Crosscountry Mortgage Review

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by Jacob Solomon May 20, 2023 News
Crosscountry Mortgage Review

Government backed loans are offered by Cross Country Mortgage.

One of the biggest VA lenders is Cross Country Mortgage. You should expect them to handle your loan quickly because of the large amount of government backed loans they make.

Cross Country Mortgage can find a loan for you if you need a lender with some creativity and off-the-beaten-path options. Cross Country Mortgage will allow you to show your income with bank statements instead of tax returns. A non-qualified mortgage is something like this. It's nice to know you have options if you don't know if you'll check all the usual boxes.

No-fee loan

You can get a loan with no out-of-pocket fees if you choose. You will pay a higher interest rate. It's a good option for people with limited cash on hand, people who don't want to spend money on a new loan, and people who don't expect to keep the property for a long time.

Home equity options

If you're considering a cash-out refinance but don't want to replace your current mortgage, you can take out a loan against your equity.

A hybrid HELOC is offered by Cross Country Mortgage. You get a lump sum of money at a fixed interest rate. You have a draw period as well. When you can pay down the balance and borrow more, it's a long time. The fixed rate of borrowing is based on the current interest rates when you draw.

The loan can be funded in as little as five days, according to Cross Country Mortgage. Things can be sped up with technology. You don't have to wait for a human to appraise your home's market value because the lender uses automated property valuations. Income and asset verifications are also automated.

A more traditional home equity loan is offered by Cross Country Mortgage. A closed end second loan is what it is. The requirements are the same as those for the home equity line of credit. Similar to the HELOC, the loan is a one-time lump sum. It's not possible to borrow more later on.

Down payment assistance

The Freddie Mac BorrowSmart Access program gives qualified borrowers up to $3,000 in non-repayable down payment assistance. Low-income and moderate-income first-time home buyers are able to get a mortgage through this program. There is a program that isn't always available.

What could be improved

Online rates

Current mortgage interest rates are not published by Cross Country Mortgage. To find out where Cross Country Mortgage stands on costs, you have to submit your personal information and talk to a loan officer.

No online prequalification

When you click on the "Get a Free Rate Quote" button, you'll be prompted to provide some basic information about yourself. You are put into a queue for a phone call from a loan officer instead of giving them any information. You cannot check your rate or prequalify online.

No float-down rate lock

If interest rates go down during your lock period, you won't be able to lock your rate at CrossCountry Mortgage. If rates fall after you lock in, you can get a lower interest rate.

Lack of straightforwardness

It's hard to find specific information about Cross Country Mortgage's mortgages on their website. There is no way to see a list of the different types of mortgage loans. If you click around a lot, you can find the list. Cross Country Mortgage uses unique language that is hard to understand for someone browsing the website. The home equity loan is referred to as a closed end second loan. To comprehend what you're looking at, you have to read a lot.


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The longer your loan term, the lower your interest will be. The shorter the loan term, the lower the monthly payment.

The opportunity cost of committing to a larger mortgage payment needs to be considered. You might not have enough money to put toward other goals. The stock market's returns have historically been higher. If you put off investing in the market, you may end up costing yourself. Some borrowers prefer a 30-year fixed-rate loan that doesn't require them to make high monthly payments if they don't want to.

Other types of mortgages

Every time, a 15-year mortgage is not the best option. There are some alternatives that are worth considering.

30-year fixed-rate mortgage

A 30-year fixed-rate mortgage is a home loan that is paid off over time. The principal-plus-interest payment amount is the same as before. As homeowners insurance and property taxes change, your monthly payment may change a bit.

VA 30-year fixed-rate loan

VA 30-year loans are guaranteed by the U.S. Department of Veterans Affairs. Short term VA loans are also available. Some of the benefits of these loans are listed. They don't need a down payment, that's one of the biggest.

You need a certificate of eligibility to get this loan. Veterans need to meet one or more of the following.

  • You served 90 consecutive days during wartime.
  • You served 181 consecutive days during peacetime.
  • You have six years of service in the National Guards or Reserves
  • You're the surviving spouse of a service member who died while in service or because of a service-related disability.

Find out if you're eligible by visiting VA.gov.

FHA 30-year fixed-rate loan

A 30-year loan is insured by the Federal Housing Administration. The loans are shorter than 30 years.

It's easier to get an FHA loan. Most conventional loans require a down payment of at least 2.5%. If you have a credit score of less than 600, you may be able to get a loan from the Federal Housing Administration.

10-year mortgage

A 10-year mortgage is paid off over time. It's a great option for someone who is willing to pay more every month to get out of debt quicker.

USDA loan

A USDA loan is a mortgage. You do not have to make a down payment.

To be eligible for a USDA loan, you have to have low to moderate income and the property you buy has to be in an eligible location. USDA loans are not available in most metropolitan areas. There are different loan terms for the USDA.

Adjustable-rate mortgage

The interest rate on your mortgage can change. It comes with a slightly lower rate than a comparable fixed rate home loan. The lender adjusts the interest rate after a specified period of time. After five years, your rate may change once a year. The structure is called a 5/1ARM

It can go either way when your rate is adjusted. The benchmark your lender follows will be used to calculate it. The interest rate on assets like Treasury bills could be a benchmark. Your lender will tell you the benchmark for your interest rate adjustments.

If you plan to sell the home or pay off your loan within a relatively short time -- particularly before the rate adjusts -- you might save money with anARM

15-year jumbo mortgage rates

jumbo loan is a loan that exceeds the Federal Housing Finance Agency's thresholds and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac In most counties, the jumbo loan limits are $726,200 for single- family homes and $1,089,300 for high cost areas.

If you want to learn more, check out the guide from The Ascent.