Mortgages

Blue Spot Residence Loans Evaluation: Nice Charges Each Day?

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Immediately we’ll try “Blue Spot Residence Loans,” which derives its title from a mix of Blue the Cat and Spot the Canine.

Blue is outwardly all the time on the hunt for ideas and methods that will help you higher perceive how a mortgage works, whereas Spot is keen to fetch you mortgage fee and sniff out the proper mortgage program.

Reading:: Blue spot home loans reviews

Let’s study extra about this Denver space direct-to-consumer mortgage lender that claims it’s happy with its “highly-competitive charges.”

Blue Spot Residence Loans Quick Info

Blue Spot

  • Direct-to-consumer mortgage lender launched in 2017
  • Provides house buy loans and mortgage refinances
  • Headquartered in Greenwood Village, Colorado
  • A division of Cherry Creek Mortgage Co.
  • At the moment licensed to do enterprise in 20+ states
  • Most energetic of their house state of Colorado
  • Additionally do a variety of enterprise in California and Texas

Blue Spot Residence Loans is a direct-to-consumer mortgage lender situated close to Denver, Colorado that gives house buy loans and mortgage refinance loans.

They’re truly the net lender division of their bigger mother or father firm Cherry Creek Mortgage, and have a reasonably nifty web site besides.

Consider them as a extra no-frills, straight to the purpose digital lender for these trying to full a mortgage refinance shortly from a distant location.

Aside from their company headquarters in Greenwood Village, Colorado, they don’t have any bodily branches you possibly can go to.

That ought to go well with most people as of late because it’s now fairly widespread to work with an internet mortgage lender, pandemic or not.

One neat characteristic about Blue Spot Residence Loans is the truth that their mortgage officers are salaried versus commissioned, which means they shouldn’t strain or problem you right into a mortgage.

Per their web site, they’re at present licensed in 20 states (but it surely could be extra now), and appear to be most energetic in California, Colorado, and Texas.

Find out how to Apply with Blue Spot Residence Loans

  • You’ll be able to name them up or ship an e-mail to get pricing and apply
  • Or just go to their web site and start the applying course of there
  • Their mortgage officers are salaried-employees so that you shouldn’t really feel pressured
  • They provide a digital mortgage software and on-line mortgage portal the place you possibly can verify your mortgage standing 24/7

You’ve acquired just a few choices to get began with Blue Spot Residence Loans. You’ll be able to both name or e-mail them to get involved straight away, or head over to their web site.

When you go to their web site, you possibly can try every day mortgage charges by clicking on “right now’s charges,” or alternatively fill out a brief lead kind and watch for a mortgage officer to name you again.

In addition they provide the possibility to use instantly through the web site. First that you must register after which you possibly can entry the net mortgage portal from any machine, akin to a desktop pc, pill, or smartphone.

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Their digital mortgage software permits you to hyperlink monetary accounts, scan and add essential paperwork, and eSign disclosures.

When you’re a potential house purchaser, they are saying you may get pre-qualified for a house mortgage in beneath 10 minutes.

As soon as your mortgage is submitted, you possibly can verify mortgage standing and get a to-do listing if any further situations have to be met earlier than closing paperwork are ready.

Blue Spot Residence Loans claims it could shut loans quick, in as little as 14 days if no occasions past their management (house vendor, appraisal or title/escrow points) happen.

Mortgage Packages Supplied by Blue Spot Residence Loans

  • Residence buy loans
  • Refinance loans: fee and time period, money out, and streamline
  • Typical loans backed by Fannie Mae and Freddie Mac
  • Jumbo house loans that exceed the conforming mortgage restrict
  • FHA loans
  • VA loans

Like all different mortgage lenders, Blue Spot Residence Loans affords each house buy loans and refinance loans.

They work with first-time house patrons and current householders trying to refinance their mortgage, whether or not it’s a fee and time period refinance or a money out refi.

They lend on all property varieties, together with single-family houses, condos/townhomes, and multi-unit properties (1-4 models).

You will get financing for a main residence, second house, or funding property.

When it comes to mortgage sort, you may get a conforming mortgage backed by Fannie or Freddie, or a jumbo mortgage as much as $3 million.

Moreover, they’ve acquired FHA loans and VA loans, which supply low-down and no-down cost choices, respectively.

It’s unclear if they provide USDA loans or house renovation/development loans, but when not, they may most likely refer you to their mother or father firm who does.

Blue Spot Residence Loans Mortgage Charges

One benefit to utilizing Blue Spot Residence Loans is the truth that they freely promote their mortgage charges and lender charges on their web site.

So as an alternative of getting to name a mortgage officer, or present your helpful contact info, you possibly can merely cruise over to their web site and generate your personal free mortgage fee quotes on the fly.

They’ve a nifty mortgage fee desk that permits you to plug in numerous mortgage situations to match totally different mortgage applications and shutting prices without delay.

You’ll be able to toggle between buy fee and refinance charges, and see each 30-year mounted and 15-year mounted charges.

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Assuming you’re proud of what you see, merely click on on “subsequent,” at which level you’ll be requested to enter your contact info in an effort to be linked up with a mortgage mortgage officer.

From what I noticed, their mortgage charges seemed fairly aggressive relative to different on-line mortgage lenders.

They are saying in the event you do occur to discover a higher fee, to provide them an opportunity to beat the opposite lender’s quote.

Whilst you can see charges and complete closing prices on their web site, it’s unclear what precise lender charges they cost as they aren’t listed individually.

So it’s unclear in the event that they cost a mortgage origination price, software price, and so forth. You should definitely get these particulars once you converse to a mortgage officer a few mortgage fee quote.

Blue Spot Residence Loans Opinions

On Google, the corporate enjoys a 4.7-star score out of 5 from simply over 200 buyer evaluations.

They’ve acquired an excellent higher 4.9-star score on Bankrate from about 150 evaluations, with 97% saying they might advocate this lender.

And on Zillow, Blue Spot has a 4.85-star score from almost 100 evaluations, which is fairly near good as effectively.

Keep in mind, you possibly can see particular person mortgage officer evaluations on Zillow if you wish to fine-tune and hunt down somebody particular based mostly on their previous efficiency.

Lastly, they’ve acquired a 4.2 out of 5 on LendingTree from about 20 evaluations, with a 79% advice fee. Not nearly as good, however a reasonably small pattern measurement.

Their mother or father firm is Higher Enterprise Bureau accredited (since 2014), and at present has an ideal ‘A+’ score.

All in all, Blue Spot Residence Loans might be a good selection for a borrower with an easy mortgage situation trying to fund a mortgage shortly with no gross sales pitch.

Blue Spot Residence Loans Execs and Cons

The Execs

  • They publicize their mortgage charges and lender charges
  • They use salary-based mortgage consultants
  • You’ll be able to apply for a house mortgage immediately from their web site
  • Supply a digital mortgage software and borrower mortgage portal
  • Can fund loans in as little as 14 days
  • Wonderful buyer evaluations
  • A+ BBB score
  • Firm weblog with useful ideas and methods

The Cons

  • Not licensed in all states
  • Could not provide USDA loans or renovation loans
  • Don’t listing lender charges
  • No bodily places
  • Could not service your mortgage

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