property. This guarantees that the loan amount won’t exceed the property value.
- Credit report fee: This fee is charged by credit reporting agencies for providing your credit report to the lender.
- Title fees: They include expenses related to title searches, title insurance, and other legal services needed to ensure the property can be legally transferred to you without issues.
- Recording fees: They are costs associated with registering your mortgage and property ownership with the county recorder’s office.
Ultimately, you can prepare to pay three to six percent of the loan amount in closing costs.
Mortgage Interest Rates
CrossCountry Mortgage does not publish its rates online. You’ll need to get a free rate quote to view potential rates for home purchases and refinance loan products that are available to you.
Is CrossCountry Mortgage the Right Choice for You?
CrossCountry Mortgage is a reputable lender with a team of experienced and knowledgeable loan officers standing by waiting to assist you. Reach out to learn more about their unique offerings and if they’re the right choice for you.
How to Get Started with CrossCountry Mortgage
The company’s site makes it easy to begin the process. You can request a free, no-obligation call back with a CrossCountry Mortgage loan officer using this simple online form. You’ll be connected with a Loan Officer in your local area who can explore the best funding options for you based on your unique needs and financial situation.
