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Blue Spot Mortgage Overview 2021


SCORE: 4.5

By David McMillin

Blue Spot Mortgage Overview 2021 | The Easy Greenback

SimpleScore

5 / 5.0

SimpleScore Cherry Creek Mortgage 5

Overview

Blue Spot Mortgage has originated greater than $70 billion in loans since launching in 1987. At present, the lender has greater than 75 branches, nevertheless it has been equally centered on making inroads into the web mortgage market. David Arnett, the lender’s chief advertising officer, says that the corporate launched an internet, direct-to-borrower firm known as Blue Spot Residence Loans three years in the past to attraction to “the kind of tech-savvy buyer who desires a quick mortgage course of.” It has delivered on the promise of pace, too: Blue Spot points same-day preapprovals, and the typical closing time is between 22 and 27 days.

Breakdown of Blue Spot evaluate rating

  • Affordability: 14.75/15
  • Availability: 14/15
  • Borrower expertise: 10/10

Execs and cons

 Execs
  • Low down fee requirement (as little as 3 % down)
  • Wide selection of mortgage applications
  • Low-down fee mortgage choices accessible
  • Useful calculators to estimate homeownership prices
  • Commonly up to date and printed charges
 Cons
  • Not accessible in 14 states
  • Stricter FHA credit score rating necessities

Good for 

Debtors who need a variety of mortgage applications, simple on-line estimates and a quick closing.

Repute

Blue Spot Mortgage has earned an A+ from the Higher Enterprise Bureau, the very best accreditation rating. The lender has obtained prime honors on the native stage, too. For instance, its department in The Woodlands, Texas, has been named the perfect mortgage firm by the group yearly for the previous decade.

Refinancing with Blue Spot

If you happen to’re trying to refinance your mortgage, Blue Spot Mortgage provides 15-year, 20-year and 30-year choices. Rates of interest are typically decrease than the nationwide common as of August 2021, and you may get a fast snapshot of various choices accessible primarily based in your credit score rating, present mortgage stability, location and some different elements. The prices embrace an origination charge, underwriting charge and a courier charge, though the precise price ticket for every of those shouldn’t be publicly listed on-line. Nonetheless, there are versatile factors choices to assist if you wish to keep away from paying upfront for a few of these prices. (When you’ll pay much less when the mortgage closes, you could possibly pay extra over the lifetime of the mortgage as a result of a better rate of interest.) You may get a price quote and apply on-line.

Overview methodology 

To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial workforce charges lenders on a scale of 1 to 5 stars primarily based on a wide range of elements regarding the lender’s services and products. The Easy Greenback’s companions compensate us, however our opinions are our personal, and accomplice relationships don’t affect our evaluations. Right here is our full methodology.

Click on right here to learn all Blue Spot Mortgage shopper evaluations.



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