Resources

MARKET UPDATES

MARKET UPDATES

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THE MORTGAGE PROCESS
HOW CREDIT WORKS
DO’S AND DON’TS
BORROWER INSTRUCTIONS
BUILDER PARTNERS
VALUED PARTNERS
HOMESTEAD EXEMPTION
PROPERTY APPRAISERS
UTILITIES, SCHOOLS, USPS
THE MORTGAGE PROCESS
CROSSCOUNTRY

LOAN PROCESS OVERVIEW

Whether you’ve gone through it before or not, getting a mortgage loan can be a daunting task for anyone. But that’s why we’re here to make the process as easy and convenient as possible. Besides, between packing, hockey practice, making meals, homework, picking paint colors for the new kitchen and planning a surprise birthday party; the last thing you should be doing is worrying about your mortgage loan.
We’ve broken the process down into 5 simple steps to help you fully understand the process.

STEP 1

STEP 1
FIGURE OUT HOW MUCH YOU CAN AFFORD TO BORROW

Here, you’ll want to figure out two things. The first, is simply how much do you want your monthly payment to be. To help you answer this question, we’ve provided some easy calculators on this website that can help you get a rough idea of what you can afford each month and what loan amount will give you that monthly payment.

The second thing you’ll want to determine are your goals for your home loan. Is this your first time buying a home? How much do you think you will have for a down payment? How long do you plan on staying in the home? 5 years or 20?

Thinking about your goals up front will help us find just the right loan product for your needs. And don’t worry if you don’t have all the answers just yet. We’ll be happy to walk you through a few different scenarios and help you determine what product types will be the best fit for you.

STEP 2

STEP 2
GET PRE-QUALIFIED OR PRE-APPROVED

Before you start looking for your home, you’ll want to at least get pre-qualified. This step involves answering a few questions regarding your current savings, income and debt and can usually be completed over the phone in just a couple minutes. Taking this step will give you a general idea of what you may qualify for and will help you:

  1. Focus your search on properties within your range
  2.  Have more negotiating power with sellers (They know you’re serious and ready to buy)

Getting pre-approved involves a little more paperwork, but can give you even more buying power with sellers. Also, by getting pre-approved before you start looking for a home, you’ll find your loan can close even quicker as much of the paperwork will be done already.
(click here to learn more about the difference between pre-qualified and pre-approved)

Whether you’re pre-qualified or pre-approved, you’ll receive a letter from us stating your qualified/approved amount which you and your real estate professional can use to negotiate with sellers to ensure you make the best offer possible.

Give us a call today to get pre-qualified or pre-approved. After that, you’re ready to hit the road and start searching for that perfect home. Meanwhile, we’ll be working on finding the perfect loan program to meet all your needs.

STEP 3

STEP 3
LOAN APPLICATION

Congratulations! You’ve found a home, made an offer and it was accepted. It’s time to fill out your loan application. Don’t worry…at CrossCountry Mortgage, Inc., our online makes the application process fast, secure and available when its convenient for you!

Our online application is available to you 24/7 and helps to streamline the process for you. Simply use the link below to start your application. When you’re done, you’ll receive an email confirmation that your application was successfully submitted.

Of course if you have any questions, feel free to give us a call!

STEP 4

STEP 4
LOAN PROCESSING

Once your loan application is received, our team kicks into high gear working towards getting your loan approved allowing you the time to start making arrangements for the move, picking new paint colors and keeping up with your daily life.

Your personal Loan Processor will start the approval process by reviewing your application and verifying all the information you provided. You will be contacted and asked to provide additional documentation if you have not done so earlier in the process that verifies information such as income, employment history, etc.

We will also be ordering your credit report and appraisal for the property you have chosen. Basically, the loan processing and approval process is us doing what we do best to get your loan approved.

