CrossCountry Mortgage Review

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Contributor, Benzinga
July 12, 2023
CrossCountry Mortgage
Overall Rating:
securely through CrossCountry Mortgage's website

CrossCountry Mortgage offers standard products like conventional loans, VA loans, Jumbo loans and FHA loans. It also has more specialized products like bank statement loans, asset qualifier mortgages and no doc investment property loans. If you’ve had a hard time finding a mortgage due to erratic income, being retired or buying an investment property, CrossCountry Mortgage is worth a look.

Best For
  • Self-employed professionals
  • Retirees
  • Investors
  • Condo buyers
Pros
  • Wide variety of mortgage products
  • Niche products like bank statement loans
  • Works with many state home buyer assistance programs
Cons
  • No online approval

Who’s CCM for?

The company offers mortgage loans and refinancing options to a wide range of individuals including self-employed people. CCM’s website is dedicated to giving tips and pointers to first-time home buyers. People interested in refinancing or paying for college will also likely be interested in using the company’s services.   

Members of the military stand to potentially gain from working with CCM because the company offers VA loans. Individuals can be eligible for this loan if they currently or previously served for the indicated period of time. Surviving spouses of military members can also be eligible for this loan. 

Where CCM really shines is in its offerings for the self-employed. The Signature Expanded (SE) proprietary product line includes categories with a max debt-to-income (DTI) ratio of 50% to 55% and a minimum credit score of 620. 

The SE Bank Statment loan and the Alt Doc-1099 loan mean that self-employed borrowers can qualify with alternative documents. High-net-worth borrowers can qualify solely with their assets based using the SE Asset Qualifier loan. The SE Full Doc loan has a max loan of $3 million, max DTI of 55% and max loan-to-value (LTV) ratio of 85%, which can benefit borrowers who don’t meet agency or prime jumbo guidelines. Real estate investors can finance an investment property with the SE Investor Cash Flow loan by using the property’s gross rent instead of the borrower’s personal income. 

International homebuyers are welcome at CCM. The SE Foreign National Program offers flexible qualification and streamlined financing for non-U.S. residents and people with no U.S. credit score.

CCM Products

CCM has several products geared toward purchasing and refinancing. The mortgage options range from VA home loans to conventional loans, fixed-rate mortgages, adjustable-rate mortgages, jumbo mortgages, FHA 203(k) home loans, FHA home loans and USDA home loans. 

When homebuyers want to achieve their financing goals, they look for guidance that helps them find the right loan quickly, easily and stress-free. CCM’s broad portfolio includes niche products to help every borrower accomplish this goal. 

For example, the Signature Bank Statement Program is the perfect mortgage solution for self-employed borrowers, consultants and freelancers. Instead of tax documents, W-2s or pay stubs, they can easily use bank statements to get the financing they need to purchase a home. 

  • 12–24 months of personal or business bank statements required
  • Minimum credit score of 620 to qualify
  • Only 15% down for primary residences (20% for investment properties)
  • Up to 50% DTI ratio permitted
  • Financing up to $3 million available
  • For family homes with 1–4 units and condos

The company also offers renovation and improvement loans. Products include useful refinancing services that can accommodate both retirement and college needs.  

The company also offers helpful refinancing options. Mortgage refinancing loans are designed to replace an existing mortgage loan with more attractive terms and conditions. For example, refinancing can provide lower interest rates, consolidate debt and increase predictability. 

Average Days to Close Loan

The average number of days it takes to close a loan hovers around 21 days. For comparison, the industry standard ranges up to 45 days. Streamlined loan procedures offer customers the opportunity to achieve expedited speeds on this time-consuming process. 

CCM explains the application process on its website. One of the first steps requires that potential customers provide necessary documents related to income and credit. Documents must be submitted within 72 hours of applying. The next step in the process typically includes an appraisal. Once complete, the loan will be assigned to an underwriter who will review the information and potentially provide a clear to close. 

A processor will then handle the closing. The closer will offer the necessary documents to the settlement agent. Once all prior steps are completed, it will typically be time to complete the final documents. If the loan application process is correctly handled, funding can be obtained much faster than normal. Keep in mind that the exact number of days that it takes to close a loan can vary. Speak with a customer representative to more accurately understand the application process. 

CCM Credit Score Minimum

Although the SE loan programs require a minimum 620 credit score, the website does not definitively state a minimum credit score for all loan products. CCM’s loan officers work with borrowers to find just the right loan. Other types of financial documentation can help offset a lower credit score. 

Credit scores matter because they indicate creditworthiness. FICO® scores range between 300 and 850. Higher scores such as credit scores above 700 allow a person to receive more favorable rates and terms. People can access their credit scores for free by using one of the reputable sites online. Typically, most mortgage providers have minimum credit score requirements hovering around 620.

Pre-Approval Documents

Pre-approval typically means that a lender has already examined key documents that prove that a person is a strong candidate for a loan. Pre-approved individuals receive a letter from a mortgage lender indicating such status. CCM provides these certificates. Pre-approved individuals can show the certificates to sellers to indicate that they can obtain funds. 

CCM examines documents that prove your assets, income level and employment history. Additional information about credit history and current credit score will also likely be required. A record of job stability for at least the last two years as well as few to no gaps in employment history increases the likelihood of approval. 

Keep in mind that pre-approval is different from pre-qualification. Pre-qualification is typically viewed as less substantial than pre-approval. Pre-approval more closely examines your funds and financial situation. In contrast, pre-qualification is typically less thorough and examines less personal financial information. 

Customer Service

CCM provides a variety of communication methods designed to encourage discussion between the company and its customers. The website has easily accessible social media handles and phone numbers. The company offers a wide selection of social media handles ranging from Twitter, YouTube and Instagram. The homepage offers a phone number designed to specifically help with the application process and for general customer support.

The contact page has multiple communication options such as detailed information about a physical address, a phone number and a fax number. Hours of operation were not clearly stated. Customers can search for a loan officer close to their physical location using the indicated website section. For customers who prefer non-verbal communication, the page allows people to type out and send a message.

The website portal provides customers with the opportunity to log in and access important mortgage information, pay the mortgage and examine payment history from the comfort of their couch. 

CrossCountry Mortgage Comparison

Final Thoughts About CCM 

CCM brings innovation to the home mortgage sector, allowing people who might otherwise have difficulty qualifying for a mortgage. Many individuals have the means to pay a mortgage payment but lack the types of financial statements that most mortgage companies require. CCM has a wide selection of financial assistance for people interested in obtaining a mortgage or refinancing an existing loan. Averaging 21 days to close is remarkably lower than the industry standard. Expedited average days to close can prove useful for individuals under a time constraint. CCM offers mortgage options that solve problems for borrowers of all types, especially the self-employed. 

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