Blue Spot Mortgage Evaluate 2021
By David McMillin
Blue Spot Mortgage Valuation 2021 | The simple dollar
5 / 5.0
Cherry Creek Mortgage 5
Blue Spot Mortgage has borrowed more than $ 70 billion since its inception in 1987. Today the lender has more than 75 branches but is equally focused on penetrating the online mortgage market. David Arnett, the lender’s chief marketing officer, says the company started an online direct lending company called Blue Spot Home Loans three years ago to “appeal to the kind of tech-savvy customers who want a quick loan process.” It has also kept the promise of speed: Blue Spot issues advance permits on the same day, the average closing time is between 22 and 27 days.
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Breakdown of the Blue Spot evaluation result
- Affordability: 14.75 / 15
- Availability: 14/15
- Borrower’s Experience: 10/10
Advantages and disadvantages
- Low down payment requirement (from 3 percent less)
- Wide range of loan programs
- Low down payment loan options available
- Helpful calculators for estimating home costs
- Regularly updated and published prices
- Not available in 14 states
- Stricter FHA creditworthiness requirements
Borrowers who want a wide variety of loan programs, easy online appraisals, and quick closeout.
Blue Spot Mortgage received an A + from the Better Business Bureau, the highest accreditation ranking. The lender has also received top awards at the local level. For example, his branch in The Woodlands, Texas has been named the best mortgage lender by the community every year for the past decade.
Refinancing with Blue Spot
If you’re looking to refinance your mortgage, Blue Spot Mortgage offers 15 year, 20 year and 30 year options. Interest rates tend to be lower than the national average as of August 2021, and you can get a quick look at the different options available based on your creditworthiness, current mortgage balance, location, and a few other factors. The cost includes a creation fee, a subscription fee, and a courier fee, although the specific price tags for these are not publicly listed online. However, there are flexible points options to help if you don’t want to prepay some of these costs. (While you will pay less when the loan ends, you could pay more during the life of the loan due to a higher interest rate.) You can get a quote and apply online.
To determine a mortgage lender’s SimpleScore, The Simple Dollar editorial team rates lenders on a scale of one to five stars based on a variety of factors related to the lender’s products and services. Simple Dollar’s partners compensate us, but our opinions are our own and partner relationships do not affect our ratings. Here is our full methodology.
Click here to read all customer reviews for Blue Spot Mortgage.