CrossCountry Mortgage: A Comprehensive Review
Introduction to CrossCountry Mortgage
CrossCountry Mortgage is a highly rated lender in the mortgage industry, earning a stellar 4.37 out of 5 stars from Business Insider. This endorsement is based on its diverse loan options, affordability, customer satisfaction, and trustworthiness. It stands out as a strong choice for borrowers seeking affordable mortgage options or those who may not qualify with other lenders. CrossCountry Mortgage offers a wide array of loan types, including government-backed loans, and is notable for accepting non-traditional credit, making it accessible to borrowers without a credit score.
Pros of CrossCountry Mortgage
One of the significant advantages of CrossCountry Mortgage is its extensive range of loan products. Borrowers can choose from conventional, FHA, VA, USDA, jumbo, renovation, buydown, manufactured, non-QM, home equity loans, HELOCs, and reverse mortgages. This variety ensures that there is a mortgage solution for almost every financial situation. Additionally, CrossCountry Mortgage accepts non-traditional credit sources, such as rent or utility payment history, for borrowers without a credit score. The lender also offers down payment and closing cost assistance programs, which can be particularly beneficial for first-time homebuyers. Many online reviews highlight the smooth and seamless process, alongside knowledgeable and communicative loan officers, contributing to its positive reputation.
Cons of CrossCountry Mortgage
Despite its strengths, CrossCountry Mortgage has a few drawbacks. The lender does not display customized or sample rates on its website, making it challenging for potential borrowers to estimate their potential payments without contacting the lender directly. Additionally, CrossCountry ranked below average in J.D. Power’s 2024 Mortgage Origination Satisfaction Study, which may raise concerns about customer satisfaction. However, it’s important to note that the lender has an "A+" rating from the Better Business Bureau and overwhelmingly positive customer reviews on platforms like Zillow, indicating a generally trustworthy and reliable service.
Product Details and Loan Options
CrossCountry Mortgage operates in all 50 states, offering both online applications and the option to work with local branches through their "find a loan officer" tool. The lender provides various assistance programs, such as the CCM Smart Start and CCM Community Promise, which offer up to $5,250 and $6,000 respectively for down payments. These programs are tailored to assist low-to-middle income and first-time homebuyers. CrossCountry also participates in Freddie Mac’s BorrowSmart Access program, providing further assistance for eligible borrowers. The lender’s interest rates and fees are average compared to other lenders, but their flexibility and assistance programs make them an attractive option for many.
Trustworthiness and Reputation
CrossCountry Mortgage is recognized as a trustworthy lender with an "A+" rating from the Better Business Bureau and over two decades of experience in the mortgage industry. Despite not being involved in any major controversies, the lender’s lower ranking in customer satisfaction studies is something to be aware of. However, their long-standing presence and positive customer feedback suggest a reliable and honest business practice. Borrowers can feel confident in the transparency and integrity of CrossCountry Mortgage.
Customer Feedback and Satisfaction
Customer reviews of CrossCountry Mortgage are predominantly positive, with many praising the smooth and efficient loan process. Borrowers have highlighted the expertise and communication skills of the loan officers, which significantly contribute to a satisfactory experience. However, the lender’s lower ranking in J.D. Power’s study suggests there may be areas for improvement in their customer service. It’s crucial for potential borrowers to weigh these aspects and possibly compare experiences with other lenders like Rocket Mortgage or Guild Mortgage to find the best fit for their needs.
Conclusion and Final Thoughts
CrossCountry Mortgage is a robust choice for borrowers, especially those seeking affordable options or alternative credit solutions. Its diverse loan products and assistance programs make it a versatile lender capable of meeting various financial needs. While the lack of online rate visibility and lower customer satisfaction ranking are notable, CrossCountry’s overall reputation and positive reviews suggest it is a trustworthy and reliable option. As with any major financial decision, it’s advisable to research and compare lenders to ensure the best possible outcome for your mortgage needs.
