CCM Equity Express
It’s your home equity — access it faster
Close in a few minutes – get funds in a few days
Rising home values may give you a source of money you haven’t considered. A home equity line of credit (HELOC) can unlock those funds. Most HELOCs take weeks from the time you apply to the time you get your money. Not CCM Equity Express – a fast home equity loan from CrossCountry Mortgage.
A few minutes to close. A few days to fund.* That’s all it takes to tap your home equity with CCM Equity Express. Choose between two HELOCs: Equity Express Fixed for a fixed rate and Equity Express Flex for a variable rate.
Fast home equity loan. Secure. Fully automated.
Get approved quickly and use the money to improve your home, pay off higher-interest debt, finance education, or pay for other major expenses. It’s your choice.
CCM Equity Express
| Fixed | Flex | |
|---|---|---|
| Loan amount** | $25K-$400K | $25K-$400K |
| Borrow up to | 85% of home value | 80% of home value |
| Loan type/term | Fixed 30,15,10,5 | Variable 30 (5yr interest-only, 25yr repayment) |
| Property type | 1-2 unit, condo | 1-4 unit, condo |
| States*** | All except KY,NY,PR,WV | All except NY,OR, & PR |
CCM Equity Express vs. a traditional HELOC
| CCM Equity Express | Traditional HELOC | |
|---|---|---|
| Time to apply | 5-10 minutes | 45 minutes |
| Funds available | A few days | 45-60 days |
| Rate type | Fixed or variable | Variable |
| Application | Fully automated | Traditional |
| Property valuation | Automated valuation | Appraisal |
| Income/asset verification | Automated | Manual/some automation |
| Document signing | eSign or manual | Manual |
Home equity: Frequently asked questions
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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 HELOCs as needed for maximum flexibility.
CCM Equity Express is different. Your application and funding are fast and automated. You can choose between Fixed for a fixed-rate loan or Flex for a variable rate loan. Depending on the loan you choose, you can take 75%-100% of your funds at closing, and draw funds for 2-5 years.
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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.
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Be prepared with the following information:
- 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
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- Home values have increased steadily in recent years. Even if you purchased your home a year ago, you may have a substantial increase in value. 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.
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What Is a Home Equity Loan?
CCM Equity Express Fixed is an open-ended product where initial amount funded at origination will be based on a fixed rate.
CCM Equity Express Flex is an open-ended product where initial amount funded at origination will be based on a variable rate. The interest rate will be based on the Prime Rate and could vary from month to month.
Funding timelines assume closing the loan with a remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit the recording of e-signatures or that otherwise require an in-person closing.
* Closing and disbursement of funds cannot occur until all requirements of Texas Section 50(a)(6) are met including but not limited to the execution of the Texas A6 12 Day Letter.
** Numbers applicable in all Equity Express available states except TX. TX customers loan amounts are $35,000- $400,000 and max LTV of 80%.
All loans subject to underwriting approval. Certain restrictions apply. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, verification of income and employment and other requirements to qualify for any mortgage program.