EXCLUSIVE: Looking to access your home equity to improve your home, pay off higher-interest debt, or finance education? Need to pay for other major or unexpected expenses, but don’t want to wait around several weeks to get your money? CCM Equity Express may be the answer you’re looking for.
CCM Equity Express is a home equity loan from CrossCountry Mortgage that takes just a few minutes to apply online and about 5 days to fund. The application is 100% online and there is NO HARD CREDIT CHECK to view rates and terms you qualify for.
CCM Equity Express Advantages
- Primary Homes, Second Homes, and Investment/Rentals are all eligible occupancy types.
- Single Family Residences, Townhomes PUDs, and Condos are all eligible properties.
- NO Hard Credit Check to view rates and terms.
- NO appraisal. Value is determined by Automated Valuation Modeling (AVM) Software instead.
- Borrow up to 85% of your home’s value.
- Amortization Terms: 5,10, 15, 30 (fixed interest rate fully amortizing)
Frequently Asked Questions
What’s a HELOC?
A typical HELOC (home equity line of credit) is a second mortgage with a revolving line of credit borrowed against the equity of your home. HELOCs differ from traditional home loans because you draw money from a HELOC as needed for maximum flexibility.
CCM Equity Express is different from other HELOCs – with this fast home equity loan program you receive 100% of your funds in a single draw at the start of your loan. As you repay your loan, you will create new funds you can access in subsequent draws throughout the draw period of 2-5 years, depending on your loan term.
How Does CCM Equity Express Work?
CCM Equity Express is a fully automated loan. Your income, assets, and home value are all verified electronically. You apply securely online and receive a decision within minutes.
What Do I Need to Apply?
- Valid state-issued ID
- User ID and password for bank accounts
- Proof of homeowners insurance
- Payroll provider username and password (if you have online access)
- Registration with IRS.gov or ID.me for ID and tax purposes
- Application Link for Equity Express
Why is this a good time for a HELOC?
Home values have increased significantly in the last few years. Even if you purchased your home a year ago, you may have realized a substantial equity increase. This situation, combined with the principal payments you have made on your mortgage, creates home equity: The difference between what your home is worth and what you owe on your mortgage. You can use CCM Equity Express to borrow against that equity, as long as your first mortgage and HELOC combined don’t exceed 85% of your home’s value.
With a traditional refinance, you could access your equity, but you’d have a new, larger loan, probably a higher rate than your current loan, and full closing costs. A HELOC leaves your current loan in place, but most have variable rates. CCM Equity Express is a fixed-rate fast home equity loan with low closing costs.
CCM Equity Express is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing
To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
CCM Equity Express is not available in DE, KY, NY, TX, WV.