Do you want to lower your interest rate or modify the term on your home loan? Or maybe you want to switch from an adjustable-rate to a fixed-rate mortgage or convert your equity into cash? In any of these situations, a mortgage refinance loan through CrossCountry Mortgage could be a viable solution.
About CrossCountry Mortgage
CrossCountry Mortgage is a Cleveland-based direct lender operating with over 800 branches nationwide. It features an assortment of refinance solutions to help consumers achieve their financial goals. As a Better Business Bureau (BBB) accredited entity with an A+ rating, CrossCountry Mortgage also offers more accessible homebuying programs, including grants for first-time home buyers and credits towards future refinancing.
What Types of Mortgage Loans Can You Refinance with CrossCountry Mortgage?
When looking to refinance your mortgage, CrossCountry Mortgage offers a variety of loan options that can cater to your specific needs. They include:
Conventional Refinance Loans
These loans adhere to the guidelines set by Fannie Mae and Freddie Mac and can be a good choice if you desire to lower your monthly mortgage payments or if you want to switch from an adjustable-rate mortgage to a fixed-rate mortgage.
Adjustable-rate mortgages are advantageous in the beginning since they typically start with lower interest rates. However, they offer less certainty since monthly payments will change as interest rates change. If the Federal Reserve continues to hike rates, adjustable-rate mortgages become more expensive.
Fixed-rate mortgages have the same monthly payments. They start off higher than ARMs but can be good options in the long run if interest rates continue to go higher. Fixed interest rates also make your monthly payments more predictable since they do not fluctuate throughout the mortgage’s term.
FHA Streamline Refinances
They offer a simple way to refinance for borrowers with FHA mortgages, particularly those who are upside-down on their loans. They don’t require an appraisal, as the original purchase price is used to determine the current home value. These refinances are the fastest and easiest ways to adjust your current mortgage’s rate and terms.
You must have a perfect 3-month payment history to qualify for this loan. CrossCountry Mortgage also does not allow you to refinance until 210 days have passed from the most recent closing date. You cannot tap into home equity with this loan and must have made at least six payments toward your existing FHA loan.
FHA 203(k) Refinances
These are rehabilitation loans that make it easier to purchase a home in need of repairs or renovations. The loan amount covers the purchase price of the property and the necessary upgrades.
Putting the mortgage and renovation costs into a single loan can simplify your monthly payments. You only have to pay off one loan instead of two. Your property must fulfill FHA eligibility requirements to receive this financing.
VA Interest Rate Reduction Refinance Loans
Often referred to as VA Streamline Refinance Loans, they help homeowners with VA loans get more affordable monthly payments and lower mortgage rates. You do not need a Certificate of Eligibility to obtain one of these loans, even though you will need that certificate to take out another VA loan. Borrowers cannot use these funds to pay off a non-VA loan.
Homeowners can change the type of rate they have, tap into extra cash, and adjust the length of their mortgages. You can convert a 30-year VA loan into a 15-year VA loan to get out of debt sooner.
USDA Rural Streamline Refinance Loans
Like VA Interest Rate Reduction Refinance Loans, these mortgage products aim to help current USDA borrowers secure more attractive interest rates. You can only use this refinance loan if you are refinancing a USDA home loan. These refinances require that you reduce your monthly payment, so a cash-out refinance won’t work for this financial product. Homeowners can get financing for up to 102% of the home’s value if they are using the funds to make home improvements and have an existing USDA Rural Home Loan.
Jumbo Loans
Jumbo loans do not conform to the limitations of Fannie Mae and Freddie Mac. Instead, these loans let home buyers borrow up to $5 million to purchase a luxury property. These loans usually have higher down payment requirements. You will also need a higher credit score for a jumbo loan than a conventional mortgage. CrossCountry Mortgage lets you choose between fixed-rate and variable-rate jumbo loans.
The Benefits of Refinancing Your Mortgage with CrossCountry
When considering refinancing your mortgage, it is essential to choose a lender that meets your needs and offers exceptional service. CrossCountry Mortgage is reputable and has a proven track record of success. Here are some of the key benefits it provides homeowners looking to refinance.
Lowering Your Interest Rate
One of the significant benefits of refinancing with CrossCountry is the potential to lower your interest rate. It could save you thousands of dollars over the life of your loan. The cost savings can also help you achieve your financial goals and improve your quality of life.
Reduce Your Monthly Payments
Not every borrower can reduce their interest rate with a refinance. The Fed has hiked interest rates considerably, and it doesn’t seem like rates will return to where they were before the pandemic.
However, you can still secure lower monthly mortgage payments if you extend the life of your loan. Converting a 10-year mortgage into a 15-year mortgage spreads the same balance across a higher quantity of monthly payments.
Modifying the Term of Your Loan
Another advantage of refinancing with CrossCountry is the opportunity to modify the term of your mortgage. This can benefit you in different ways, like shortening the loan term to pay off your mortgage sooner or extending the term to lower your monthly payment. For the latter, it makes your loan more manageable but could cost you a fortune in interest over the loan term.
Debt Consolidation
Refinancing your mortgage with CrossCountry may also enable you to consolidate your debts. This means combining multiple loans, like costly credit card debt, into a single loan product with a predictable monthly payment. Beyond simplifying the repayment process, you could potentially save money if the rate you receive when refinancing is lower than what you currently pay.
