2021 CrossCountry Mortgage Review | Mortgage reports

Overview

Founded in 2003, CrossCountry is one of many companies that have entered the mortgage market in the 21st century.

However, unlike many of them, the CrossCountry is not entirely driven by technology. He quickly builds a branch network and aims to help borrowers build strong relationships with loan officers. Branches in 43 states allow many people to communicate face to face.

Unfortunately, CrossCountry doesn’t make it easy to get a quote. You will need to speak to a loan officer and provide personal information to get an idea of ​​your potential mortgage costs.

But if you value human interaction when it comes to financial planning, CrossCountry might be worth the extra effort. Just be sure to compare offers with a few other lenders before making a final decision.


Cross-country mortgage rates

CrossCountry does not publish daily rates on its website. To get an estimate of the mortgage rate CrossCountry can offer, you will need to speak with a loan officer and get a personalized quote.

However, recent data shows that CrossCountry’s mortgage rates and fees are on average lower than some other lenders. So there’s a good chance you’ll find a good deal, but you’ll need to get a personalized quote to be sure.

Average mortgage rates of major lenders

Cross country Rocket mortgage Wells fargo Liberty mortgage
30-year average interest rate, 20201 3.17% 3.20% 3.62% 2.92%
Median total cost of loans, 2020 $ 4,520 $ 4,610 $ 3,370 $ 3,340
Median start-up costs, 2020 $ 1,590 $ 2,950 $ 1,280 $ 0

Average rate and charge data from public records on rates and charges required by the Home Mortgage Disclosure Act (HMDA).

Compare mortgage rates from the best lenders. Start here (November 15, 2021)

CrossCountry Mortgage Review for 2021

On its website, CrossCountry states:

“We are proud to develop rewarding and long-term customer relationships. Our clients save money and close their loans quickly because we use advanced mortgage technology and communicate closely with them throughout the financing process.

And, judging by customer feedback, CrossCountry is largely meeting those goals. There are relatively few complaints and plenty of five-star reviews.

For some people though, the CrossCountry can be a bit too much a lot of emphasis on the borrower-lender relationship. You can’t even get a quote online without first talking to a real loan officer.

People who prefer technology-driven mortgages might not like this.

However, those who want a more human experience will find a lot to like about CrossCountry Mortgage.

Working with CrossCountry Mortgage

The CrossCountry website is clean, informative, and helpful. It includes a mix of articles, video content, and FAQs to provide borrowers with the information they need about home loans before they apply.

However, you must transmit personal data to dig below the surface. There are no general rate quotes provided, which most lenders post on their websites upfront.

And it’s hard to get a feel for its “back office functionality” (the things its IT systems can do that you can’t see) before you apply.

However, if CrossCountry’s claim that it “can close most loans in as little as 21 days” can be taken at face value, it must have some pretty smart technology behind the scenes.

Perhaps the greatest strength of this lender is its focus on building strong relationships between borrowers and loan officers.

Of course, this won’t appeal to those who prefer an end-to-end online experience. But if you like to engage with lively, breathing people, this lender may be for you.

CrossCountry Customer Service Reviews

An abundance of good reviews – and the lack of formal complaints – suggests that CrossCountry Mortgage customers are generally happy with the company’s service.

The Consumer Financial Protection Bureau (CFPB) records all official complaints that borrowers file against their mortgage lenders. And in 2020, only 32 customers filed issues with the CrossCountry mortgage. That’s less than 1 per 100 borrowers.

Additionally, CrossCountry has an average review score of 4.84 out of 5 on various review platforms.

Customer service reviews from major lenders

CFPB complaints, 20204 Complaints for 100 mortgages, 20205 JD Power satisfaction score, 20206
Cross country 32 0.02 Unclassified
Rocket mortgage 391 0.03 883/1000
Wells fargo 554 0.05 840/1000
Liberty mortgage 288 0.04 817/1000

Mortgage Products at CrossCountry

One of CrossCountry’s strengths is the breadth of its loan portfolio. It offers as many types of loans, if not more, as much larger lenders.

CrossCountry mortgage options include certain loans with zero or low down payment requirements. You can also borrow using a home equity loan or home equity line of credit (HELOC).

Whatever type of home loan you need, there’s a good chance CrossCountry has what you’re looking for:

  • Fixed rate loans – Most people choose a Fixed Rate Mortgage (FRM), which has a stable interest rate for the life of the loan. CrossCountry offers FRMs from 10 to 30 years old
  • Adjustable rate loans – Variable rate mortgages (ARMs) have a stable interest rate for the first 3, 5, 7 or 10 years, then your rate fluctuates with the market for the remainder of the loan term
  • VA loans – Only for eligible military and veterans. VA loans offer no down payment requirements, low rates, no ongoing mortgage insurance payments, and easy credit thresholds
  • USDA loans – Only for eligible borrowers and homes located in designated areas. USDA loans offer no down payment and easy credit thresholds
  • FHA loans – Loans guaranteed by the Federal Housing Administration (FHA) allow you to buy with as little as 3.5% down and easy credit thresholds. But you’ll pay for mortgage insurance until you move out or refinance
  • Jumbo loans – Jumbo loans are for mortgage amounts above the conventional limit, which is currently $ 548,250 in most of the United States. The crosscountry lets you borrow up to $ 3 million

CrossCountry can also help you if you want to borrow on investment property or if you need a “bank statement loan”. It’s based on your bank statements rather than tax returns and pay stubs.

Where to get a mortgage with CrossCountry?

NMLS ID: 3029

If you live near a CrossCountry branch, you can sit across from a loan officer’s desk and enjoy face-to-face customer service.

CrossCountry currently has active branches in 43 states, according to Consumer access to NMLS. These include:

  • AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI and WV

If your state does not have branches – or if your local branch is far from you – your starting point will likely be the CrossCountry website. Because it’s licensed in all 50 states, anyone can start the home loan process online.

You will likely need to provide your Social Security number, driver’s license, and salary details to even get a rough idea of ​​what offer you might be offered. And this process can also involve a credit check.

You can always use the website to find the contact information for the nearest CrossCountry loan officer, including their phone number. But, when you call, he or she will likely need the same information to move your investigation forward.

Is CrossCountry Mortgage the Best Lender for You?

If you value a personal touch, CrossCountry might be the best mortgage lender for you. Its customer service receives excellent reviews and the company is focused on building strong borrower-loan officer relationships.

CrossCountry may not be the best choice if you are looking for an end-to-end digital mortgage process.

Whatever your investment in CrossCountry, be sure to get a personalized mortgage quote and compare it with loan estimates from a few other companies. This is the only way to know if you are getting the best deal on your mortgage.

Check your new rate (Nov 15, 2021)

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