CrossCountry Mortgage is a one-stop shop for all your home lending needs. It features tailored solutions to help you meet your homeownership goals. So, you can purchase your first home or an investment property, refinance your loan or access home equity. Here’s what you need to know about the lender to decide if it’s worth considering when evaluating mortgage lenders.
About CrossCountry Mortgage
Established in 2003, CrossCountry Mortgage is a leading mortgage provider. It aims to make the mortgage process less complex and meet the unique needs of consumers. Hence, the arsenal of flexible mortgage solutions coupled with the commitment to providing exemplary customer satisfaction. Ultimately, the lender wants to ensure you have a pleasant homebuying experience.
CrossCountry Mortgage is headquartered in Cleveland, Ohio, serving customers in all 50 states. It has grown to over 600 branches and 7,000 employees nationwide since its inception. The lender is also accredited according to its BBB Business Profile with an A+ rating.
What Does CrossCountry Mortgage Offer?
CrossCountry Mortgage offers an assortment of purchase, refinance and home equity options.
Conventional Loans
These mortgage products come with a fixed or adjustable rate (ARM). Fixed-rate loans give you a predictable monthly mortgage payment over a set term. An ARM could mean a lower interest rate upfront and low initial payments. However, this could change with market fluctuations, potentially making your monthly mortgage payments unaffordable.
Government-backed Loans
Government-backed loans are designed to make homeownership more accessible. CrossCountry features the following options:
- FHA home loans: require a down payment of just 3.5 percent and come with more flexible credit score guidelines
- VA home loans: reserved for active-duty service members, veterans and qualifying relatives, and feature 100 percent financing
- USDA home loans: designated for those purchasing in rural areas, and also offers 100 percent financing
Government-backed options are also available for refinancing. They include FHA Streamline Refinances, FHA 203(k) Refinances, USDA Rural Streamline Refinances and VA Interest Rate Reduction Refinance Loans.
Non-QM Loans
Loans that do not adhere to the standards set forth by Fannie Mae and Freddie Mac are categorized as non-qualifying mortgages. Jumbo loans fit into this category as you can use them to buy a high-value or luxury home with a price point that exceeds (FHFA) limits. Like conventional loans, they are available with fixed and adjustable rates.
Reverse Mortgages
A home equity conversion mortgage (HECM) is a popular reverse mortgage option. It’s backed by the FHA and accessible to homeowners at least 62. With an HECM, you can tap into your equity to access funds during retirement. But unlike other home equity products, you will not assume added debt.
Home Equity Loans and HELOCs
Home equity loans and HELOCs are second mortgages that use your home as collateral. With a home equity loan, you’ll get a lump sum repayable in equal monthly installments over time.
By contrast, a HELOC is a revolving line of credit that acts like a credit card. It lets you pull funds as needed over a set period. And the line replenishes as you repay the principal. HELOCs also come with variable interest rates, so your payments will fluctuate. Still, you’ll only pay interest on the amount you borrow.
Cash-Out Refinance Loans
A cash-out refinance loan lets you pull equity from your home to use however you see fit. You also get a new mortgage that includes the amount you currently owe plus the amount you borrow.
CrossCountry Mortgage Application Process
CrossCountry Mortgage offers a seamless, digital online application process.
Eligibility and Requirements
The lender reviews your credit profile, income, assets and current debt commitments to determine if you’re a good fit for a loan. Your employment history also influences the approval process, as the lender wants assurance you can repay the mortgage.
Ideally, you should have at least two years of employment and verifiable income to qualify for most home loans with CrossCountry Mortgage. Remember that specific eligibility criteria vary by the mortgage product you’re considering.
Fees and Other Costs
As with most mortgage products, you can expect an application and loan origination fee. The exact amount you’ll pay isn’t disclosed online, depending on your loan and financial profile. You’ll have to get pre-approved to confirm these costs.
These expenses are generally bundled into closing costs, including home appraisal, attorney, title insurance, recording and credit report fees. You’ll also cover prepaid expenses for property taxes, homeowner’s insurance and association fees (if applicable), assuming you choose to have an escrow account.
Expect to pay three to five percent of the loan amount in closing costs.
Steps to Apply
When you apply for a home loan with CrossCountry Mortgage, here’s a step-by-step breakdown of what to expect:
- Step 1: Get pre-approved for a mortgage.
- Step 2: Review loan offers to identify the best option if you qualify.
- Step 3: Submit a formal application for the mortgage product you select.
- Step 4: Upload the required documentation needed to complete the underwriting process.
- Step 5: Satisfy any items mentioned in the conditional approval received when you formally applied for a loan.
- Step 6: Receive a final approval without conditions and a clearance to close.
- Step 7: Attend closing, sign the loan documents and fork over any funds needed to close the loan.
What are the Pros and Cons of CrossCountry Mortgage?
There’s a lot to love about CrossCountry Mortgage. But as with any lender, there are also drawbacks to consider.
Pros of CrossCountry Mortgage
- Wide range of loan programs
- Free rate quotes available
- Streamlined digital experience with rapid pre-approvals
- FastTrack Credit Approval to help clear credit conditions sooner
- Down payment assistance for select borrowers
- Most loans close as soon as 21 days
Cons of CrossCountry Mortgage
- Online chat support not offered
- Mortgage rates not published online
- Must be matched with a loan officer to start the application process
How to Get Started with CrossCountry Mortgage
It’s easy to explore your options with CrossCountry Mortgage. Simply complete the online form to request a response from a team member. It’s free, and a loan officer will contact you by telephone to discuss your unique needs and financial situation with the goal of finding the right mortgage product for you.
FAQs About CrossCountry Mortgage
The lender is owned by its founder and current CEO, Ronald Leonhardt, Jr.
CrossCountry Mortgage offers home purchase loans, refinance loans and home equity products. It also extends personalized support to help future and current homeowners navigate the process of obtaining the right mortgage to meet their financing needs. There are over 600 branches throughout the U.S. and a large mortgage team waiting to serve you.
Yes, CrossCountry Mortgage is a direct lender that originates its own home loans. This means it doesn’t use third-party providers or middlemen to write and close loans. It is also one of the top retail lenders in the United States and serves clients in all 50 states.
