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 600 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.
- 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.
- 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.
- 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.
- 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.
The Benefits of Refinancing Your Mortgage with CrossCountry
When considering refinancing your mortgage, choosing a lender that meets your needs and offers exceptional service is essential. CrossCountry Mortgage is reputable with 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.
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.
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.
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.
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.
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 like 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 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 CrossCountry loan 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.