CrossCountry Mortgage unveils cash-offer loan product

Key Takeaways:

– CrossCountry Mortgage (CCM) introduces new cash-offer product called CCM CashPlus
– CashPlus helps buyers gain an edge in the bidding process by turning preapprovals into cash offers
– Product has no appraisal or financing contingencies and is limited to conventional loans, primary residences, and buyers with a real estate agent
– Helps borrowers compete with all-cash offers in a competitive housing market
– Data shows a high percentage of homes being purchased with all cash
– Other national lenders also offer cash-offer programs, such as Guild Mortgage and New American Funding

HousingWire:

As demand for homes continues to outpace new listings, CrossCountry Mortgage (CCM) is introducing a new cash-offer product, the company announced Thursday.

The Cleveland-based retail mortgage lender unveiled CCM CashPlus to help buyers gain an edge in the bidding process by turning preapprovals into cash offers. CashPlus has no appraisal or financing contingencies. The product is limited to conventional loans, primary residences and buyers who are represented by a real estate agent.

“In a housing environment where homes are receiving multiple bids, CCM’s CashPlus program helps our borrowers compete with all-cash offers,” chief operating officer Jenn Stracensky said in a statement.

Many buyers, especially first-timers, struggle to compete with all-cash offers across all price tiers. Redfin data shows that the share of homes purchased with all cash reached a nine-year high point of 34.1% this past September.

Other national lenders, including Guild Mortgage and New American Funding, have cash-offer programs.

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Property Chomp’s Take:

If you’re in the market for a new home, you may have noticed how competitive it can be out there. With demand for homes soaring and listings in short supply, it can be tough to stand out as a buyer. That’s where CrossCountry Mortgage’s new cash-offer product, CCM CashPlus, comes in.

This Cleveland-based mortgage lender has come up with a way to help buyers gain an edge in the bidding process by offering cash offers with no appraisal or financing contingencies. This can be a game-changer for buyers, especially first-timers, who may struggle to compete with all-cash offers in today’s market.

In a statement, CrossCountry Mortgage’s chief operating officer, Jenn Stracensky, highlighted the importance of the CashPlus program in helping borrowers compete with all-cash offers. In a housing environment where homes are receiving multiple bids, having a cash offer can make all the difference.

And CrossCountry Mortgage isn’t the only lender offering cash-offer programs. Other national lenders like Guild Mortgage and New American Funding also have similar programs to help buyers navigate the competitive housing market.

So if you’re looking to buy a home and want to give yourself the best chance of success, consider exploring cash-offer options like CCM CashPlus. It could be the key to securing your dream home in a challenging real estate market.

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