Available in: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA
CrossCountry Mortgage was started in 2003 by Ronald Leonhardt Jr., founder and CEO. Its headquarters is located in Cleveland, Ohio, but it’s licensed in all 50 states, D.C. and Puerto Rico, and it has over 700 branch locations across the country. Hopeful homeowners turn to CrossCountry Mortgage for its diverse portfolio of loan options, including conventional loans, Federal Housing Administration (FHA) loans, United States Department of Veterans Affairs (VA) loans and United States Department of Agriculture (USDA) loans.
- Provides loans across all 50 states, D.C. and Puerto Rico
- 120 mortgage purchase, refinance and home equity solutions
- Can work with credit scores as low as 500
- Tax returns aren’t required
- Ideal for first-time homebuyers
- Doesn’t post rates online
- Underwriting process may take longer
People who may have difficulty qualifying for a mortgage loan could find their solution in CrossCountry Mortgage, a company that offers flexible options.
If you search for CrossCountry Mortgage reviews, you’ll find mostly positive insight, helping it earn a spot as one of the best mortgage lenders. As with any option, however, some people will benefit most from using its services. Here’s how to figure out if you’re one of them.
CrossCountry Mortgage At a Glance
CrossCountry Mortgage has earned a reputation for offering a wide range of loan options, including niche products for a personalized experience. It operates across the country, making it accessible to just about everyone. Benzinga named CrossCountry Mortgage the best overall mortgage lender for self-employed borrowers, as well as a top company that doesn’t require tax returns.
CrossCountry Mortgage Loan Options
Here are the available mortgage loans from CrossCountry Mortgage:
Conventional loans: These loans aren’t backed by a government agency like you’ll find with FHA, VA and USDA loans.
FHA loans: People who don’t qualify for a conventional loan can try a loan backed by the FHA.
Jumbo loans: These loans have a limit of up to $5 million, offering a higher amount than conventional loans. However, you can also expect higher interest rates and closing costs compared to conventional loans.
VA loans: Backed by the VA and designed specifically for veterans, surviving, spouses and active-duty military personnel, these loans don’t require a down payment or mortgage insurance. They have low interest rates, high loan limits and capped closing costs.
USDA loans: These government-backed loans don’t require a down payment and are designed for low- to moderate-income households in small towns and suburban areas to get up to 100% financing for a primary residence.
Renovation loans: These loans can be used for a home you’re buying or one that you already own. Some renovation loans must be used for primary residences, but others allow them for second homes or investment properties.
Construction loans: If you want to build a home instead of buy one, consider construction loans.
Non-qualified mortgage (Non-QM) loans: These loans are more flexible with income and credit scores and fall outside the traditional criteria that the Consumer Financial Protection Bureau (CFPB) established, which may lead to higher interest rates.
Refinancing: CrossCountry Mortgage offers a range of refinancing programs, including cash-out refinance, conventional refinance, VA interest rate reduction refinance, FHA streamline refinance, FHA cash-out refinance, FHA 203(k) refinance and USDA refinance.
Adjustable rates: The most common adjustable-rate mortgage loans are 5/6, 7/6 and 10/6. The first figure indicates the number of years your interest rate will remain fixed, and the second figure indicates the number of months your interest rate could change after that fixed period is over. Different caps are also available to help with those increases, including an initial adjustment cap, a subsequent adjustment cap and a lifetime adjustment cap.
Fixed rates: Fixed-rate mortgages, including conventional, FHA, VA and USDA loans, are available for purchase and refinance.
Who is CrossCountry Mortgage Best For?
Since CrossCountry Mortgage uses manual underwriting for many of its loans, it offers a more personalized experience that may take more time than a digital-heavy approach. First-time homebuyers, self-employed borrowers and people with complex financial situations may particularly benefit from the company’s services.
“For first-time homebuyers, CrossCountry Mortgage can be a great choice because of its personalized, face-to-face service,” says Rich Kaul, owner of 702 Cash Buyers, a house-buying company. “Unlike fully digital lenders like Rocket Mortgage, CrossCountry connects borrowers with local loan officers who can walk them through the process, answer questions in real time, and help them choose the best loan option.”
