Brief guide to apply for Cross Country Mortgage Loan

January 14, 2022 Anjali Latwal Finance

We’ve all lamented the mortgage process’s intricacy, and how a simple loan can be loaded with a slew of annoyances in the shape of a mountain of paperwork. Ohio-based Cross Country Mortgage, is one brand. Since 2003, the firm has held one of the top-most-rank in total mortgage lending in the United States. And in this article, we are going to take you through the easy and simple loan application process of Cross Country Mortgage so that you don’t have to bury yourself in a heap of paperwork.

Cross Country Mortgage: At a glance

CrossCountry Mortgage is a national mortgage company located in Ohio that offers a broad variety of buy and refinancing loans. Since its founding, the firm has grown its service area and is currently licensed in 50 states, with over 130 locations around the country.

The Better Business Bureau (BBB) has given the firm an A+ rating, with the majority of the comments on its page praising the company’s customer service and easy underwriting procedure.

CrossCountry Mortgage is a well-known online lender that offers a wide range of purchase and refinance loans, as well as useful tools for first-time homeowners. Although the company’s website is simple to use and its online forms are simple to fill out, CrossCountry Mortgage’s services are oriented for borrowers who want to begin their loan application online and then work with a loan officer who will help them through the remainder of the process.

CrossCountry is an option worth examining for any potential borrower, including those merely wanting to compare rates. The company is ideal for first-time home-buyers who are looking for an excellent source of information about the home warranty purchasing process and who may benefit from working with a professional rather than completing the entire process online because the company’s website is designed with consumer experience in mind.

Mortgage Loan Specifics In CrossCountry

CrossCountry Mortgage is now a full-service lender, providing conventional fixed and adjustable-rate mortgages, as well as jumbo, FHA, VA, and USDA loans. The following are the types of loans that the company offers:

  • Fixed Rate for 10 Years
  • 3/1 ARM
  • Fixed Rate for 15 Years
  • 5/1 ARM
  • 7/1 ARM
  • Fixed Rate Jumbo
  • Fixed Rate for Thirty Years
  • Fixed-Rate VA
  • Fixed FHA Rates
  • Loan from the USDA
  • Fixed Rate for 20 Years

The organization provides a variety of Adjustable-Rate Mortgages (ARMs). They vary primarily in the duration of the fixed-rate term and the frequency with which your interest rate might fluctuate after that fixed period expires.

A quick guide to apply for Quicken Loans

  • ARMs by CrossCountry

3/1, 5/1, 7/1, and 10/1 ARMs are the most prevalent. The first number indicates the number of years for which you can set your interest rate. And the second number indicates how frequently it may fluctuate after that fixed term. An ARM may be the best mortgage type for you, but you must weigh the advantages and disadvantages first. Consumers can obtain a lower starting interest rate with an ARM than they would with a fixed-rate mortgage. And there’s also a potential that the rate and monthly payments will go down based on market rates.

  • Fixed Rate loans by CrossCountry

Fixed-rate mortgages offered by the organization, on the other hand, are great for customers seeking constancy. Because fixed-rate mortgages keep the same interest rate throughout the life of the loan, customers don’t have to worry about unexpected increases in their monthly payments. This makes it simpler to plan out their budgets. Consumers also have the option of refinancing their fixed-rate mortgages if market rates fall below their set interest rate, lowering their monthly payments. CrossCountry provides fixed-rate mortgages with terms ranging from 10 to 30 years. Although fixed-rate mortgages normally have a higher starting interest rate than adjustable-rate mortgages, they may be ideal for you if you want stability and predictability and are willing to make larger initial payments.

  • Jumbo loans by CrossCountry

CrossCountry Mortgage’s non-conforming or jumbo loans enable borrowers to borrow up to $3 million, although there seems to be no limit on the minimum loan amount. Jumbo loans come in a variety of forms, including fixed-rate and adjustable-rate mortgages, as well as different term lengths, which allows you to tailor them according to each individual’s requirements.

  • VA loans by CrossCountry

The firm also provides VA loans, with a complete guarantee by the Department of Veterans Affairs of the United States of America. Competitive interest rates, no down payments, refinancing programs, closing cost limitations, no penalty charge if you pay off the loan early, no appraisal necessary on certain of the company’s refinance loans, and up to 100% financing with no mortgage insurance are all available to eligible veterans.

(Note: CrossCountry also has a three-step pre-qualification procedure that includes consulting with a loan officer to evaluate which loan choices the applicant may be eligible for.)

Also Read: Apply for Better Mortgage Loan

Application and login process of Cross Country Mortgage

In order to apply for a loan from Cross Country Mortgage, you have to first create an account on their website and choose your desired choice. Follow the steps mentioned below to begin:

  • Go to Cross Country Mortgage’s official website.
  • Click on the “Apply Now” button present in the top right corner.
  • The next page will show and ask you a few questions regarding what type of loan you want, what type of property you are looking for, the area zip code, etc.
  • Next, you will have to fill in your basic details like name, phone number, etc.
  • Click on “Continue” after filling in all the required details and you are good to go.

You can also find a loan officer from their website from the “Find a loan officer” tab to ease out your application process.

Additional Facilities offered by CrossCountry

  • FastTrack Credit Approval is a CrossCountry service that enables qualifying consumers to finalize their mortgage in as little as 21 days.
  • The organization also provides a simple pre-approval loan process and rapid online quotations that don’t demand personally-identifying information like the applicant’s Social Security number.
  • However, one of the nicest things about CrossCountry is the abundance of quality materials available on its website, which include articles, videos, calculators, frequently asked questions, and even a dictionary of often-used phrases.
  • A house purchasing handbook with thorough step-by-step directions on how to purchase your first home is also available from the firm. Prequalifying, understanding your credit report, meeting your licensed loan originator, estimating your expenses, getting pre-approved loan, finding the right realtor, house hunting, beginning the loan process (and what documentation and information you’ll need to provide), making an offer, getting a home appraisal, and setting a closing date, time, and location are all topics covered in the guide.
  • A guide to understanding down payments and a guide to understanding tax savings are two more excellent tools on the CrossCountry mortgage website.

Requirements For CrossCountry Mortgage

CrossCountry, like other lenders, is tight-lipped about its borrower qualifying standards.

Nonetheless, it’s reasonable to presume that the firm has minimal credit and income criteria, in addition to the usual requirements of:

  • Being at least 18 years old and
  • A citizen of the United States.

FHA loans have no debt-to-income ratio limits, and minimal down payments may be as low as 3.5 percent under these programs, according to the business.

Conclusion:

CrossCountry Mortgage is a well-known mortgage lender for consumers looking for excellent customer service as well as those who are new to the borrowing process. When it comes to applying for a CrossCountry loan, it’s as simple as it gets. When you visit their website, you will discover a variety of educational materials that will assist you in making better-educated decisions, and after you have chosen them as your lender, a loan provider officer will contact you through phone or email to walk you through the process.

Author

  • A literature fanatic. Absolutely in love with my books and my dogs. Mostly found reading a book in a little corner or playing with Koko, Alexa or Liza- my pet dogs. Also, a vivid admirer of all things beautiful and adventurous. If I’m not reading, I’m traveling and exploring the world.