CrossCountry Mortgage Expands Product Portfolio in 2022 to Meet Market Needs
CrossCountry Mortgage (CCM), a top five retail mortgage lender, used 2022 to invest in new products and programs to meet emerging needs. With more than 120 stand-out solutions, the company’s portfolio ensures borrowers can get into great homes, leverage existing homes to extend available capital and have additional confidence while shopping for or building a new home.
“At CCM, we’ve always responded to market changes and trends with financing solutions to meet the needs of our borrowers, and 2022 was no exception,” said Jenn Stracensky, CCM Chief Operating Officer. “Throughout the year we introduced solutions to support borrowers in an environment where spending was stretched, and homes were selling quickly.”
Among the new solutions CCM added or expanded in 2022:
- Temporary Buydowns: Temporary buydowns give buyers a lower rate and lower monthly payments for the first 1-3 years of their loan. With four buydown options (1-0, 1-1, 2-1, and 3-2-1), the term of the buydown varies, but the seller or builder provides the savings, so there’s no additional cost to the buyer.
- CCM Bridge Loan*: In this market, consumers don’t want to wait for their current home to sell before making an offer on a new one. CCM’s Bridge Loan solution lets homeowners borrow against a current home to finance a new one.
- CCM Community Promise: CCM Community Promise puts homeownership in reach for more first-time homebuyers. The program provides $6,500 for down payment and/or closing cost assistance for borrowers living in a qualifying neighborhood in Chicago, Detroit, or Philadelphia.
- Closed End Second: With inflation straining wallets, CCM offers this new option to put cash into consumers’ hands. The Closed End Second loan turns a home’s equity into cash with a smaller fixed-rate second loan. This loan provides the benefits of a cash-out refinance without changing the rate on a consumer’s first mortgage.
- Lock Before You Look**: Consumers can navigate a fluid rate environment by locking in at today’s rates for up to 90 days while they look for a home.
- Extended Rate Lock: For consumers considering new construction, a new home can be built without the worry of rising interest rates with extended rate locks over 6, 9 or 12 months.
- Jumbo Renovation: For jumbo homes that need jumbo updates, the Jumbo Renovation loan allows buyers to roll the purchase and renovation of a higher-priced house into one loan.
- National Down Payment Assistance***: More options for down payment assistance make buying that first home easier. CCM’s national program provides first-time homebuyers with 4% down payment assistance as a 30-year fixed-rate interest-only second mortgage.
- Home Equity Line of Credit (HELOC): Clients can tap into their home equity with a line of credit that can be used to pay for things like improving their home, paying off higher-interest debt, financing education, or other major expenses.
- Accessory Dwelling Unit: With the need for more affordable housing and new income streams, interest in ADUs (accessory dwelling units) grew in popularity in select regions. ADU loans qualify borrowers using rental income from an accessory dwelling unit (ADU) and to consolidate completed ADU construction costs with a rate & term refinance.
*Available in AZ, CA, CO, CT, FL, GA, IL, MA, MI, MN, NJ, NY, OH, OR, PA, TN, WA
**CrossCountry Mortgage cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All closings may vary based on involved parties’ level of participation at any stage of the loan process.
***Available in: AK, AL, AR, CO, CT, GA, HI, ID, IL, KS, KY, Ma, MD, MI, MO, MS, MT, NC, ND, NJ, NM, OK, TN, VA. County restrictions may apply.