Find The Right Loan For Your Needs!
At The Brian Kludt Mortgage Team at CrossCountry Mortgage, Inc., we separate ourselves from other mortgage lenders by offering exceptional customer service and a broad selection of home financing products. From loans for first-time homebuyers to refinance programs for accessing your home’s equity, CrossCountry Mortgage, Inc. can help you achieve your goals.
WHERE DO I START?
- Buy a home: There are many options to choose from depending on your situation. Visit our Buy a Home page or view our purchase programs below.
- Refinancing: If you currently have a mortgage and your goal is to possibly lower your existing mortgage payments, acquire better terms or consolidate your debt, visit our Refinance page or view our refinance programs below.
- Use your home equity: Your home is an important asset. Making payments on your mortgage builds home equity which can then be borrowed against for home improvements, college tuition and retirement.
OUR LOAN PROGRAMS
Below are listings of our purchase and refinance programs. Should you have any questions, don’t hesitate to contact us. We’ll be happy to walk you through our home loans and the financing process.
Types of Loans
Conventional mortgages are available in either adjustable rate (ARM) or fixed rate terms. The option you choose should be based on your homeownership goals and life situation. If you plan to live in the home for only a few to several years, an adjustable rate mortgage may be best for you. Introductory rates typically start lower than fixed rate mortgages, which can help you save money. If you plan to live in the home long-term, a fixed rate mortgage can provide you with consistent monthly payments and an interest rate that won’t change. And if rates decrease, you may be able to refinance to obtain a better rate and a lower monthly payment.
FHA Home Loans
FHA home loans are the ideal solution for first-time homebuyers. FHA loans are insured by the Federal Housing Administration (FHA). Because the FHA insures the loan, CrossCountry Mortgage, Inc. can offer financing with the following advantages: flexible credit requirements, a down payment as low as 3.5%, up to 96.5% financing, and the ability to have a parent or relative co-sign your loan as a non-occupant.
FHA 203(k) Rehabilitation Loans
An FHA203(k) is a loan that can help you purchase or refinance a home that is in need of repair or modernization. In addition to the cost of the home, the loan also covers the cost of qualified repairs. There are two types of FHA203(k) loans. With the Streamline 203(k), you can make less extensive repairs and improvements. No minimum repair cost is required, and the maximum repair amount is $35,000. The Standard 203(k) requires a minimum of $5,000 in repairs but there is not a maximum. A variety of repairs and replacements can be financed with these programs, including: a roof, gutters, existing HVAC systems, plumbing, electrical systems, flooring, minor remodeling, interior and exterior painting, and weatherization (insulation, windows, storm doors and weather stripping.)
HARP Refinance Loans
The Home Affordable Refinance Program (HARP) is a federal program that can help you refinance your home with the goal of making your mortgage more stable and affordable. A HARP loan can help you refinance, even if you have a lack of equity or if your home has declined in value. It can also help if your home is underwater, meaning you own more on your home than it’s currently worth. If your mortgage is owned by Freddie Mac or Fannie Mae, a HARP refinance loan may help you reduce your monthly payments; convert your ARM into a stable fixed rate mortgage; shorten or lengthen the term of your mortgage; obtain a new loan without PMI; or refinance a primary residence, secondary home or investment property.
A home equity line of credit (HELOC) offers a flexible way to borrow funds. With a HELOC from CrossCountry Mortgage, Inc., you can draw money as need to set up emergency access to credit; buy a new car; pay for college tuition; renovate your home; or consolidate your bills. Note: HELOCs and home equity loans are secured by your home. Failure to pay could damage your credit standing and result in foreclosure.
HOME EQUITY LOAN
A home equity loan can provide you with a lump sum of cash when you need it. Similar to a HELOC, a loan lets you borrow against the equity in your home. This loan type may be ideal for single project, such as a kitchen remodel. A fixed interest rate that doesn’t change will allow you to budget for your monthly payment, and this can be a solution for those with imperfect credit to gain access to additional funds. Interest paid may be tax deductible, depending on your situation and the state in which you reside. Note: Not all states may permit this deduction. Consult a tax advisor to verify eligibility. HELOCs and home equity loans are secured by your home. Failure to pay could damage your credit standing and result in foreclosure.
CrossCountry Mortgage, Inc. offers fixed rate and adjustable rate jumbo mortgages for luxury or high-cost homes with values greater than $417,000 — the maximum amount permissible under conventional lending limits (may be higher in some areas).
Want a mortgage with more favorable conditions? Refinancing may allow you to lower your interest rate, lengthen or shorten your term, consolidate multiple debts into one, convert from an ARM into a fixed rate mortgage, combine two or three mortgages into one, or free up cash for other expenses and purchases via a cash-out option.
Reverse Mortgages (Home Equity Conversion Mortgage – HECM)
A reverse mortgage allows older homeowners to access a portion of the equity in their homes for use in retirement. With a reverse mortgage, you can stay in your home — you don’t need to sell it for access to funds. The equity in your home becomes a source of income when you need it and can help you pay bills and other expenses. The credit line is revolving, which means any payments you make replenish the credit available to you. You can receive your funds as a monthly income stream, in a lump sum payout or as a combination of the two. After years of paying on your mortgage and building equity, you can finally make that equity work for you — all while maintaining or establishing financial self-reliance. Before you apply for a reverse mortgage, you must first consult a HUD housing counselor. This will help you determine whether a reverse mortgage is right for your situation.
USDA Home Loans*
A USDA home loan is great way for rural homebuyers to get up to 100% financing on a home! Whether you’re looking to buy, build, repair, renovate or even relocate a home, a USDA home loan can help you make your homeownership dreams come true. This program provides homebuyers with valuable advantages, including: no down payment, a fixed interest rate, closing costs payable by the seller, and no maximum purchase price. Income restrictions and other qualifying ratios will determine eligibility. In addition to personal eligibility requirements, the home you’re looking to finance must be located in a designated USDA rural area and be one of the following: an existing home, new construction, a modular home, an eligible condominium or a new manufactured home.
USDA Loans: Borrower income limited to 115% of median income for the area. Borrowers must have reasonable credit histories. 30-year loan term. Housing costs cannot exceed 29% of income; total debt payments cannot exceed 41% of income. Homes must meet state and HCFP building codes. Funding fee required. Available only in designated USDA rural areas.
VA Home Loans
Guaranteed by the US Department of Veterans Affairs, a VA home loan is just one of the many reusable benefits offered to those who’ve served our country. This program can help you purchase a home at a competitive interest rate and often without a down payment or private mortgage insurance. Other benefits include up to 100% cash-out refinancing, VA-limited closing costs that can be paid by the seller, and no early payoff fees.
The following online calculators serve as helpful tools during the mortgage process.
Calculate your monthly payment and see how the principal is paid over time.
- Rent vs. Own
Calculate the difference between renting and buying a home.
- Annual Percentage Rate (APR)
Calculate the APR for fixed-rate or adjustable-rate loans.
- Debt Consolidation
Determine if you can consolidate your debt by combining it with your home mortgage.
- Prepayment Savings
Find out how soon you can pay off your mortgage by making a prepayment.
- Early Payoff
Determine the additional monthly payment amount needed to pay off the loan sooner.
- Refinance Break-Even Point
Find out how long it will take to “break-even” on a refinanced loan.
- Tax Savings
Determine the estimated tax savings with a new loan.
The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
BRIAN KLUDT MORTGAGE TEAM
With the Brian Kludt Mortgage Team, you will discover an atmosphere of enthusiasm, a spirit of dedication and a great desire to build quality relationships. We are a premier residential mortgage lender helping families and individuals achieve their homeownership dreams. Learn More