How to Apply for a Mortgage from CrossCountry
To apply for a mortgage at CrossCountry mortgage, visit its “Buy a Home” page online and click Get Started. It’ll start by asking what type of home loan you’re looking for, giving you the options of Get Cash, Home Purchase and Home Refinance. After you choose one, it’ll take you through other questions so the system can point you in the right direction.
Required Credit Score for a Mortgage from CrossCountry
The minimum credit score you need depends on what type of loan you’re after. Conventional loans require a minimum of 620, FHA and VA loans may accept credit scores as low as 500 and jumbo loans typically require a minimum of 660. Everyone has a financial situation, so getting a catered perspective is best.
CrossCountry Mortgage Customer Service
CrossCountry Mortgage makes its phone number readily available on the top right of its website. Its ‘Contact Us’ page has a contact form you can fill out and someone will contact you. It’s also helpful that the company has over 700 branches nationwide, so you can talk to someone close to your area. Since there are so many branches, customer service experiences can vary depending on where you go. CrossCountry Mortgage reviews are generally positive, and we’re guessing that the personalized approach aids that.
CrossCountry Mortgage Rates and Fees
CrossCountry Mortgage doesn’t specify its rates and fees on its website. However, you can expect an origination fee (typically 0.5% to 1% of the loan amount), an underwriting fee and an appraisal fee.
CrossCountry Mortgage vs. Rocket Mortgage
Kaul has worked with both CrossCountry Mortgage and Rocket Mortgage, and each has pros and cons. To him, there are very clear differences. To sum it up, CrossCountry offers a more hands-on approach, while Rocket Mortgage has a fast online application and quick approval process.
“Unlike Rocket Mortgage, which prioritizes speed and automation, CrossCountry provides a more personalized approach with manual underwriting and a wider range of loan programs,” Kaul explains. “While this can result in a slower process and more paperwork, it also allows for customized solutions that fit borrowers’ unique needs.”
The Bottom Line
A home mortgage loan can be intimidating, so CrossCountry Mortgage is a top option. It offers 120 mortgage purchase, refinance and home equity solutions and provides loans in all 50 states, D.C. and Puerto Rico.
The company’s personalized approach may mean longer wait times, but it can be the right move for such a pivotal life moment.
“This hands-on approach can be incredibly valuable, especially for buyers navigating the home purchase process for the first time,” says Kaul.
Why You Should Trust Us
You’re in good company trusting Benzinga for all your news on financial markets, corporate and economic data and actionable trading ideas. After all, we’ve been servicing readers since 2010 and have about 25 million readers each month. We aim to provide the most up-to-date information so you can choose the right mortgage lender for your financial situation. We’ve also reviewed Freedom Mortgage, Bank of America and more lenders.
Caitlyn Fitzpatrick, the author of this piece, has been an editor and writer since 2014. She’s written other pieces for Benzinga, including a review on Society Mortgage. Her work can also be found on U.S. News & World Report, Business Insider, Reader’s Digest, Today’s Parent and more. For this story, we consulted Rich Kaul, owner of 702 Cash Buyers, a house-buying company, to discuss the pros and cons of using CrossCountry Mortgage.
FAQ
Is CrossCountry mortgage legit?
Yes, the company has been around for over 20 years and has been accredited by the Better Business Bureau (BBB), where it has had an A+ rating since 2016.
How do I pay my CrossCountry mortgage loan?
To pay your CrossCountry mortgage loan, visit the company’s website, enter your loan number and first and last name, and proceed.
Is CrossCountry Mortgage a broker or lender?
CrossCountry Mortgage is a direct mortgage lender, not a broker, meaning you’ll work with a loan officer at the company.
Sources
- Rich Kaul, owner at 702 Cash Buyers, a house-buying company
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About Caitlyn Fitzpatrick
Caitlyn Fitzpatrick has been a professional writer and editor since 2014 and entered the commerce journalism world in 2017. She’s passionate about helping readers make smart buying decisions by using data insights and interviewing experts. Most recently, Fitzpatrick was the Senior Shopping Editor at Trusted Media Brands, where she led affiliate content on Reader’s Digest. In addition to Benzinga, Fitzpatrick’s work can be found in a range of publications, including U.S. News & World Report’s 360 Reviews, Today’s Parent, Betches, WhatToWatch.com, PS (formerly Popsugar), and more.