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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 scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation; reverse mortgage
Min. credit score required
620 for conventional loans, 700 for jumbo loans, 600 for FHA loans, 620 for VA loans, 540 for USDA loans
Nationwide availability
Available in 44 states (not available in AK, HI, MA, NY, VT, VA or Washington, D.C.)
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
4.8
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; construction and renovation; reverse mortgage
Nationwide Availability
Available in 44 states (not available in AK, HI, MA, NY, VT, VA or Washington, D.C.)
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, 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.
Wide range of loan programs, including low-down payment options
Helpful calculators to estimate homeownership costs
Regularly updated and published rates
Not available in every state
Stricter credit score requirements on some loan
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.
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 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.
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.
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.
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:
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.
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Rating: 4.8 stars out of 5
4.8
Bankrate Score
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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 |
4.9
327 ratings
This lender has 0 reviews.
98% of customers would recommend this lender.