CrossCountry Mortgage Review 2023

How Bankrate scored CrossCountry Mortgage 

To determine CrossCountry Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: CrossCountry Mortgage doesn’t charge fees on loans, saving you a bundle at closing. The lender’s rates aren’t listed on its website, however, so you might have a harder time initially comparing its offer to others.
• Availability: CrossCountry Mortgage is available to borrowers nationwide and in Puerto Rico. It boasts a deep bench of loan offerings, including non-qualified (non-QM) mortgages.
• Borrower experience: While CrossCountry’s platform lends some convenience to the transaction, the lender doesn’t rate highly among customers overall. To get a rate quote, you’ll have to first complete a detailed form.

• Methodology

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability: Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable.
  • Availability: What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Borrower experience: Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

   

Affordability: 3/5

CrossCountry Mortgage doesn't display mortgage rates online. You can obtain a free rate quote from the lender, but you must fill out an online form with information regarding the loan purpose, location of the property and loan amount, as well as personal information such as your credit score, name, email address and phone number. After providing this information, the lender will reach out to you to discuss available loan options and rates.

Availability: 5/5

CrossCountry Mortgage is available to borrowers in every state and offers the full range of home financing services. This includes conventional (conforming and non-conforming) and government-insured loans, as well as other speciality loan products including reverse mortgages.

Borrower experience: 4.6/5

CrossCountry Mortgage has been a Better Business Bureau-accredited business since 2016 with an A+ rating. Its customer reviews with the BBB and Trustpilot, however, are less than stellar, and it ranked far below average in J.D. Power’s 2022 report on mortgage origination customer satisfaction. However, it does offer the convenience of an online My Loan Servicing account, where clients can make mortgage payments, view account information and review payment history.

How to apply for a mortgage with CrossCountry

If you’re interested in a CrossCountry Mortgage, you’ll have the option to apply for your loan by mail, over the phone or in-person. If you fill out a form to get prequalified or preapproved online, a loan officer will reach out within 24 hours to go over your options. The lender also allows you to apply for a mortgage online through an end-to-end digital platform where you can securely upload documents and e-sign disclosures. There is also a co-pilot feature where loan originators can remote in, in real-time, to provide assistance. In addition, the lender offers a variety of resources through its website, such as mortgage calculators, a glossary and videos.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with CrossCountry Mortgage

Whether you’re interested in a conventional or government-backed loan, CrossCountry Mortgage can help you refinance your existing mortgage. You’ll apply the same way you apply for a home purchase loan: online, by phone or in-person at a branch.

Special programs offered by CrossCountry Mortgage

CCM Smart Start

CCM Smart Start provides up to $4,000 in down payment assistance for first-time homebuyers. However, this program is available only to borrowers who make 80 percent or less of their area’s median income, so you must make enough to qualify for a loan without overshooting the income requirements.

FastTrack Credit Loan Approval Program

CrossCountry’s FastTrack Credit Approval program allows you to close in as few as seven days after signing a purchase agreement (barring any conditions such as the need for additional documentation).