Advertising Disclosure

CrossCountry Mortgage Review 2022: Is It a Reliable Lender?

CrossCountry Mortgage offers an array of home loan products including options with no down payment. If you qualify for financing, you can access lower-than-average interest rates and close in half the industry average time.

8.1 / 10
Editorial Score
Andrea Miller
Senior finance writer and editor
May 20, 2022

Overview

CrossCountry Mortgage provides most major types of mortgages and home refinance loans, as well as a few home equity products. If you’re interested in a specific type of mortgage, you’ll probably find it here.

In addition to its diverse product selection, CrossCountry closes the average loan in 21 days, with seven-day closings available for some buyers. If you need funding fast, this lender can possibly save you more than three weeks over the industry average closing time.

Although you can’t get personalized quotes without giving up your contact info, CrossCountry Mortgage tends to offer lower-than-average interest rates and fees. It requires a phone call with an agent to complete the application process, but you can upload your documents through the convenient online portal. If you don’t mind that extra step, you should consider CrossCountry for a fast, affordable mortgage or refinance.

GREAT CHOICE 2022
8.1 / 10
Editorial Score
CrossCountry Mortgage
Quick view:
Editorial Score
8.1 / 10
Online Services
Applications, Quote management, etc.
7.0 / 10
Customer Service
6.0 / 10
Available in all states
10 / 10
Available loan types
10 / 10
Products
10 / 10

Get a Free Rate Quote from CrossCountry Mortgage

Products & Services

CrossCountry Mortgage offers both home purchase and mortgage refinance loans as well as home equity loans.

Mortgage Loans

You can choose between several available mortgage programs with this lender. It offers conventional loans with terms of 10 to 30 years, including both fixed-rate and adjustable-rate mortgages. Fixed rates stay the same for the life of the loan, while adjustable mortgages have a low introductory rate that fluctuates after three, five, seven, or 10 years.

CrossCountry Mortgage also offers home loans backed by the Federal Housing Authority. These mortgages have lower down payment and credit score requirements than with conventional loans. If you have difficulty qualifying for a conventional loan, FHA may be an option since you can apply with a cosigner who will not live in the home, such as a parent or family member.

If you’re looking for a fixer-upper home, you can also obtain a FHA 203(k) loan to purchase and renovate an eligible property. CrossCountry Mortgage offers a limited 203(k) for repairs of up to $35,000 and a standard 203(k) for major home renovations with no maximum limit.

For more expensive properties, CrossCountry Mortgage writes jumbo loans of up to $5 million. You can select either a fixed or adjustable rate and a loan term of 10 to 30 years.

USDA rural development loans allow you to buy a home with no down payment in certain ZIP codes. You can potentially get this type of loan with poor credit as long as you can demonstrate a strong income history for at least three years.

CrossCountry Mortgage also offers Veterans Administration loans to eligible military service members and their families. You can buy a home with no down payment if you qualify for this type of mortgage.

See Home Loan Options from CrossCountry Mortgage

Refinance Loans

You can access a diverse selection of refinance options through this lender, including both conventional and jumbo mortgage refinance loans. CrossCountry offers both standard FHA refinance as well as 203(k) renovation refinance loans.

A streamline FHA, USDA, or VA refinance with this lender can save you money and time if you have a good payment history on your existing FHA, USDA, or VA mortgage. This program allows you to refinance your government-backed mortgage without a new credit check or appraisal.

Home Equity Loans

These loans let you tap into your existing home equity. CrossCountry Mortgage offers home equity lines of credit (HELOCs) and reverse mortgages. A HELOC works like a credit card, with an established credit limit. You can borrow up to the limit and must make minimum interest payments each month. At the end of the loan term, you either make a lump sum “balloon” payment or increased monthly payments that include both principal and interest.

If you are age 62 or older, you can access home equity through a federally-backed home equity conversion mortgage (HECM). Similar to a reverse mortgage, this loan provides cash flow in the form of monthly payments or a single lump sum in exchange for paying off your existing mortgage. When you move out or sell your home, you must repay the HECM. If you pass away, your surviving family members can refinance or sell the home to pay off the loan.

Get a Free Rate Quote from CrossCountry Mortgage

Rates and Terms

You cannot obtain personalized rates from CrossCountry Mortgage without providing contact information and allowing an agent to contact you. The company offers an average rate of 3.17% on a 30-year fixed conventional loan, below the industry average of about 3.5% for this type of mortgage.

The company charges a median origination fee of about $1600 for a new mortgage loan, lower than many competitors. In fact, some mortgage companies charge $3000 or more for origination. Other CrossCountry Mortgage fees include recording, title, credit report, and appraisal costs, along with loan-specific costs, taxes, and insurance.

Application Process and Qualifications

I tested the lender’s process, starting with the Get a Free Rate Quote button on the homepage to report on what you can expect when you apply for a home loan with CrossCountry. On the first page, you can enter the name of a referring loan officer to connect directly with that person if applicable. If you decline to enter a referral, the next page gives you the option to choose from a purchase or refinance mortgage quote.

