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Blue Spot Home Loans Review 2023

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At a glance

Blue Spot Home Loans
Editor's take

Blue Spot Home Loans is good for borrowers exploring a wide range of loan programs and want an easy online estimate and a fast closing. The lender came under new ownership in March 2023.

Bankrate Score
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4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Customer Rating
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4.9
Rating: 4 stars out of 5

327 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation; reverse mortgage

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 620 for VA loans, 540 for USDA loans

Location

Nationwide availability

Available in 44 states (not available in AK, HI, MA, NY, VT, VA or Washington, D.C.)

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Blue Spot Home Loans

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation; reverse mortgage

Location

Nationwide Availability

Available in 44 states (not available in AK, HI, MA, NY, VT, VA or Washington, D.C.)

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 620 for VA loans, 540 for USDA loans

Blue Spot Home Loans overview

Blue Spot Home Loans, a division of Cherry Creek Mortgage, has originated more than $78 billion in loans since launching in 1987. Today, Cherry Creek Mortgage is affiliated with Guild Mortgage. Blue Spot issues same-day preapprovals, and the average closing time is between 22 days and 27 days.

Pros and cons of Blue Spot Home Loans

Pros
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    Wide range of loan programs, including low-down payment options

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    Helpful calculators to estimate homeownership costs

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    Regularly updated and published rates

Cons
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    Not available in every state

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    Stricter credit score requirements on some loan

Our Editor’s Take on Blue Spot Home Loans

Blue Spot Home Loans is good for borrowers exploring a wide range of loan programs and want an easy online estimate and a fast closing. The lender came under new ownership in March 2023.

How Bankrate scored Blue Spot Home Loans

To determine Blue Spot Home Loans’ Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

  • Affordability: Blue Spot Home Loans boasts competitive rates against Bankrate’s averages. It has a varying fee structure; you’ll need to talk to a loan officer to learn what costs you might be responsible for covering at closing.
  • Availability: Blue Spot Home Loans has expanded its reach to more than 40 states and Washington, D.C., and it offers a very diverse set of loan options.
  • Borrower experience: The lender has an A+ rating from the Better Business Bureau.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. You’ll need to consult with a Blue Spot Home Loans loan officer directly to learn what rate you might qualify for. The lender’s fees vary by state.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Blue Spot Home Loans (and Guild Mortgage) operates in the majority of states, but be sure to confirm availability before you go too far down the road with a preapproval. Among its loan products, this lender offers conventional, jumbo, FHA, VA and USDA mortgages. For some government loans, you’ll likely need a higher credit score than what’s required by other lenders.

Borrower experience: 4.3/5

Know what to expect when you work with a specific lender. Blue Spot Home Loans’ parent company has been around for several years and currently has an A rating from the Better Business Bureau. One of many highlights: The lender makes the final stage of the loan process a digital experience with Smart Close, which allows you to sign the majority of your closing documents electronically.

How to apply for a mortgage with Blue Spot Home Loans

You can apply for a purchase loan or refinance on the Guild Mortgage website, in person at a branch or by calling 800-971-3864.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Blue Spot Home Loans

If you’re looking to refinance your mortgage, Blue Spot Home Loans and Guild Mortgage offer both rate-and-term and cash-out options. When you’re ready, you can get a rate quote and apply online.

Compare Blue Spot Home Loans to other lenders

Blue Spot Home Loans
Rating: 4.8 stars out of 5
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4.8

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

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Read full review

Mr. Cooper

Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation; reverse mortgage

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, FHA, VA, fixed-rate, adjustable-rate; refinancing; investment property

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 620 for VA loans, 540 for USDA loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans; 580 for FHA loans; 600 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional loans; 3.5% for FHA loans; none for VA loans

Nationwide availability

Available in 44 states (not available in AK, HI, MA, NY, VT, VA or Washington, D.C.)

Nationwide availability

Available in all U.S. states

Nationwide availability

All U.S. states, Puerto Rico and U.S. Virgin Islands

Blue Spot Home Loans customer ratings and reviews

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4.9

Rating: 4 stars out of 5

327 ratings

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This lender has 0 reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
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98% of customers would recommend this lender.