What is Offered by CrossCountry Mortgage
Existing homeowners and potential borrowers have access to a variety of house loan options, such as jumbo and conventional loans. The lender also provides reverse mortgages, home equity lines of credit (HELOCs), and a number of refinancing options.
Examine Local Mortgage Rates
Across the country, CrossCountry Mortgage provides the following lending options:
- Traditional (with a set and changeable rate)
- Administration for Federal Housing (FHA)
- FHA 203k
- VA, or Veterans Affairs
- VA Refinance with Interest Rate Reduction (IRRRL)
- USDA (United States Department of Agriculture)
- Jumbo
- FHA streamline refinancing
- Cash-out refinance with FHA
- USDA simplifies refinancing
- loans for renovations
- reverse mortgages
- HELOC
CrossCountry does not post its mortgage rates online, in contrast to several other lenders. However, by filling out an online contact form, potential borrowers can receive a free rate quote.
Within a day, a loan officer will be in touch to get further details and talk about rates and mortgage choices.
Although you can begin the application process online, you need to call a loan officer to find out the details of your approval.
Loan Minimum
The FHA 203k renovation loan is available from CrossCountry Mortgage, and there is a $5,000 minimum loan amount.
Maximum Loan Amount
According to CrossCountry, a jumbo loan has a $5 million maximum loan limit.
Client Support on Crosscountry Mortgage
The support staff of CrossCountry Mortgage can be contacted via phone or email by borrowers. The company’s website does not list working hours, and there is no online chat help available. These drawbacks, along with consumer feedback that emphasizes poor customer service and lengthy response times, imply that CrossCountry provides a less than ideal level of customer care in comparison to other leading mortgage lenders.
Having said that, a lot of customers have also complimented CrossCountry on its courteous and competent customer service.
For borrowers and potential house purchasers, the company also maintains an online mortgage resource center. You can use the calculators, articles, and videos to guide you through the mortgage application process.
Minimum Conditions for Borrowers
Online publication of CrossCountry Mortgage’s minimal borrower requirements is not available. For a conventional loan, you usually need a credit score of at least 620 and a maximum debt-to-income (DTI) ratio of 50%. FHA loans demand a credit score of at least 500 or 580, depending on your down payment. There is no down payment required for VA loans, and the lowest credit score that a lender would accept varies.
In addition, the lender will check your income, work status, and source of funds for the down payment as well as the property’s assessed value.
How Much Will You Pay in Fees?
In order to underwrite and finalize your home loan, CrossCountry Mortgage may incur closing expenses, which could include:
- Origination fees for loans
- Assessment charges
- financing charges
- Credit report costs
To get your interest rate lowered, you can also purchase discount points. These expenses may be covered by the loan amount, depending on the loan program.
How to Apply for a Home Loan with Cross-Country Mortgage
In person applications for a CrossCountry mortgage can be submitted at any of the lender’s more than 600 branch offices or online. Although it is a simple and straightforward process, it does differ slightly based on the kind of finance you are requesting.
To apply for a house loan with CrossCountry Mortgage, take the following actions:
1. Obtain Preapproval
In contrast to certain mortgage lenders, CrossCountry Mortgage demands that potential borrowers speak with a loan officer over the phone or in person before being preapproved.
In order to acquire a preapproval letter and a rate quote, you will also need to submit some financial documentation and some personal information.
Even while you can finish this step after you find a house, it’s preferable to speak with a loan officer early on to submit a competitive offer as soon as you can, particularly in a market where properties are selling quickly.
2. Look for a House and Present a Bid
Finding a house you wish to buy and submitting an offer with your preapproval letter are the next steps.
Although a preapproval letter from CrossCountry Mortgage does not ensure that your offer will be accepted, it will increase your competitiveness.If an offer doesn’t include proof of preapproval, many sellers won’t accept it or even reply.
3. File a Mortgage Application
- When you’re prepared to apply for a mortgage and present updated financial records, you will formally submit an application for a mortgage.The CrossCountry mortgage staff will confirm your name, source of income, possessions, and other pertinent data.
- Each borrower and loan program has different documentation requirements, but generally speaking, borrowers must submit:
- The last two years’ tax returns
- W-2 forms for the previous two years
- Two pay stubs over the past two months
- A pair or three of your latest, comprehensive bank statements
- Statements for retirement plans like 401(k)s
- A duplicate of your picture ID from the government
In the event that you work for yourself, the lender can need more paperwork. Also, CrossCountry will require copies of the most recent rental agreement as well as the relevant tax returns for a period of two years if you’re purchasing an investment property.
4. Finish the appraisal and underwriting
CrossCountry Mortgage states that your loan application will be reviewed by an underwriter in 48 hours after it is received. Within two days, a loan officer will get in touch with you and clear any necessary underwriting conditions if the lender requests more paperwork.
After CrossCountry receives all the paperwork, the loan returns to underwriting for a last examination before closing is authorized.
5. Complete the House
The lender will set a closing date after all loan details are completed and the mortgage is approved for closing. You examine the final loan documents and any other pertinent closing documents at the closing table. Bring a cashier’s check or valid photo ID to cover the closing costs and your down payment.
If you currently owe money on your CrossCountry Mortgage, you can pay it back by visiting the CrossCountry homepage and entering into your My Loan Servicing portal.A payback request can be sent, as well as details about your mortgage account, your payment history, and the amount of your outstanding loan balance.
How to Proceed If You Are Rejected
Find out why if CrossCountry rejects your mortgage application by getting in touch with the lender.You might be able to take certain actions to get a mortgage in the future.
For example, you might have to obtain a different home under contract and reapply if the property’s appraised value is significantly less than the purchase price or if it’s in poor condition.If your mortgage application was denied for lack of sufficient income or employment history, wait to reapply until you have more work experience.
Due to inaccuracies in the borrower’s credit report, their poor credit score, or their lack of credit history, many mortgage applications are turned down. The Equal Credit Opportunity Act mandates that lenders notify you within 30 days of rejecting your application and provide an explanation if the decision was made in part because of your credit. If this is the case, the lender is required to write you a letter outlining the rationale behind the decision as well as the identity of the reporting agency that supplied the pertinent credit data.
Conversations Regarding Cross-Country Mortgage
Despite having an A+ rating from the Better Business Bureau (BBB), CrossCountry Mortgage’s rating from more than 100 customer reviews is only 1.41 out of 5 stars.
The lender has 1.6 out of 5 stars based on 33 reviews, which is likewise a low rating on Trustpilot.
While some reviews say they had a good experience dealing with CrossCountry’s customer service agents, others complain about a bad financing procedure that includes slow approval processes, excessive interest rates, poor communication, and lengthy response times.
FAQs on Crosscountry Mortgage
To what extent is Cross Country Mortgage located?
600 divisions
A Retail Mortgage Lender in the Top 10
With over 600 branches and over 7,000 staff, we are currently among the biggest and fastest-growing retail mortgage lenders in the country.
Along with whom did CrossCountry Mortgage merge?
Home Loans AmCap
CrossCountry Mortgage (CCM), a quickly growing company based in Cleveland, Ohio, has agreed to buy AmCap Home Loans, a smaller retail mortgage lender, in order to strengthen its presence in Texas.
Cross Country Mortgage’s owner is who?
Jefferson Leonhardt, Jr.
Ronald Leonhardt, Jr., a Greater Cleveland native of fifty years, started CrossCountry Mortgage in 2003 after serving for a number of years as a broker and loan officer.Under his direction, CrossCountry has grown to be the biggest Ohio-based retail mortgage lender as well as one of the fastest-growing in the country.