Cherry Creek Mortgage overview
Cherry Creek Mortgage has originated more than $70 billion in loans since launching in 1987. Today, the lender has more than 75 branches, but it has been equally focused on making inroads into the online mortgage market. David Arnett, the lender’s chief marketing officer, says that the company launched an online, direct-to-borrower company called Blue Spot Home Loans three years ago to appeal to “the type of tech-savvy customer who wants a fast loan process.” It has delivered on the promise of speed, too: Blue Spot issues same-day preapprovals, and the average closing time is between 22 and 27 days.
Borrowers who want a wide range of loan programs, easy online estimates and a fast closing
- Rate-and-term and cash-out refinancing
- Construction and renovation loans
- Reverse mortgage
Cherry Creek Mortgage lender fees vary by state and branch location.
You won’t have to dig to uncover Cherry Creek Mortgage’s rates and fee estimates. Blue Spot Home Loans’ website is updated daily with the latest rates to help you easily compare with other offers. It’s important to note that monthly payment estimates don’t include private mortgage insurance, so if you’re planning to put down less than 20 percent on a new home, you’ll want to get an idea of how much extra you may need to pay in PMI, as well.
Cherry Creek Mortgage has earned an A+ from the Better Business Bureau, the highest accreditation ranking. The lender has received top honors on the local level, too. For example, its branch in The Woodlands, Texas, has been named the best mortgage company by the community every year for the past decade.
Between Cherry Creek Mortgage’s official corporate site and the Blue Spot Home Loans online home, borrowers can get a wealth of information about buying a home. The Cherry Creek Mortgage website includes a range of calculators to estimate potential tax savings from your mortgage, private mortgage insurance costs, savings from making biweekly mortgage payments and more. Blue Spot’s website also features a simple quiz to access a live quote. While there is no mobile app available, the lender does make the final stage of the loan process a digital experience with Smart Close, which helps borrowers sign the majority of their closing documents electronically.
Minimum borrower requirements
For a conventional loan through Cherry Creek Mortgage, borrowers need a credit score of at least 620, and the purchase price of the home will need to meet conforming limits set by Fannie Mae and Freddie Mac. For FHA loans, borrowers need a credit score of at least 620 and a debt-to-income (DTI) ratio that does not exceed 55 percent. USDA-backed loans come with a credit score requirement of 640. While the VA doesn’t have a credit score requirement, Cherry Creek Mortgage’s site references a 620 minimum credit score. Notably, the lender will consider alternative credit data, such as rent history, in underwriting.
Refinancing with Cherry Creek Mortgage
If you’re looking to refinance your mortgage, Cherry Creek Mortgage and Blue Spot Home Loans offer 15-year, 20-year and 30-year options. Interest rates tend to be lower than the national average as of August 2021, and you can get a quick snapshot of different options available based on your credit score, current mortgage balance, location and a few other factors. The costs include an origination fee, underwriting fee and a courier fee, although the specific price tag for each of these is not publicly listed online. However, there are flexible points options to help if you want to avoid paying upfront for some of these costs. (While you’ll pay less when the loan closes, you could pay more over the life of the loan due to a higher interest rate.) You can get a rate quote and apply online.
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Breakdown of Cherry Creek Mortgage overall review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 8/10