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Orchard Mortgage is good for borrowers looking for a fast approval, application and closing process.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing
Min. credit score required
680 for conventional loans
Nationwide availability
Available in 26 states, including California, Florida, Ohio and Texas
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
5.0
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing
Nationwide Availability
Available in 26 states, including California, Florida, Ohio and Texas
Min. credit score required
680 for conventional loans
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.
Streamlined online application takes approximately 10 minutes to complete
Low overhead can yield lower rates
Closings average 24 days
Not available in every state
Doesn’t offer some specialized mortgages, including construction and USDA loans
Orchard Mortgage is good for borrowers looking for a fast approval, application and closing process.
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 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.
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.
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.
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:
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.
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Rating: 5 stars out of 5
5.0
Bankrate Score
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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 |
4.8
75 ratings
This lender has 0 reviews.
95% of customers would recommend this lender.