Orchard Mortgage Review 2023

Breakdown of Orchard Mortgage overall score

• Affordability: Orchard Mortgage boasts some competitive rate offers, but you won’t see them unless you create a profile on the company’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 company 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

Orchard Mortgage’s rates are competitive compared to Bankrate’s averages, and the company 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

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 company.

Borrower experience: 4.9/5

Orchard Mortgage was founded in 2019, then branded 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 company. 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 have questions, the company’s customer service hours are 9 a.m. to 6 p.m. ET.

Refinancing with Orchard Mortgage

Orchard Mortgage offers rate-and-term and cash-out refinancing. Like the purchase loan application process, you can begin the process of applying for a refinance by setting up a profile.

Alternatives to Orchard Mortgage

• Cherry Creek Mortgage review – First-time homebuyer programs available
• SoFi mortgage review – Two-minute prequalifications online
• USAA mortgage review – Low-rate credit union specializing in VA loans for military members