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CrossCountry Mortgage stands out for its variety of mortgage options and programs available. It is also partnered with Costco, which allows its members to save on closing costs if they contact the lender through Costco’s mortgage marketplace. But you have to be comfortable working directly with a loan officer to even get a quote or prequalify with this lender. And the full slate of mortgage options aren’t easily found on its website.
Not listed, but most lenders require a minimum FICO score of 620
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, HELOC, Reverse, Refinance |
---|---|
Minimum credit score | Not listed, but most lenders require a minimum FICO score of 620 |
Minimum down payment (Conventional) | 3% |
State availability | Available in all states |
NMLS # | 3029 |
Review by
Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno.
CrossCountry Mortgage offers a wide range of home loans with special savings on closing costs for Costco members. But with no online applications, you have to be comfortable with an in-person or over-the-phone application process even to prequalify for a loan. Similarly, you have to speak directly with a loan officer to get information on mortgage interest rates and eligibility details.
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CrossCountry Mortgage requires sufficient income and credit history to qualify for a conventional mortgage. They recommend a 20% down payment for conventional funding, but you have options if you can’t come up with that much cash.
Or, explore a 97% Loan-to-Value (LTV) loan, which requires you to put down only 3%. CrossCountry Mortgage also offers lender-paid mortgage insurance to some borrowers, though expect a higher interest rate if you choose this program.
Which program you qualify for is generally determined by your credit history, debt-to-income ratio and the loan-to-value ratio of the home you want to purchase.
Personal and financial information required to apply includes:
CrossCountry Mortgage provides the following estimates of what you might pay for fees typically included in your closing costs:
You can’t start your application online, but CrossCountry provides a short questionnaire to start the prequalification process and connect you with a loan officer.
CrossCountry has the following additional mortgage products available:
CrossCountry Mortgage offers a wide variety of specialty mortgage programs in addition to its conforming and government-backed options. While not all of its options are listed directly on its website, your loan officer should be able to provide you with a list of the mortgage products for which you qualify.
In addition, this lender provides a set of home equity and refinancing options for homeowners looking to cash out on their home’s equity or adjust the terms of their mortgages. It even offers FHA 203(k) loans, which are fairly uncommon loans designed to help borrowers finance the renovations needed on their fixer-uppers.
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CrossCountry Mortgage is accredited by the Better Business Bureau (BBB) and has an A+ rating as of July 2022. It answered and closed 130 complaints in the last three years and has 98 customer reviews with an average rating of 1.33 out of 5 stars.
The lender has 17 reviews on Trustpilot, where it earned a TrustScore of 2 out of 5 stars. Some customers complain of spotty communication that borders on a lack of professionalism, while others praise their loan officers for a smooth process.
CrossCountry Mortgage is a direct lender founded in 2003 as a mortgage broker. Headquartered in Ohio, it’s licensed to operate as a lender in all 50 states and DC. It’s a main lending partner of Costco’s Mortgage Program, promising low origination fees for Costco members. This lender has over 600 branch locations in 26 states and DC.
In 2019, the lender settled with the California Department of Business Oversight after a 2016 regulatory examination accused the company of overcharging borrowers per diem interest and providing incorrect disclosure documents. As part of the consent order, CrossCountry reimbursed borrowers with interest and performed several audits to ensure the violations never happen again.