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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. As we speak, the lender has greater than 75 branches, nevertheless it has been equally targeted on making inroads into the net mortgage market. David Arnett, the lender’s chief advertising and marketing officer, says that the corporate launched a web based, direct-to-borrower firm known as Blue Spot Dwelling 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 pace, 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 overview rating
- Affordability: 14.75/15
- Availability: 14/15
- Borrower expertise: 10/10
Professionals and cons
Professionals
- Low down fee requirement (as little as 3 % down)
- Big selection of mortgage packages
- Low-down fee mortgage choices accessible
- Useful calculators to estimate homeownership prices
- Often up to date and printed charges
Cons
- Not accessible 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 acquired high honors on the native degree, 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
For those who’re seeking to refinance your mortgage, Blue Spot Mortgage gives 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 accessible primarily based in your credit score rating, present mortgage steadiness, location and some different elements. The prices embrace an origination payment, underwriting payment and a courier payment, though the particular price ticket for every of those is just not 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. (Whilst you’ll pay much less when the mortgage closes, you could possibly pay extra over the lifetime of the mortgage on account of the next rate of interest.) You may get a charge quote and apply on-line.
Assessment 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 primarily based on quite a lot of elements referring to the lender’s services. The Easy Greenback’s companions compensate us, however our opinions are our personal, and accomplice relationships don’t affect our opinions. Right here is our full methodology.
Click on right here to learn all Blue Spot Mortgage shopper opinions.
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