Founded in 2003, CrossCountry Mortgage LLC is a full-service lender offering a variety of loan options for homebuyers and homeowners looking to refinance. Based in Brecksville, Ohio, the company also operates hundreds of branch offices throughout the country.
Among the company's loan offerings are fixed-rate and adjustable-rate mortgages, government-backed mortgages, like FHA and VA loans, as well as jumbo loans and home equity lines of credit (HELOC). CrossCountry Mortgage has has been named to the Inc. 5000 list of the nation's fastest growing private businesses seven times.
|30 year fixed||5.21%||5.13%||+0.08|
|15 year fixed||4.39%||4.32%||+0.07|
|30 yr fixed mtg refi||5.29%||5.22%||+0.07|
|15 yr fixed mtg refi||4.40%||4.31%||+0.09|
|7/1 ARM refi||4.85%||4.82%||+0.03|
|15 yr jumbo fixed mtg refi||3.06%||3.10%||-0.04|
National Mortgage Rates
Regions Served by CrossCountry Mortgage
Does CrossCountry Mortgage Operate in My Area?
True to its name, CrossCountry Mortgage is licensed in all 50 states, plus Washington, D.C.
The company operates more than 500 branch offieces throughout 47 states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming all house physical locations. Nebraska, North Dakota and Vermont are the only states that do not have branch offices, as well as Washington, D.C.
What Kind of Mortgages Can I Get With CrossCountry Mortgage?
Fixed-rate mortgage: As the most common kind of mortgage, fixed-rate loans lock in a set interest rate for the duration of the mortgage. This results in a predictable monthly payment that doesn't change. CrossCountry Mortgage offers a variety of fixed-rate term lengths, ranging from 10 years to 30 years.
Adjustable-rate mortgage: Adjustable-rate mortgages or ARMs are different from fixed-rate loans in that their interest schedule changes throughout the term of the mortgage. ARMs from CrossCountry Mortgage start with a fixed rate for the first three, five, seven or 10 years before being adjusted on an annual basis. An ARM also allows you to set limits on how much your rate can increase each year and how much it can increase in total over the life of the loan.
VA loan: Veterans Affairs or VA loans are guaranteed by the government and designed to help active duty members of the military and veterans purchase or refinance their homes. Using a VA loan, you can purchase a home with no down payment or mortgage insurance. Howver, you'll need to pay a VA funding fee. Surviving spouses of deceased veterans may also be eligible for this program.
FHA loan: Federal Housing Administration or FHA loans are also backed by the federal government and give homebuyers certain advantages. A home with up to four residential units can be purchased with an FHA loan and a down payment as low as 3.5%, which can often help first-time homebuyers. CrossCounrty Mortgage also offers FHA 203(k) loans, which allow you to purchase a home and finance qualifying renovations or repairs.
USDA loan: Created by the U.S. Department of Agriculture, USDA loans incentivize Americans to move to rural parts of the country. No down payment is required with a USDA loan and homebuyers with lower credit scores may also qualify.
Jumbo loan: Jumbo loans are mortgages that exceed coventional lending limits. Fannie Mae and Freddie Mac, the government-back companies that purchase mortgages on the secondary market, will only buy loans of $548,250 or less ($822,375 in high-cost areas). However, with a jumbo loan from CrossCountry Mortgage, a homebuyer can purchase a luxury or high-cost home with up to $5 million in financing. Fixed-rate jumbo mortgages are available in terms that range from 10 to 30 years. CrossCountry Mortgage also originates adjustable-rate jumbo mortgages.
Refinance loan: CrossCountry Mortgage offers an array of refinance loans for customers who seek to lower their monthly payments, change the length of their mortgage or pull money out of their home to pay for renovations or other financial needs.
What Can You Do Online With CrossCountry Mortgage?
In addition to learning about the types of loans that CrossCountry Mortgage offers, you can also start the process of getting a mortgage or refinancing a current loan on the company’s website. After answering several questions about your home search, where you currently live and the type of property you’re hoping to buy or refinance, you’ll be promptly contacted by a representative of the company who can help you begin the pre-qualification process and provide mortgage rates.
The CrossCountry Mortgage website also features a library of reference materials to help prospective clients through the homebuying or refinancing process. However, if you wish to receive a rate quote, get pre-qualified or become pre-approved for a loan, you’ll need to speak directly with a representative of the company.
Would You Qualify for a Mortgage From CrossCountry Mortgage?
CrossCountry Mortgage does not publish credit score minimums, however, the company says it will work with you to find the best loan solution that fits your specific financial situation. For homebuyers looking to use an FHA loan, your total monthly mortgage payment must not exceed 30% of your gross monthly income, although the credit minimums are typically lower than a conventional mortgage.
Applicants for USDA home loans must have an income of no more than 115% of the median income for an area and have a “reasonable credit history.” Like other mortgage lenders, CrossCountry Mortgage's limit for conventional loans is $548,250 in most states and $822,375 for high-cost areas.
What’s the Process for Getting a Mortgage With CrossCountry Mortgage?
Start by getting pre-qualified for a mortgage online by filling out the company’s prequalification form or hitting “Apply Now” button in the top right corner on the company's homepage. A representative from the company will contact you within 24 hours to discuss your home search or refinancing needs, and go over potential options.
Pre-qualification determines a prospective homebuyer’s ability to repay a loan based on their income, debt, credit history and other factors. While pre-qualification gives a homebuyer a sense of how much they can afford, a pre-approval will put a homebuyer in an even stronger position. This more thorough process requires the submission of an application, a credit check and a review of a homebuyer’s financial history. The result is a pre-approval letter or certificate that may allow a homebuyer to negotiate a better price or close earlier.
Once you’ve received your pre-approval, you can seriously begin your househunt. After finding a home you want to purchase, you’ll submit an offer to the seller that includes the down payment amount, loan value and other components, including contingencies. If your offer is accepted, you will deposit your earnest money into an escrow account, which will be applied to your down payment later on. An underwriter from CrossCountry will then review your residential loan application, your credit history and evaluate your capacity to repay the loan. If the underwriter approves your loan, the money is disbursed and the mortgage process is complete.
How CrossCountry Mortgage Stacks Up
One of the 15 largest mortgage lenders in the U.S. as of 2020, CrossCountry Mortgage offers a full array of loan options to homebuyers and homeowners looking to refinance. While many loan originators operate in a set number of states, CrossCountry is licensed in all 50 states, plus Washington D.C. The company also has hundreds of branch locations scattered across 47 states.
Because CrossCountry requires you to speak with a representative, homebuyers looking to complete much of the process online may look elswhere. However, the company's diverse assortment of loan products may appeal to a wide range of potential clients.
Tips for Getting a Mortgage
- Buying a home and getting a mortgage can feel like an overwhelming process. A financial advisor can help you get your financial house in order to make the mortgage application process run smoother. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- SmartAsset's Mortgage Calculator can help you estimate your monthly payments, including how much you'll pay in home insurance, private mortgage insurance and property taxes.