SCORE: 4.5
By David McMillin
Blue Spot Mortgage Evaluation 2021 | The Easy Greenback
Overview
Blue Spot Mortgage has originated greater than $70 billion in loans since launching in 1987. As we speak, the lender has greater than 75 branches, but it surely has been equally targeted 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 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 velocity, 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 evaluation 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 obtainable
- Useful calculators to estimate homeownership prices
- Often up to date and revealed charges
Cons
- Not obtainable 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 acquired high honors on the native stage, too. For instance, its department in The Woodlands, Texas, has been named one of the best mortgage firm by the group yearly for the previous decade.
Refinancing with Blue Spot
If you happen to’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 may get a fast snapshot of various choices obtainable primarily based in your credit score rating, present mortgage steadiness, location and some different elements. The prices embody an origination payment, underwriting payment and a courier payment, 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 can pay extra over the lifetime of the mortgage on account of a better rate of interest.) You may get a charge quote and apply on-line.
Evaluation 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 quite a lot of elements regarding the lender’s services. The Easy Greenback’s companions compensate us, however our opinions are our personal, and companion relationships don’t affect our critiques. Right here is our full methodology.
Click on right here to learn all Blue Spot Mortgage shopper critiques.