Orchard Mortgage Review 2023

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.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

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.