Predictability
You can also refinance to switch from an adjustable-rate mortgage to a fixed-rate mortgage. CrossCountry offers fixed-rate mortgage refinancing, which provides predictability and makes managing your homeownership costs easier. A fixed interest rate means your monthly mortgage payment (principal and interest only) stays the same for the duration of your loan, allowing you to budget and plan your finances accordingly.
Mortgage Consolidation
If you have multiple mortgages on your property, refinancing with CrossCountry can help consolidate them into a single loan. Mortgage consolidation simplifies your payments and could result in a lower overall interest rate.
Free Up Cash
You can convert your equity into cash with a cash-out refinance from CrossCountry Mortgage. There are no spending restrictions, which means you can finance home improvements, cover higher education expenses, meet other financial needs or use the funds however you see fit.
Avoid a Second Mortgage
You can adjust the rate and terms of your new mortgage to ensure you tap into extra equity without higher monthly payments. You can use a cash-out refinance instead of taking out a renovation loan if your property needs improvements.
What Are the Costs or Fees Associated with Refinancing a Mortgage with CrossCountry?
When considering refinancing your mortgage with CrossCountry Mortgage, it’s essential to understand the costs and fees involved. This will help you make an informed decision and choose the right type of loan for your needs.
Typically, the fees associated with refinancing a mortgage are similar to those you incurred taking out your current home loan. Some common fees you might encounter when refinancing with CrossCountry Mortgage include:
- Application and processing fees: These fees cover the cost of processing your loan application and obtaining the necessary documentation.
- Appraisal fees: This fee is charged by a professional appraiser to assess the current value of your property, which in turn affects the amount you can borrow.
- Title search and insurance fees: A title search verifies the legitimacy of your property’s ownership, and title insurance protects the lender from any errors in the search.
- Origination or underwriting fees: The lender charges these fees as compensation for evaluating and processing your loan based on the loan’s total value.
- Closing costs: Closing costs are typically 2 to 5 percent of the loan amount and can include various fees, such as recording fees, attorney fees, and escrow fees.
Keep in mind that the specific fees vary depending on the type of loan you select, your credit score, your loan amount and the home’s location. It’s always a good idea to discuss the estimated fees and closing costs with your CrossCountry Mortgage loan officer so you’ll know what to expect.
How Do CrossCountry Mortgage Refinance Loans Compare?
The mortgage lender offers competitive rates and terms. You can also choose from several types of loans. Not every lending company has the same versatility as CrossCountry Mortgage. The lender also has a straightforward application process and serves the entire United States.
A CrossCountry mortgage refinance loan can be a good option for various expenses. You can use it to buy an investment property, consolidate debt, pay for home repairs, or make any other purchase. The customer service team is available via its toll-free phone number or email.
What Are CrossCountry Mortgage Reviews Saying?
The company does not have the best ratings on the Better Business Bureau or Trustpilot. The average rating on the BBB is 1.42 stars among 177 reviews. Meanwhile, the average Trustpilot rating is 1.8 stars among 53 reviews.
Many mortgage lenders don’t have the best reviews, but it demonstrates that you should contact multiple lenders and compare their financial products. Building up to an excellent credit score will give you more options.
How to Refinance Your Mortgage Loan with CrossCountry Mortgage
Refinancing your mortgage loan can be a smart financial move, especially when you work with a reputable lender like CrossCountry Mortgage. Here’s a step-by-step breakdown of how the process works:
- Collect documents. To begin the process, gather all your financial documents, such as recent pay stubs, W-2s, tax returns and bank statements. (Note: This list is not all-inclusive. More on this shortly).
- Consult with the lender. Speak with a CrossCountryloan officer who will help you understand the various refinance programs available, assess your financial situation and property value, and help you choose the most suitable option for your needs. Request a free, no-obligation call by submitting this simple online form.
- Submit an application. Complete the CrossCountry Mortgage application found on the website. This quick and easy process allows you to submit your information securely and conveniently. Once your application is submitted, the loan officer will review your information and get in touch with you to discuss the next steps.
- Provide additional documentation. During the refinancing process, be prepared to provide additional documentation if needed. This may include updated financial statements, proof of income and other documents necessary for the underwriting department to approve your application.
- Close the loan. Communicate regularly with your loan officer to ensure a smooth and efficient refinancing experience. When the loan is ready to close, you’ll be notified and prompted to schedule the closing date and time to seal the deal.
Other CrossCountry Mortgage Products
CrossCountry Mortgage Purchase Loans
The lender offers a range of purchase loans, including conventional loans, jumbo loans, fixed-rate mortgages, adjustable-rate mortgages, manufactured home loans, FHA loans, VA loans and USDA loans.
For first-time homebuyers, CrossCountry Mortgage also provides grants and credits to help make homeownership more accessible. Whether you require a low down payment or assistance with closing costs, their programs may be worth exploring.
CrossCounty Home Equity Line of Credit (HELOC)
If you’re looking to access your home’s equity, CrossCountry Mortgage offers HELOCs as part of its product portfolio. A HELOC allows you to access funds as needed, and you’ll only pay interest on the amount you borrow.
