Orchard Mortgage overview
Orchard Mortgage, a mortgage broker and lender, offers “The Online Everything Mortgage” that allows borrowers to manage their loan applications completely online. The broker and lender was founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, and is headquartered in San Diego, California.
Borrowers looking for the best deal, instant rate quotes and a fast application process
- Rate-and-term and cash-out refinancing
Orchard Mortgage typically charges a processing fee and underwriting fee, the cost of which depend on loan type (and lender, if you’re working with Orchard as your broker). When you search for rate quotes on the Orchard Mortgage website, you can view a list of fees under the “Loan Details & Summary.”
Orchard Mortgage advertises 30-year and 15-year fixed rates on its website and updates them daily. To get a rate quote, you’ll need to fill out a brief form online with variables such as your zip code, purchase price and down payment. Your quote comes with a breakdown of your mortgage payment, closing costs and fees and an amortization schedule. In addition, you have the option of entering your contact information to receive rate watch updates for a specified amount of time or until rates reach your desired level.
Orchard Mortgage allows borrowers to apply for a mortgage online, after creating an account, in a process that takes about 15 minutes, according to the lender, and there is no need for in-person document signings since it can do e-closings. Once you set up an account, you can communicate with a loan officer through email, text or the lender’s 24/7 online portal.
Minimum borrower requirements
Because Orchard Mortgage is primarily a broker that works with other lenders, there is a wide range of borrower requirements. For government loans such as FHA and VA, Orchard Mortgage follows national guidelines:
Note that Orchard Mortgage doesn’t have flexible underwriting and doesn’t consider alternative data, such as rent history, as a substitute for a thinner credit profile.
Refinancing with Orchard Mortgage
Orchard Mortgage offers rate-and-term and cash-out refinancing. Like the purchase loan application process, you can apply for a refinance by filling out a questionnaire online.
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Breakdown of Orchard Mortgage overall review score
- Affordability: 5/5
- Availability: 4/5
- Borrower experience: 5/5
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.