Skip to Main Content

Orchard Mortgage Review 2024

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Orchard Mortgage
Editor's take

Orchard Mortgage is a broker that aims to connect borrowers to the best loan for their needs. The broker is only available to borrowers in some states, but for those who are eligible, it touts a fast, seamless online process, with an instant rate quote at no cost.

Bankrate Score
Info
3.1
Rating: 3.1 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

Bankrate Score

Customer Rating
Info
4.8
Rating: 4.76 stars out of 5

75 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing

Credit Good

Min. credit score required

680 for conventional loans

Location

Nationwide availability

30 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

3.1

Rating: 3.1 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing

Location

Nationwide Availability

30 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. It caters to borrowers in several states, and offers the standard suite of loan options, including conventional and some government-backed loans.

Pros and cons of Orchard Mortgage

Pros
  • Checkmark

    Streamlined online application takes approximately 10 minutes to complete

  • Checkmark

    Low overhead can yield lower rates

  • Checkmark

    Closings average 24 days

Cons
  • Close X

    Not available in every state

  • Close X

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

Our Editor’s Take on Orchard Mortgage

Orchard Mortgage is a broker that aims to connect borrowers to the best loan for their needs. The broker is only available to borrowers in some states, but for those who are eligible, it touts a fast, seamless online process, with an instant rate quote at no cost.

How Bankrate scored Orchard Mortgage

  • Affordability: Orchard Mortgage boasts some competitive rate offers (as of this review), but you won’t see them unless you create a profile on the lender’s website.
  • Availability: Orchard Mortgage’s footprint has grown to 30 states. Be sure to check availability before you proceed with requesting a preapproval.
  • Borrower experience: With its digital-forward platform, Orchard Mortgage offers a streamlined application process. If you need help with your loan, the broker is also available via email or phone.

Affordability: 6.2/10

Orchard Mortgage’s rates are competitive compared to Bankrate’s averages (as of this review), 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: 8/10

Orchard Mortgage is available to borrowers in 30 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.

Borrower experience: 4.2/10

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

You can apply for a mortgage with Orchard Mortgage online or by phone at 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

Orchard Mortgage offers both rate-and-term and cash-out refinancing options.

Compare Orchard Mortgage to other lenders

Orchard Mortgage
Rating: 3.1 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

3.1

Bankrate Score
Info
Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

4.9

Bankrate Score
Info
Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

4.8

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

680 for conventional loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

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

Down payment

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

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

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

Nationwide availability

30 states, including California, Florida, Ohio and Texas

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Orchard Mortgage customer ratings and reviews

logo

4.8

Rating: 4.76 stars out of 5

75 ratings

Info

This lender has 0 recent 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
5 stars
4 stars
3 stars
2 stars
1 star
92%
1%
1%
1%
4%

95% of customers would recommend this lender.