Based in Ohio and licensed to offer mortgages in 49 states, CrossCountry Mortgage, Inc., acts as both a mortgage broker and direct lender, offering its customers a host of different financing options. Borrowers may choose between conventional loans, FHA and VA loans, and construction-to-permanent loans. Jumbo loans are available for large loan amounts.
CrossCountry Mortgage, Inc., started in 2003 as a mortgage broker based out of New York. The company acted solely as a middleman between wholesale lenders and borrowers and did not actually fund loans with its own money. As the company expanded over the ensuing decade, opening branch offices across the country and moving its base of operations to Cleveland, Ohio, it became an approved seller and servicer of Fannie Mae and Freddie Mac loans. As a result, CrossCountry Mortgage can now fund loans itself, or, if it feels a wholesale partner offers a better program for a particular borrower, the company retains the option to farm loans out to other lenders.
Rates and Programs
CrossCountry Mortgage offers competitive rates for home purchases and refinances. In truth, nearly all mortgage lenders have access to the same rates, which the market sets based on a host of factors over which banks and lenders have little control. There are not individual banks that can offer significantly better rates than the others, and if a bank advertises a rate that seems too good to be true, it is probably charging a high origination fee to buy down the interest rate.
With CrossCountry mortgage, borrowers can work with loan officers to find a rate and fee scenario that makes sense based on their needs. A borrower who plans to stay in the home for 30 years and not sell or refinance during that time might want to pay more in origination to receive a lower interest rate, as the interest rate savings over that many years outweigh the initial fees. A borrower who plans to sell or refinance after a few years is better off taking a slightly higher rate, given that he won’t be paying interest for very long, and keeping his origination fee as low as possible.
CrossCountry Mortgage offers a full spectrum of loan programs, including conventional, FHA, VA and jumbo loans. Each offers its own perks and advantages. Borrowers who have good credit and can put 20 percent down often choose conventional loans, while the FHA program offers more generous underwriting and lower down payments. For veterans, VA loans are hard to beat. The loan officers at CrossCountry Mortgage work with each borrower to determine which program offers the best deal and highest chance of approval.
How to Apply
Borrowers can apply for a loan with CrossCountry Mortgage through the company website or by calling its toll-free number. Those who want to see a rate quote before putting in a formal application can receive one in minutes by filling out a simple form on the website. A loan officer then processes the information and calls the borrower with a quote.
Current customers of CrossCountry Mortgage can make their mortgage payments, check their balances and inquire about refinancing on the website.
CrossCountry Mortgage is a longstanding, reputable mortgage company that offers an extensive list of loan products designed to fit any purchase or refinance scenario. Their rates are competitive, their fees reasonable, and the company is easy to get in touch with when needed via phone or email.