The user-friendly purchase application includes questions about the type of property, how you plan to use it, ZIP code, whether you are a first-time homebuyer, where you are in the process, purchase price, down payment, credit score, military status, employment status, and financial history.

For a refinance quote, you will also need to enter your goals for the refinance, provide information about your current mortgage, and indicate whether you plan to take cash out of your home’s equity.

Although the application asked for detailed personal and financial information, its questions were similar to those asked by other lenders during the mortgage process. It took me about 10 minutes to complete the form, which loaded quickly and was easy to navigate.

At the end of the application, you must enter your phone number and email address to receive your rate quotes. By doing so, you agree to let CrossCountry Mortgage representatives contact you with loan offers. This lender does not offer direct online quotes.

To complete your mortgage application, you will need to provide:

  • Proof of income such as paycheck stubs and W-2 forms
  • Several months of bank statements
  • Proof of assets you own
  • Tax returns
  • A copy of your photo ID
  • A gift letter if you will use gifted funds for your down payment

Approval requirements vary based on the type of mortgage. You must have a down payment of at least 3% of the purchase price for a conventional loan and 3.5% for an FHA loan. Jumbo loans require a 10% down payment.

Conventional loans and VA loans require a credit score of at least 620. You can get an FHA loan with a score of 580 or lower. To obtain a jumbo loan, you must have at least a 660 credit score.

Lenders also review your debt to income ratio (DTI) to make sure you can afford to repay the mortgage. Conventional loans require a DTI of less than 43%, which includes all your existing debt plus the new mortgage payment.

For FHA, you cannot qualify for a mortgage payment of more than 30% of your monthly income. In other words, if you earn $3,000 a month, FHA will approve you for a monthly payment of no more than $900. You must be able to show at least two years of steady employment and income.

Get a Free Rate Quote from CrossCountry Mortgage

Approval Time

CrossCountry Mortgage reports an average time of 21 days from application to loan closing, less than half the industry average of about 45 days. You can also apply through the company’s FastTrack Credit Approval Program, which can close within seven days if the lender does not require additional documentation to underwrite your mortgage. This program comes with a special letter you can show sellers to enhance your offer on their home by promising fast closing.

Customer Service

You can contact CrossCountry Mortgage by phone or through the company’s online contact form. At publication, I haven’t received an answer to the email I sent through the form. However, I did receive this automated response within just a few minutes, indicating that a representative will reach out soon.

Customer Service

I also tested the customer service number, which does not have published hours. Although I called at 6 p.m. Eastern time, I only waited on hold for a minute before connecting with an agent. While she was friendly and seemed knowledgeable about CrossCountry’s available loans, she was not able to provide more than general answers to my questions without a completed loan application.

Summary

Using CrossCountry Mortgage can help you find a loan that fits your situation and save on interest and fees, even if you have less-than-perfect credit or limited down payment funds. If you have concerns about getting a mortgage fast, this lender can potentially prevent closing delays with its FastTrack process. I was also impressed by the extensive selection of loan and refinance options, including less-common products like renovation and jumbo mortgages.

While many buyers prefer to obtain a mortgage with a completely digital process, you will need to speak with an agent either on the phone or in person to get a loan through CrossCountry. However, the company does have an online portal to streamline the documentation and underwriting process, as well as extensive interactive resources for consumer education.

Get a Free Rate Quote from CrossCountry Mortgage

FAQ

Is CrossCountry Mortgage a reputable company?

CrossCountry Mortgage is a reputable mortgage lender with accreditation and an A+ rating from the Better Business Bureau.

How long does it take to get a mortgage from CrossCountry Mortgage?

The average buyer can close on a mortgage from CrossCountry within just 21 days, compared to 45 days or longer for competing lenders. You can strive for a seven-day closing with the company’s exclusive FastTrack Approval program.

Is CrossCountry Mortgage a broker or a direct lender?

CrossCountry Mortgage serves as a direct lender. However, the company started as a third-party broker selling mortgages from other providers.

Andrea Miller
Written by

Andrea Miller has been a writer and editor for more than two decades. She has previously covered financial topics for Solvable, Kabbage, and Credit.com. Outside of work, she spends most of her time with her husband, daughter, and son and enjoys hiking, yoga, and reading.

Pros:
  • Fast loan closings in just one to three weeks
  • Extensive, varied home loan selection
  • Lower-than-average rates and fees
Cons:
  • No online rate quotes available
  • Outdated online offerings compared to other lenders
  • Limited access to customer service
Bottom Line

CrossCountry Mortgage is a solid home loan and refinance option, and it’s especially worth a look if you want a faster-than-average closing. This lender provides mortgages in all 50 states and has physical locations in 43 states in case you prefer an in-person experience.

You’ll also find affordable interest rates and below-average lender fees, although you can’t get personalized loan terms without speaking to an agent. If you can overlook the lack of a fully online application process, you can take advantage of flexible home financing and close on your purchase fast with CrossCountry.