If you plan to buy a home soon, you likely know it’s an in-depth process. Searching for the perfect property is the fun part, but arranging financing is always pleasant. The good news is you can work with CrossCountry Mortgage to get the assistance you need every step of the way. It offers a variety of flexible mortgage products to cater to your unique needs. So, whether you want to purchase a home or refinance your current mortgage, you’re in good hands. This review dives into the lender’s arsenal of purchase loan offerings.
About CrossCountry Mortgage
Established in 2003, CrossCountry Mortgage is a direct lender operating in all 50 states. It features flexible purchase, refinance and home equity mortgage solutions for borrowers with varying credit backgrounds. The lender’s founder CEO, Ronald Leonhardt, Jr., started as a small-scale lender and has since expanded operations nationwide to over 600 branches with more than 7,000 employees.
Regarding its reputation, CrossCountry Mortgage is a legitimate option if you’re looking to purchase or refinance. The lender is accredited by the Better Business Bureau (BBB) with an A+ rating. Plus, it boasts an average rating of 4.6 out of 5 on TrustPilot.
What Types of Mortgage Loans Does CrossCountry Mortgage Offer to Buy a House?
CrossCountry Mortgage offers conventional loans to help you achieve your homeownership goals. Conventional loans are a popular choice among borrowers because they are offered by private lenders and usually have more flexible lending terms than government-backed loans.
Fixed Rate Mortgages
Fixed-rate mortgages are another option provided by CrossCountry Mortgage. These loans come with a fixed interest rate, which means your monthly mortgage payments(principal and interest) will remain the same over the loan term. This type of mortgage loan is suitable for borrowers who prefer a predictable monthly payment.
FHA 203(k) Home Loans
FHA 203(k) home loans can be a great option for those looking to buy a fixer-upper. It’s backed by the Federal Housing Administration (FHA) and allows you to finance both the purchase and renovation of a home in a single loan.
VA Home Loans
If you’re a veteran, active-duty service member or eligible surviving spouse, CrossCountry Mortgage offers VA home loans that could be a good fit for you. These loans are backed by the Department of Veterans Affairs and feature lower interest rates. There’s also no down payment requirement, and you won’t have to pay private mortgage insurance (PMI).
Adjustable Rate Mortgages
Adjustable-rate mortgages (ARMs) come with interest rates that change over time, typically after an initial fixed-rate period. CrossCountry Mortgage provides adjustable-rate mortgage options for borrowers who are seeking potentially lower interest rates initially or who plan to move or refinance within a few years.
FHA Home Loans
FHA home loans are another type of government-backed loan offered by CrossCountry Mortgage. They are insured by the Federal Housing Administration and are designed for borrowers with lower credit scores or who have limited funds on hand for a down payment.
USDA Home Loans
For homebuyers in rural areas, CrossCountry Mortgage provides USDA home loans, which are backed by the U.S. Department of Agriculture. These loans do not require a downpayment and come with attractive interest rates. USDA loans are designed to promote homeownership in rural areas and help borrowers with lower incomes.
CrossCountry Mortgage also offers jumbo loans, which are mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency. These loans are designed for borrowers who need a larger loan amount to finance luxury properties or homes in high-cost areas. Jumbo loans often have stricter credit requirements and may require a larger down payment.
How to Know Which Mortgage Loan is Right for You
Factors to Consider
When deciding which type of mortgage is best for you, consider factors such as your financial situation, the type of property you want to buy and your long-term goals. It’s equally important to evaluate the various loan terms and interest rates available to you.
Some home loan products have more stringent lending guidelines than others. Be mindful of your credit score, down payment amount and debt-to-income (DTI) ratio. Depending on these figures, some mortgage options may be much more suitable for you than others.
The Mortgage Approval Process
The mortgage approval process begins with a preapproval, which can take as little as 24 hours. During this time, the lender will review your financial situation, including your credit score, income, and assets. They will also assess your eligibility for various loan programs.
Once you find a suitable property, the lender will begin the underwriting process. It involves verifying your financial information and evaluating the property.
Requirements to Qualify for a Mortgage Purchase Loan with CrossCountry Mortgage
Lending guidelines vary by mortgage product. For example, a conventional loan requires a higher credit score compared to government-backed loans like FHA or VA loans. Here’s a closer look:
- Conventional loans: Typically require a credit score of at least 620 and a down payment of 3 percent or more.
- FHA loans: Require a credit score of at least 580 and a down payment of 3.5 percent (or 10 percent with a credit score between 500 and 579)
- VA loans: Comes with a low minimum credit score requirement and doesn’t require a down payment
- USDA loans: Requires a 620 credit score, but you won’t need a down payment
- Jumbo loans: Comes with a credit score requirement of 660 or higher and a larger minimum down payment
You’ll also need to provide documentation to verify your identity and substantiate the financial information provided on the home loan application. Reach out to a member of the CrossCountry team to learn more about eligibility requirements for specific loan products.
The Advantages of Getting a Mortgage with CrossCountry Mortgage
There’s a lot to love about CrossCountry Mortgage. For starters, the lender features a wide range of loan types available, including conventional, jumbo, FHA, VA, USDA, fixed-rate, and adjustable-rate mortgages. So, it’s highly likely you’ll find the right loan solution for your specific situation.
CrossCountry Mortgage also features lending options for unconventional earners. They can accommodate self-employed borrowers and those with non-traditional income situations.
Plus, the lender advertises the ability to close most loans within 21 days. This quick loan processing time can be beneficial for you, as it might place you in a competitive position when making offers on properties. This perk is particularly useful in a fast-paced real estate market.
Furthermore, CrossCountry Mortgage is licensed in all 50 states and has physical branches in 47 states. So, you can get the luxury of working with a lender that understands the local market conditions and can provide tailored advice to your specific situation.
How to Apply for Home Purchase Loans with CrossCountry Mortgage
When you’ve found the perfect home and are ready to secure financing, applying for a home purchase loan with CrossCountry Mortgage is a seamless process. To help you prepare for the application, follow these simple steps:
- Request a Free Call with a Loan Expert: Fill out this simple form to speak with a CrossCountry loan officer to help you understand the different loans available, assess your financial situation and property value, and help you choose the most suitable option.
- Gather documents: This includes pay stubs, W-2 forms, bank statements, and tax returns. These documents will provide CrossCountry with the vital information they need to assess your eligibility for a loan.
- Apply for a home loan: Apply for a mortgage online or at one of the branches. Their quick and easy application process allows you to conveniently upload all your financial information and any additional required documents.
- Await a lending decision: A loan officer will review your information and may contact you for further information or documentation if needed. Throughout the process, you can easily track your application status and communicate with your loan officer to ensure a smooth experience.
- Seal the deal: Once your loan application is approved, CrossCountry Mortgage will work closely with you to guide you through the closing process and finalize your home purchase loan.
Other CrossCountry Mortgage Products
CrossCountry Mortgage Refinance Loans
If you’re considering refinancing your home loan, CrossCountry Mortgage offers a variety of options to suit your needs. Its refinance loan products include fixed-rate, adjustable-rate, FHA, VA, and USDA loans. You can potentially lower your interest rate, shorten your loan term, switch from a variable-rate to a fixed-rate loan, or even tap into your home’s equity.
CrossCounty Home Equity Line of Credit (HELOC)
A HELOC allows you to convert your home equity into cash. You can tap into a line of credit as needed during the draw period, and you’ll only pay interest on the amount you borrow. Plus, you’re free to use the funds however you see fit.