To help ensure your chances of a quick loan approval, you should:

Make sure you fill out the loan application completely. Our online application makes this a snap!
Respond quickly to any requests for additional documentation.
Not make any major purchases until your loan is closed as they might have an adverse effect on your loan approval due to your debt increasing.
Try to avoid going out of town near the closing date in case unforeseen circumstances cause you to be delayed in getting back such as a storm or flight delays.
Avoid moving money into or out of your bank accounts without a paper trail.

STEP 5

STEP 5
CLOSING, FUNDING & GETTING THE KEYS

Your loan is approved and your so close to getting your new home! At this point, we work together with your team of real estate professionals including your realty agent, the sellers agent and the title/escrow companies to ensure all the paperwork needed to complete the transaction is prepared and in order. All you have to do is sign the documents.

You’ll get together with your escrow agent to sign all your loan documents and pay for any remaining closing costs including the down payment. Once this is done, your loan typically funds in 24-48 hours and the keys are yours!
(click here for more information about the closing process)

So even though there are a lot of pieces to this puzzle, as your mortgage experts, we do most of the work to help make the whole process an exciting, stress-free and enjoyable experience for you…just as it should be.

Welcome home.

HOW CREDIT WORKS

Let’s talk about credit. This is an education on your credit and how your credit score is derived.

  • There are 55 different algorithms that create your credit score.
  • Mortgage/auto/credit cards- all have different algorithms or formulas to create the credit scores.
  • Mortgage = biggest debt has the strictest algorithm to calculate your score.
  • Credit Karma is typically different than what a lender sees.
TIP #1

TIP #1
30% OF YOUR SCORE IS AVAILABLE CREDIT OR REVOLVING CREDIT

  • If balance is 50% over the limit it negatively affects your score.
  • Ideally below 30 percent at all times.
  • We have simulators that we can run and tell you that if you pay down a particular credit card this is what it projects as far as where your credit score would go to.
  • It doesn’t matter if you have a $5,000 credit card or a $500 credit card. They are all weighted the same.
TIP #2

TIP #2
35% OF YOUR SCORE IS BASED ON CREDIT HISTORY

  • Make your payments on time!
  • Make your payments on time!
  • Make your payments on time!
  • Enough said.
TIP #3

TIP #3
INSTALLMENT DEBTS

  • Installment debts, like cars, don’t have that big of an effect on your credit as long as you’re not late on that installment debt.
  • After 12 months of on time payments, that’s when it actually helps out your score, but not as much as the credit cards
TIP #4

TIP #4
COLLECTIONS & MEDICAL COLLECTIONS

  • One of the biggest mistakes is when people try to contact the collection agencies themselves.
  • Collections may or may not be affecting your score- but when you contact them it reports a Recent Activity on a negative account and that will decrease your score.
TIP #5

TIP #5
LET US PULL YOUR CREDIT

  • One of the biggest myths in our industry and that is having your credit pulled is a bad thing.
  • People think a hard inquiry or “pull” will severely decrease your score.
  • Our inquiry will only impact you by 3 points.
  • Our FICO report will show things your consumer one won’t.
TIP #6

TIP #6
DON’T TRY TO FIX IT YOURSELF

  • We are mortgage professionals who look at thousands of credit reports every year.
  • We can look at it instantly and give you proper advice or refer you to a reputable professional credit repair company if necessary.
  • People often do more harm than good, like contacting old collections.

SO LET US HELP YOU PREPARE TO BUY A HOME- IT’S NEVER TOO SOON TO GET STARTED!

