SCORE: 4.5
By David McMillin
Blue Spot Mortgage Assessment 2021 | The Easy Greenback
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, but it surely has been equally targeted 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 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 velocity, too: Blue Spot points same-day preapprovals, and the typical closing time is between 22 and 27 days.
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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 p.c down)
- Big selection of mortgage packages
- Low-down fee mortgage choices out there
- Useful calculators to estimate homeownership prices
- Often 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, straightforward 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 high honors on the native degree, too. For instance, its department in The Woodlands, Texas, has been named the very best mortgage firm by the neighborhood yearly for the previous decade.
Refinancing with Blue Spot
For those who’re trying to refinance your mortgage, Blue Spot Mortgage affords 15-year, 20-year and 30-year choices. Rates of interest are typically decrease than the nationwide common as of August 2021, and you will get a fast snapshot of various choices out there primarily based in your credit score rating, present mortgage steadiness, location and some different components. The prices embody an origination charge, underwriting charge and a courier charge, though the precise price ticket for every of those just 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 possibly can pay extra over the lifetime of the mortgage as a result of a better rate of interest.) You will get a charge quote and apply on-line.
Assessment 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 primarily based on quite a lot of components 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 shopper critiques.
