Blue Spot Mortgage Overview 2021

Date:


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. In the present day, the lender has greater than 75 branches, but it surely 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 House 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 overview 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 packages
  • Low-down fee mortgage choices out there
  • Useful calculators to estimate homeownership prices
  • Frequently up to date and revealed 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.

Fame

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

In the event you’re seeking 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 will get a fast snapshot of various choices out there based mostly in your credit score rating, present mortgage stability, location and some different components. The prices embrace an origination payment, underwriting payment and a courier payment, though the precise price ticket for every of those will not be publicly listed on-line. Nevertheless, 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 possibly can pay extra over the lifetime of the mortgage as a result of a better rate of interest.) You may get a fee quote and apply on-line.

Overview methodology 

To find out a mortgage lender’s SimpleScore, The Easy Greenback’s editorial group charges lenders on a scale of 1 to 5 stars based mostly on quite a lot of components referring to the lender’s services and products. 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 shopper critiques.

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