DO’S AND DON’TS

ONCE WE HAVE PULLED YOUR CREDIT REPORT

-1 -

– 1 –
DO NOT HAVE IT PULLED AGAIN UNTIL YOUR LOAN HAS CLOSED

-2 -

– 2 –
DO NOT CLOSE ANY EXISTING ACCOUNTS

-3 -

– 3 –
DO NOT OPEN ANY NEW ACCOUNTS (EVEN TO PURCHASE FURNITURE INTEREST FREE)

-4 -

– 4 –
DO NOT INCREASE OR DECREASE ANY CREDIT LIMITS

- 5 -

– 5 –
DO NOT CHARGE ANY ATYPICAL OR EXCESSIVE AMOUNTS ON YOUR CREDIT CARDS. (10% TOLERANCE)

- 6 -

– 6 –
DO NOT PAY OFF ANY ACCOUNTS

- 7 -

– 7 –
DO NOT CHARGE ANY ATYPICAL OR EXCESSIVE AMOUNTS ON YOUR CREDIT CARDS. (10% TOLERANCE)

- 8 -

– 8 –
DO NOT MOVE MONEY AROUND FROM ONE BANK ACCOUNT TO ANOTHER

- 9 -

– 9 –
DO NOT DEPOSIT ANY MONEY INTO OR OUT OF YOUR BANK ACCOUNT(S) THAT IS NOT DIRECTLY RELATED TO YOUR REGULAR PAY

- 10 -

– 10 –
DO NOT DEPOSIT CASH INTO YOUR BANK ACCOUNT. ANY MONEY GOING INTO OR OUT OF YOUR BANK ACCOUNT WILL HAVE TO BE EVIDENCED FOR THE PREVIOUS 3 MONTHS AND THROUGH CLOSING.

- 11 -

– 11 –
IF YOU ARE GETTING A GIFT, PLEASE CHECK WITH US BEFORE ANY MONEY IS TRANSFERRED. THERE IS A SPECIFIC PROCESS THAT MUST BE FOLLOWED TO THE LETTER.

- 12 -

– 12 –
DO NOT APPLY FOR ANY CREDIT DURING THE MORTGAGE PROCESS

Please understand that you should not apply for ANY credit during the processing and closing of your mortgage loan. Under the new Loan Quality Initiatives (LQI) set forth by Fannie Mae, a “soft” credit report must be obtained no more than 10 days prior to the loan closing to verify no new credit inquiries have been made.
If there are ANY inquiries, even if no new credit has been obtained, a new credit report with updated scores is now required by Fannie Mae. Many factors can influence credit score ratings. It is possible that, if you have new inquiries on your LQI report, and a new credit report is required, your credit score may have dropped and you may be unable to qualify for the final loan approval needed to close on your loan.
Furthermore, your interest rate is in part based upon your credit score. If your score drops, you may no longer be eligible for the interest rate initially secured.
Please understand that it is critical that you do not apply for ANY credit during the loan process as it could jeopardize your loan approval and or rate.

BORROWER INSTRUCTIONS
CROSSCOUNTRY

NEED A LITTLE HELP NAVIGATING YOUR LOAN FILE?

SETTING UP ECONSENT

SETTING UP ECONSENT

Your eConsent is agreeing to the terms & conditions of creating your electronic signature. At the time your Loan Partner sends the request to set up your eConsent there is not usually anything for you to sign yet. We’re just laying the ground work so that when it’s time to sign disclosures you’re ready to go! Your first document to electronically sign will be your Initial Loan Disclosures- these will be emailed to you within 3 days of CrossCountry Mortgage receiving your executory purchase contract.

VIEW INSTRUCTIONS

UPLOADING DOCUMENTS TO THE EFOLDER

UPLOADING DOCUMENTS TO THE EFOLDER

There are several different ways to submit your documents to your Loan Partner: scan & email, eFax, in-person, snail mail (not recommended for expediency’s sake, please discuss with your Loan Partner), or through our secure loan portal. The eFolder allows you to upload documents directly into our server. The eFolder is setup when you signed your eConsent and can be accessed through that invitational email or by clicking the link above.
As always, if you have any questions or need a little extra help we’re here for you!

