Cherry Creek Mortgage Review 2022
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At a glance

4.8
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; reverse mortgageNationwide availability
Available in 41 states; not available in Alaska, Georgia, Hawaii, Massachusetts, New York, North Carolina, Rhode Island, Vermont, Virginia and Washington, D.C.Min. credit score required
620 for conventional loans; 700 for jumbo loans; 620 for FHA loans; 620 for VA loans; 640 for USDA loansPros and cons
Pros
- Wide range of loan programs, including low-down payment options
- Helpful calculators to estimate homeownership costs
- Regularly updated and published rates
Cons
- Not available in every state
- Stricter FHA credit score requirements
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.
Good for
Borrowers who want a wide range of loan programs, easy online estimates and a fast closing
Loan types
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- Rate-and-term and cash-out refinancing
- Construction and renovation loans
- Reverse mortgage
Lender fees
Cherry Creek Mortgage lender fees vary by state and branch location.
Rates
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 (PMI), 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 for PMI, as well.
Reputation
Cherry Creek Mortgage has received top honors on the local level. For example, its branch in The Woodlands, Texas, has been named the best mortgage company by the community every year for the past decade.
Online services
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. 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.) When you’re ready to refinance, you can get a rate quote and apply online.
Not sure if Cherry Creek Mortgage is right for you? Consider these alternatives
- LowRates.com mortgage review: LowRates.com offers an equally large assortment of loan programs and quick closings. Plus, there are no lender fees.
- Rocket Mortgage review: Rocket Mortgage has the same BBB rating and better availability (all 50 states).
- Wells Fargo Home Mortgage review: One of the biggest lenders in the U.S., this bank has thousands of branches where you can discuss your loan options.
- AmeriSave Mortgage Corporation review: This national online lender also offers quick closings and a special certified preapproval.
- ConsumerDirect Mortgage review: This no-origination fee mortgage lender is available almost everywhere and has comparable loan options.
Breakdown of Cherry Creek Mortgage overall review score
- Affordability: 5/5
- Availability: 5/5
- Borrower experience: 4.3/5
Review methodology
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.
Cherry Creek Mortgage consumer reviews
4.9
316 reviews
Customer service rating
97% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with BlueSpotHomeLoans.
10 of 142 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Simply the best, 5 stars !
Aneez | Fremont, CA | 5/18/2021
I had my doubts starting the refinance process with Blue Spot. But working with Jack May and Jesse Tuell was a wonderful experience. Jack got me a great low rate with no closing cost and both Jack and Jesse followed through on all steps thoroughly till closing and keeping me fully informed always. T...
Outstanding Refinance Service!
Excellent overall refinance experience! I couldn't be happier or ask for more! | Albuquerque, New Mexico | 5/18/2021
I was interested in refinancing my home to take advantage of the lower interest rates. I found Blue Spot Home Loans (aka Cherry Creek Mortgage) with a great rate. I worked with Rebecca Donovan and she was incredible! She was very knowledgeable of refinance process, and if there was a question that s...
Great Purchasing Experience!
Tee | Texas | 5/18/2021
I worked with Stephen Mullin, and had the best purchasing experience. He and his team were available throughout the process, and answered my questions very promptly. In addition, I find Stephen to be very knowledgeable and personable, and would definitely recommend him to others. Thank you!
Quick, easy and great experience
Quick, easy and great service | Bay Area | 5/18/2021
Working with Rebecca Donovan was great! She answered all my questions, responded to my emails in a timely manner, and I was pleasantly surprised at the quick turn around of my refinance. Thank you to Rebecca and her team!
Great experience with my refinance
Farhad | California | 5/18/2021
Worked with Dan and Lexi for refinancing my home. They were a pleasure to work with. Very patient, answered all my questions and helped with various options I wanted to check. Kept me updated on all the progress. Everything was done very quickly. It was great experience.
Excellent Rates, Great Service!
Excellent Rates and Great Service. I had a quick close and my loan consultant Becca worked hard to | San Diego, CA | 5/22/2021
I had a great experience with Blue Spot Home Loans/Cherry Creek Mortgage. My loan consultant, Becca was absolutely fantastic from start to finish. I am very detail focused and had many questions. Becca was patient and kind throughout the entire process, answered all of my questions in a timely man...
Excellent Experience
Scott S | Miami, FL | 5/28/2021
With rates being what they are, I decided to refinance and used Bankrate.com to determine which lenders were best suited for my property (condo in Florida). I started with Cherry Creek (d/b/a Blue Spot) and had everything completed in a very short amount of time. I was very satisfied with Rebecca ...
Highly recommend!
Great rate, easy process & fast close | Los Angeles, CA | 5/29/2021
I actually found Blue Spot (Cherry Creek) from the reviews here on BankRate, so it's only fair that I add my own. We worked with Dan and Lexi who are both very professional, responsive, organized, and great at what they do. I input the requested documentation on the website, and they never neede...
Blue Spot A
Great Loan Consultant | Sunny San Diego | 5/29/2021
I worked with Becca D. as the loan consultant. She was excellent. Followed up on all details and provided immediate replies when needed. She was very patient explaining all the details too.
Self employment income was not an issue
James | Glendale, CA | 5/31/2021
My income is entirely from 1099 self employment. Although I've had relatively consistent income for many years, and have documentation to back it up, this proved to be a thorn in my side when it came to getting a home refi. I tried to refinance twice, and both times the loan fell through after weeks...