MoneyGeek’s Take

CrossCountry Mortgage Review

CrossCountry Mortgage was founded in 2003 and is licensed in all 50 states. This lender stands out for its quick 21-day loan approval process. You can also choose from various mortgage products, including conventional, jumbo, FHA, USDA, fixed-rate and adjustable-rate loans.

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Last Updated: 10/24/2022
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CrossCountry Mortgage offers borrowers purchase programs, home equity products and refinancing products. The minimum down payment required by CrossCountry for conventional loans is 3% and the minimum credit score requirement is 620. However, credit score requirements may vary depending on your chosen loan product.

At a Glance: CrossCountry Mortgages


  • Cross Country

    • Conventional loans: 3% FHA loans: 3.5% USDA rural home loans: 0% VA loans: 0% Minimum Down Payment
    • Conventional Loans Fixed rate mortgages FHA 203(k) home loans VA home loans Adjustable-rate mortgages FHA home loans USDA home loans Jumbo mortgages Home Equity Line of Credit (HELOC) Loan Products Offered
    • All statesStates of Operation
    • Not availableOnline Application

    on Cross Country Website

CrossCountry Mortgage Loan Types, Details and Requirements

MoneyGeek’s CrossCountry Mortgage loan review highlights all the rates, requirements and product options you should be aware of when applying for a CrossCountry mortgage product.

Mortgage Types Offered

CrossCountry Mortgages offers various loan products including:

  • Conventional
  • Jumbo
  • FHA
  • Fixed-rate
  • Adjustable-rate
  • VA
  • USDA
  • Home equity line of credit (HELOC)

CrossCountry Mortgage also offers reverse mortgage products for borrowers over the age of 62 who meet the eligibility criteria.

Mortgage Rates

CrossCountry does not disclose mortgage rates for its products online, so you need to contact a personal loan officer for a quote. On average, this lender calculates their interest rates based on your credit score, down payment amount and loan term.

Additional Fees

Apart from the down payment, a CrossCountry Mortgage loan will also attract closing fees including:

  • Loan origination fees
  • Appraisal fees
  • Credit report costs
  • Taxes and insurance
  • Title fees
  • Recording fees
  • Funding fees for specific programs

These costs can be included in the loan or the seller may cover them for you if you negotiate.

Minimum Borrowing Requirements

To qualify for a CrossCountry Mortgage loan, you need to meet the minimum credit score requirements of the particular loan product you are applying for. For a conventional loan, you require a credit score of at least 620, but you may qualify for FHA and VA loans with a credit score of 580.

Other minimum eligibility requirements include a down payment of at least 3% for conventional and 3.5% for FHA loans. Your total monthly mortgage payment must also be less than 30% of your gross monthly income. Borrowers are also required to have at least two years of verifiable income history.

CrossCountry Mortgage Application Requirements

CrossCountry Mortgage does not have an online application process, but you can submit your details online and a loan officer will contact you. You will need to provide the following details to the loan officer for your loan application to be reviewed.

1

Proof of income

The lender will require income details, including your two most recent pay stubs and bank statements.

2

Tax information

You will need to provide your tax information, including your two most recent W-2s, 1099s, and tax returns. Self-employed borrowers are required to provide 1099-MISC information.

3

Credit details

Your credit score will be checked to verify that you meet the requirements for the particular loan product for which you are applying.

4

Debt documentation

Your debt-to-income ratio is considered during the loan approval process, so you need to provide details of your current debt, like car loans or student loans.

5

Identification

You will need to provide a copy of your photo ID.

Is CrossCountry Right for You?

Choosing the best lender will depend on your needs and profile. Different lenders have varying eligibility requirements, rates and terms, so it is best to compare multiple lenders before settling on the best option.

Who CrossCountry Is Perfect For

For borrowers looking for a wide range of loan options, CrossCountry Mortgage has an impressive portfolio of products. This lender offers borrowers different types of loans to suit different profiles, ranging from conventional loan products to home equity products and refinancing programs.

CrossCountry Mortgage is also ideal for buyers looking to close quickly since it has a fast-tracked 21-day approval process. For seniors over 62 years who want to access part of their home’s equity for use in retirement, CrossCountry is a good option since it offers Home Equity Conversion Mortgage, subject to eligibility.

Who Should Not Choose CrossCountry

CrossCountry requires extensive credit history to qualify borrowers, so if you have relatively new credit, you are unlikely to be approved for a loan. This lender also requires a minimum credit score of 620 for most of its loan products, so borrowers with credit scores below this range are unlikely to get approved.

Moneygeek’s CrossCountry Mortgage loan review found that, unlike other lenders, this lender has limited online tools. If you want a lender with an online application and rate quote process, you would be better served by a different lender.

How to Apply for a CrossCountry Mortgage Loan

MoneyGeek broke down the CrossCountry Mortgage application process to help you understand where to start when applying for a loan from this lender.

1

Prequalify

There is no online prequalification option. Once you submit your details in the online form, a loan officer will contact you and interview you to determine the prequalification amount. However, prequalification does not obligate the lender to approve your loan application.

2

Fill Out Application Form

CrossCountry Mortgages has an online application you need to submit with your personal details. A loan officer will then contact you to fill in your loan application in person and provide all the required documentation on identification, income, tax and debt information.

3

Wait for Approval

Your loan will be assigned to an underwriter for review. The review process may take as little as 21 days, but this will depend on the availability of all documentation.

4

Review Loan Agreement

Once your loan is approved, a clear-to-close will be issued to all parties and you will need to meet your loan officer to review and sign all the documentation in person.

5

Receive or Direct Funds

Once all the documents are duly signed, your loan will be funded as per the agreement and rates indicated.

6

Make Payments

CrossCountry Mortgage has an online loan servicing portal that allows you to conveniently make payments and manage your accounts online.

What to Do if You Are Rejected by CrossCountry

CrossCountry Mortgage may reject your loan, but there are options available to you if your loan application is rejected. There are various reasons why your loan application may get denied, including a high income-to-debt ratio, low credit score or failure to provide proper documentation.

Always try to find out why you were denied. This will help you prepare for your next application. Depending on the reason why you were denied, you can always check to see if you qualify for a loan with a different lender.

However, it is always better to wait before applying again to avoid impacting your credit score negatively. Waiting will also give you time to work on the factors that got you denied, like your credit score or your debt to income ratio.

Frequently Asked Questions About Mortgages From CrossCountry

MoneyGeek’s CrossCountry Mortgage review answers the following question to help you learn more about borrowing from this lender.

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