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Orchard Mortgage Review 2023

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At a glance

Orchard Mortgage
Editor's take

Orchard Mortgage is good for borrowers looking for a fast approval, application and closing process.

Bankrate Score
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5.0
Rating: 5 stars out of 5
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Bankrate Score

Customer Rating
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4.8
Rating: 4 stars out of 5

75 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing

Credit Good

Min. credit score required

680 for conventional loans

Location

Nationwide availability

Available in 26 states, including California, Florida, Ohio and Texas

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Orchard Mortgage

5.0

Rating: 5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing

Location

Nationwide Availability

Available in 26 states, including California, Florida, Ohio and Texas

Credit Good

Min. credit score required

680 for conventional loans

Orchard Mortgage overview

Orchard Mortgage is a mortgage broker and lender headquartered in Austin, Texas. The company was founded in 2019 by industry veterans Sean Marsh and Christopher Russow. It caters to borrowers in several states, and offers the standard suite of loan options, including conventional and some government-insured loans.

Pros and cons of Orchard Mortgage

Pros
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    Streamlined online application takes approximately 10 minutes to complete

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    Low overhead can yield lower rates

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    Closings average 24 days

Cons
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    Not available in every state

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    Doesn’t offer some specialized mortgages, including construction and USDA loans

Our Editor’s Take on Orchard Mortgage

Orchard Mortgage is good for borrowers looking for a fast approval, application and closing process.

How Bankrate scored Orchard Mortgage

To determine Orchard Mortgage’s 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: Orchard Mortgage boasts some competitive rate offers, but you won’t see them unless you create a profile on the lender’s website.
  • Availability: Orchard Mortgage’s footprint has grown to more than 25 states. Be sure to check availability before you proceed with requesting a prequalification.
  • Borrower experience: With its digital-forward platform, Orchard Mortgage offers a streamlined application process. If you need help with your loan, the lender is also available via email or phone.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. Orchard Mortgage’s rates are competitive compared to Bankrate’s averages, and the lender strives for transparency when it comes to costs, advertising “no hidden fees” on its website. To get a rate quote, however, you’ll need to set up a profile online.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Orchard Mortgage is available to borrowers in more than 25 states. Its mortgage products include conventional, FHA and VA loans for home purchases and refinances. It also offers flexible loan terms beyond 15 years or 30 years, with as few as eight years an option. Generally, you’ll need at least 3 percent down to qualify for a loan through this lender.

Borrower experience: 4.9/5

Know what to expect when you work with a specific lender. Orchard Mortgage was founded in 2019, then doing business as LoanMonkey. It currently has an A+ rating from the Better Business Bureau. If you’re interested in working with Orchard, you can set up a profile online to see rates and get prequalified, a process that typically takes 10 minutes or less, according to the lender. If you’re eligible, you can expect an approval in 24 hours, and the average closing timeline on a home sale is currently 24 days.

How to apply for a mortgage with Orchard Mortgage

If you’re interested in a home loan through Orchard Mortgage, you can request a quote and begin the preapproval process on the lender’s website, or send the lender an email or call 888-627-0677. Its business hours are 9 a.m. to 6 p.m. ET.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Orchard Mortgage

You have the option to refinance with Orchard Mortgage, but similar to applying for a purchase loan, you begin the process by providing your contact information so that a loan officer can assist you.

Compare Orchard Mortgage to other lenders

Orchard Mortgage
Rating: 5 stars out of 5
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5.0

Bankrate Score
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Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
Info
Read full review
Sage Mortgage
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Loans offered

Conventional, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; jumbo

Min. credit score required

680 for conventional loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Min. credit score required

620 for conventional loans, 500/580 for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Nationwide availability

Available in 26 states, including California, Florida, Ohio and Texas

Nationwide availability

All U.S. states

Nationwide availability

Available in Alabama, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, New Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington and Wisconsin

Orchard Mortgage customer ratings and reviews

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4.8

Rating: 4 stars out of 5

75 ratings

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This lender has 0 reviews.

Knowledge
Rating: 4.8 stars out of 5
Level of service
Rating: 4.8 stars out of 5
Professionalism
Rating: 4.7 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
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92%
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95% of customers would recommend this lender.