Top perks
Large variety of loans
CrossCountry Mortgage offers all types of government-backed loans, including:
CrossCountry Mortgage is, in fact, one of the biggest FHA lenders in the country and also one of the biggest VA lenders. Due to the sheer volume of government-backed loans this lender makes, you should expect it to have the infrastructure and experience to handle yours expeditiously.
It's worth noting that CrossCountry Mortgage is one of a small number of lenders that will accept your application with a credit score between 500 and 580. The FHA loan program allows this, with a 10% down payment, but most lenders don't.
If you need a lender with some creativity and off-the-beaten-path options, there's a good chance CrossCountry Mortgage can find a loan for you. For instance, if you're self-employed and you want to show your income with bank statements instead of tax returns, CrossCountry Mortgage allows that. This is called a non-qualified mortgage. Most people don't need one but if you're not sure you'll check all the usual boxes, it's nice to know you have options.
Home equity options
If you are considering a cash-out refinance but you don't want to replace your current mortgage (maybe because you'd lose your lower rate), consider borrowing against your equity instead.
HELOC: CrossCountry Mortgage offers a hybrid HELOC called the CCM Equity Express. You get the money in one lump sum at a fixed interest rate, like a traditional home equity loan. But you also get a draw period. That's a number of years when you can pay down the balance and borrow more, up to your limit. This additional borrowing is also at a fixed rate, based on current interest rates at the time that you make those draws.
CrossCountry Mortgage says that an application can be completed in as little as five minutes, and the loan can be funded in as few as five days. CrossCountry Mortgage speeds things up with technology. The lender uses automated property valuation, which means you don't have to wait for a human property appraiser to evaluate your home's current market value. Likewise, income and asset verification are also automated.
Home equity loan: As an alternative to the HELOC, CrossCountry Mortgage offers a more traditional home equity loan. It's called a Closed End Second Loan. The requirements are similar to those for the HELOC. The loan is also similar to the HELOC, but it's a one-time lump sum. You can't borrow more later on.
Down payment assistance
CrossCountry Mortgage can help qualified borrowers get up to $4,000 in non-repayable down payment assistance from the Freddie Mac BorrowSmart Access℠ program. This is a program for low-income and moderate-income first-time home buyers getting a mortgage for their primary residence. The program is not available everywhere.
If you live in an eligible census tract, you might qualify for a $6,500 non-repayable grant through the CCM Community Promise Program. You can buy a home anywhere in the U.S.
What could be improved
Online rates
CrossCountry Mortgage doesn't publish its current mortgage interest rates. You'll have to submit your personal information and talk to a loan officer to find out where CrossCountry Mortgage stands on costs.
No online prequalification
If you click on the "Get a Free Rate Quote" button, you'll enter some basic information about yourself and the home you want. But instead of giving you any information about loans, you're put into the queue for a phone call from a loan officer. You can't check your rate or get mortgage prequalification online.
No float-down rate lock
You can lock your rate at CrossCountry Mortgage, but if interest rates go down during your lock period, you'll likely be stuck paying the higher rate. Some lenders have a float-down feature that allows you to get the lower interest rate if rates fall after you lock yours in.
Lack of straightforwardness
CrossCountry Mortgage's website has a lot of general educational content about mortgages, but it's difficult to find specific information about CrossCountry Mortgage's mortgages. Also, CrossCountry Mortgage uses unique language that might not immediately make sense to someone browsing the website. For instance, its home equity loan is called a "closed end second loan." You have to read quite a bit to understand what you're looking at.
