Cherry Creek Mortgage Review 2022

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At a glance

Cherry Creek Mortgage

4.8

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; reverse mortgage
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Nationwide availability

Available in 41 states; not available in Alaska, Georgia, Hawaii, Massachusetts, New York, North Carolina, Rhode Island, Vermont, Virginia and Washington, D.C.
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Min. credit score required

620 for conventional loans; 700 for jumbo loans; 620 for FHA loans; 620 for VA loans; 640 for USDA loans

Pros 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 

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

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316 reviews

5 stars
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306
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Customer service rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.9
Responsiveness
4.9

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.

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Simply the best, 5 stars !

Aneez | Fremont, CA | 5/18/2021

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Outstanding Refinance Service!

Excellent overall refinance experience! I couldn't be happier or ask for more! | Albuquerque, New Mexico | 5/18/2021

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Great Purchasing Experience!

Tee | Texas | 5/18/2021

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Quick, easy and great experience

Quick, easy and great service | Bay Area | 5/18/2021

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Great experience with my refinance

Farhad | California | 5/18/2021

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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

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Excellent Experience

Scott S | Miami, FL | 5/28/2021

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Highly recommend!

Great rate, easy process & fast close | Los Angeles, CA | 5/29/2021

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Blue Spot A

Great Loan Consultant | Sunny San Diego | 5/29/2021

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Self employment income was not an issue

James | Glendale, CA | 5/31/2021

Written by
David McMillin
Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
Edited by
Mortgage editor