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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 the moment, 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 a web based, direct-to-borrower firm referred to as Blue Spot Residence Loans three years in the past to enchantment 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 evaluation rating

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

Professionals and cons

 Professionals
  • Low down cost requirement (as little as 3 % down)
  • Wide selection of mortgage packages
  • Low-down cost mortgage choices out there
  • Useful calculators to estimate homeownership prices
  • Usually up to date and printed charges
 Cons
  • Not out there in 14 states
  • Stricter FHA credit score rating necessities

Good for 

Debtors who need a variety of mortgage packages, 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 acquired high honors on the native degree, too. For instance, its department in The Woodlands, Texas, has been named the most effective mortgage firm by the group yearly for the previous decade.

Refinancing with Blue Spot

When you’re trying to refinance your mortgage, Blue Spot Mortgage provides 15-year, 20-year and 30-year choices. Rates of interest are usually decrease than the nationwide common as of August 2021, and you may get a fast snapshot of various choices out there based mostly in your credit score rating, present mortgage steadiness, location and some different elements. The prices embrace an origination charge, underwriting charge and a courier charge, though the particular price ticket for every of those isn’t 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 may pay extra over the lifetime of the mortgage as a result of a better rate of interest.) You may get a charge quote and apply on-line.

Overview methodology 

To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial crew charges lenders on a scale of 1 to 5 stars based mostly on quite a lot of elements referring to the lender’s services. The Easy Greenback’s companions compensate us, however our opinions are our personal, and associate relationships don’t affect our critiques. Right here is our full methodology.

Click on right here to learn all Blue Spot Mortgage client critiques.

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