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CrossCountry mortgage review
As a Costco partner, this lender offers savings on closing costs but no online applications.
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.
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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
Details
| 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
heather.petty@finder.comHeather 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.
Expert review
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 requirements
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.
Documentation
Personal and financial information required to apply includes:
- A copy of your government-issued photo ID, such as a driver’s license.
- Copies of your two most recent pay stubs or other proof of income.
- W-2s, 1099s and tax returns for the past two years.
- 1099-MISC documents for self-employed borrowers.
- Full credit check authorization form.
- Current balances for mortgages, student loans or other debt.
- Three most recent bank, mutual funds, IRA or 401(k) and stock account statements.
Costs and fees
CrossCountry Mortgage provides the following estimates of what you might pay for fees typically included in your closing costs:
- Earnest money: 1% to 4% of the purchase price of the home
- Appraisal fees: $300 to $500, depending on the area where you live
- Inspections: $300 to $500
- Origination fees: Up to 1% of the loan
- Credit report costs: $25
- Taxes and insurance: Varies widely based on your area and the policy requirements
- Recording fees: $5 to $150, depending on the municipality
How to apply for a mortgage with CrossCountry
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.
- Navigate to the CrossCountry Mortgage home page, select Apply Now and indicate whether you have a loan officer referral.
- Enter information about the loan you’re applying for and where the home is located. Select Next.
- Provide your personal contact information and estimated credit score and select Submit.
- Wait for a CrossCountry loan officer to contact you to complete your application.
What types of mortgages can I get through CrossCountry Mortgage?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products CrossCountry offers
CrossCountry has the following additional mortgage products available:
- Home Equity Conversion Mortgages (HECM). This federally insured program allows seniors to access their home’s equity to subsidize their retirement income without having to sell their home.
- Home equity products. This lender offers both a variable-rate home equity line of credit (HELOC), and a fixed-rate home equity loan with flexible amortization terms.
- FHA 203(k) loans. These loans allow you to finance a fixer-upper for more than the appraised value of the house so you can renovate.
- Refinance loans. CrossCountry offers FHA, VA and USDA streamline refinancing as well as conventional cash-out refinance loans.
- Doctor loans. This program provides special consideration and terms for medical professionals.
- Specialty loans. This lender has a variety of loan programs for those who can’t qualify for conventional loans, such as a Foreign National program, Non-Qualifying Mortgages (Non-QM), financing for non-warrantable condos and for those who need to use investment property or asset depletion as income.
How CrossCountry’s mortgage products compare to other lenders
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 reviews and complaints
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.
Pros and cons of CrossCountry
Pros
- Wide range of loans. From conventional and government-issued mortgages to fixer-upper financing, you can find a home loan to fit your property needs.
- Nationwide local offices. As its name implies, CrossCountry’s network includes over 600 independent offices in 26 states for when you need in-person help.
- Costco lender. As one of the lenders in the Costco Mortgage program, your membership can save you some money on closing costs.
Cons
- Limited transparency. It’s hard to track down mortgage rates or ranges without applying to prequalify, and not all of its loan products are listed directly on the website.
- No relief programs. The company deferred to state laws and didn’t offer any overarching support or relief during COVID.
- No online application. Although this lender offers an Apply Now button on its homepage, the link only allows you to enter basic details and contact information to connect you with a loan officer.
What is CrossCountry?
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.