CrossCountry Mortgage Review

CrossCountry Mortgage is now a full-service lender offering a vast array of mortgage loans including conventional fixed and adjustable-rate mortgages as well as jumbo, FHA, VA, and USDA loans.

The company offers serval types of Adjustable Rate Mortgages (ARMs), which mainly differ by the length of the period in which your rates will be fixed and how often your interest rate can change after that fixed period ends.

The most common are 3/1, 5/1, 7/1 and 10/1 ARMs, with the first number representing the years your interest rate will be fixed and the second number representing how often the interest rate can change after that fixed period. An ARM might be the ideal mortgage type for you, but in order to determine that, you should consider its pros and cons. ARMs offer consumers the possibility of a lower initial interest rate than they would get with a fixed rate mortgage, there’s also the chance that the rate and monthly payments might decrease, depending on the market rates.

You can also set a limit on rate increases. Regarding cons, because an ARM is “adjustable” and is affected by market rates, there’s a chance you could end up paying more after the introductory period ends if your interest rate increases. It’s even possible for the interest to be higher than it would be on a fixed-interest loan.

The company’s fixed-rate mortgages, on the other hand, are ideal for those consumers who are looking for consistency. Because fixed-rate mortgages function with the same interest rate throughout the mortgage’s whole lifespan, consumers don’t have to worry about surprise increments on their monthly payments, which also makes it easier for consumers to plan out their budgets. Consumers also have the option to refinance their fixed-rate mortgages if the market rates were to go lower than your fixed interest rate in order to lower their monthly payments. CrossCountry offers fixed-rate mortgages with term lengths between 10 years and 30 years. Although these types of mortgages usually come with an initial interest rate that’s higher than an ARM rate, fixed-rate mortgages might be perfect for you if you’re looking for consistency, predictability, and you’re OK with higher initial payments.

CrossCountry Mortgage’s non-conforming or jumbo loans allow applicants to borrow up to $3 million, yet there doesn't seem to be a minimum loan requirement. Jumbo loans can also be fixed rate mortgages or adjustable rate mortgages and can vary in their term length, which means these loans can also be customized to better fit each consumer’s specific needs.

The company also offers VA loans, which are backed by the U.S. Department of Veterans Affairs. These loans offer benefits to qualifying veterans including competitive interest rates, no down payments, refinance programs, limits on closing costs, no penalty fee if you pay off the loan early, no appraisal required on some of the company’s refinance loans, and up to 100% financing with no mortgage insurance.

CrossCountry also offers a three-step pre-qualification process, which entails speaking with a loan officer to determine different loan options the applicant may qualify for.

CrossCountry has a FastTrack Credit Approval program that allows qualified borrowers to close their mortgage in as little as 21 days.

The company also offer a hassle-free pre-approval and quick online quotes, which don't require personally identifiable details such as the applicants Social Security number.

One of the best things about CrossCountry however, is the wealth of excellent resources the company offers prospective borrowers on its website, including articles, videos, calculators, frequently asked questions, and even a glossary of commonly used terms. The company also provides a home buying guide with detailed step by step instructions on how to buy your first home. The guide covers prequalifying, understanding your credit report, meeting your licensed loan originator, estimating your expenses, getting pre-approved, finding the right realtor, house hunting, starting the loan process (and what documentation and information you will need to provide), making an offer, getting a home appraisal, and setting a closing date, time and location. Two other great resources on CrossCountry mortgage’s website are a guide for understanding down payments and a guide for understanding tax advantages.

Well-informed consumers and aspiring homeowners are sure to appreciate this company's customer-centered approach.

Like most lenders, CrossCountry offers few details about its borrower qualification requirements.

Nevertheless, it should be safe to assume the company has minimum credit and income requirements, in addition to standard qualifications like being at least 18 years of age and a U.S. citizen.

The company does state it doesn’t have any debt-to-income ratio restrictions for FHA loans and minimum down payments through these programs can be as low as 3.5%.

Since 2003, CrossCountry Mortgage has been a direct lender of conventional loans that meet the underwriting guidelines of government-sponsored entities Fannie Mae, Freddie Mac, and Ginnie Mae.

The company is accredited by the Better Business Bureau and has an A+ rating with the organization. It’s important to note that this score is not based on customer feedback. That being said, the majority of the comments and reviews on the company’s BBB profile are positive, with most consumers highlighting the company’s customer service and the ease of the underwriting process.

There are few consumer complaints against CrossCountry on the CFPB's database and, according to the NMLS, there has been less than a handful of regulatory actions taken against them.

If you want to know more about the best mortgage rates you can find, read our review of the Best Mortgage Rates of 2018.