LOGIN / VIEW INSTRUCTIONS

Give us a call:
407-869-8830

VALUED PARTNERS
HOME PURCHASE

HOME PURCHASE

Home Inspector

Home Owner’s Insurance

Title & Escrow

CREDIT REPAIR

CREDIT REPAIR

Complete your credit repair with one of our trusted partners and we will reimburse you up to $400 towards your home purchase closing costs. Contact us for more details and to get started on the path to home ownership!

HOME MAINTENANCE

HOME MAINTENANCE

Property Manager

Landscape & Lawn Care / Pool Cleaning & Maintenace / Pool Installation / Air Conditioning / Handy Man / General Contractor / Painter / Roofer / Gutter / Drywall / Appliance Repair / Garage / Door Repair / Security System / Plumber / Electrician

FINANCIAL

FINANCIAL

CPA / Tax Preparer / Financial Planner

INSURANCE

INSURANCE

Home Insurance

Auto Insurance / Life Insurance

Health Insurance

EVENT PLANNING

EVENT PLANNING

Florist / Catering

LEGAL

LEGAL

Will & Trust, Estate Planning / Family Law / Personal Injury / Criminal Defense

Academic Hearings

Traffic Violations / Employment Law

HOMESTEAD EXEMPTION
WHAT IS HOMESTEAD EXEMPTION?

WHAT IS HOMESTEAD EXEMPTION?

Put simply, homestead exemption itself entitles most homeowners to a deduction of $25,000 off of their property’s assessed value, which can result in several hundred dollars in tax savings.

Once you establish your right to a basic homestead exemption on your property, you may also qualify for additional homestead exemptions if you are over 65 years old or have a disability.  But perhaps most importantly, receipt of a homestead exemption means that, pursuant to the Save Our Homes Amendment to the Florida Constitution, the assessed value of your homestead property cannot increase more than 3% per year or the percent change in the Consumer Price Index.

HOW TO APPLY

HOW TO APPLY

File for your Homestead Exemption in the county where your home was purchased. Investment and Second Home Purchases are not eligible for Homestead Exemption, only Primary Residences.  The filing deadline is March 1st of the tax year for which the exemption is sought.

One document typically needed when filing for exemption is a copy of your Closing Disclosure that you received at your closing. If you need a copy of your closing statement, please contact CrossCountry Mortgage and we’d be happy to assist you.  There is some additional documentation required; however, each county requires different items, so please follow the link for the county where you purchased to find detailed instructions on what to bring.

IF YOU PURCHASE YOUR HOME IN ORANGE COUNTY, PLEASE FOLLOW THE LINK BELOW:

http://www.ocpafl.org/exemptions/hx_file.aspx

200 S. Orange Avenue, Suite 1700, Orlando, FL 32801

407-836-5044

IF YOU PURCHASED YOUR HOME IN SEMINOLE COUNTY, PLEASE FOLLOW THE LINK BELOW:

http://www.scpafl.org/

1101 E. First Street, Sanford, FL 32771

407-665-7506

IF YOU PURCHASED YOUR HOME IN LAKE COUNTY, PLEASE FOLLOW THE LINK BELOW:

http://www.lakecopropappr.com/homestead-exemption.aspx

320 West Main Street, Tavares, FL 32778

352-253-2154

IF YOU PURCHASED YOUR HOME IN POLK COUNTY, PLEASE FOLLOW THE LINK BELOW:

http://www.polkpa.org/AssessmentInfo/exemption.pdf

255 North Wilson Road, Bartow, FL 33830

863-534-4777

IF YOU PURCHASED YOUR HOME VOLUSIA COUNTY, PLEASE FOLLOW THE LINK BELOW:

http://webserver.vcgov.org/exmpt.htm

123 West Indiana Boulevard, Deland, FL 32720

386-736-5936

IF YOU PURCHASED YOUR HOME IN MARION COUNTY, PLEASE FOLLOW THE LINK BELOW:

http://www.pa.marion.fl.us/DR5012s.HTML

501 SE 25th Avenue, Ocala, FL 34471

352-368-8300

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