SCORE: 4.5
By David McMillin
Blue Spot Mortgage Overview 2021 | The Easy Greenback
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, nevertheless it has been equally centered on making inroads into the net 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 attraction to “the kind of tech-savvy buyer who needs a quick mortgage course of.” It has delivered on the promise of pace, too: Blue Spot points same-day preapprovals, and the common closing time is between 22 and 27 days.
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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 p.c down)
- Wide selection of mortgage packages
- Low-down fee mortgage choices out there
- Useful calculators to estimate homeownership prices
- Usually 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.
Repute
Blue Spot Mortgage has earned an A+ from the Higher Enterprise Bureau, the best accreditation rating. The lender has obtained high honors on the native stage, too. For instance, its department in The Woodlands, Texas, has been named the perfect mortgage firm by the neighborhood yearly for the previous decade.
Refinancing with Blue Spot
If you happen to’re trying to refinance your mortgage, Blue Spot Mortgage gives 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 primarily based in your credit score rating, present mortgage stability, location and some different elements. The prices embody an origination price, underwriting price and a courier price, though the precise price ticket for every of those shouldn’t 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 might pay extra over the lifetime of the mortgage resulting from a better rate of interest.) You will get a charge 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 client evaluations.