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. At present, the lender has greater than 75 branches, nevertheless it 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 referred to as Blue Spot Dwelling Loans three years in the past to enchantment to “the kind of tech-savvy buyer who needs 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.
We observe a rigorous editorial coverage designed to maintain our writers and editors unbiased. Articles might reference merchandise from our companions, so right here’s extra info on
How we earn cash
The Easy Greenback is an unbiased, advertising-supported writer and comparability service. The Easy Greenback is compensated in alternate for featured placement of sponsored services, or your clicking on hyperlinks posted on this web site. This compensation might influence how, the place and in what order merchandise seem. The Easy Greenback doesn’t embrace all corporations or all accessible merchandise.
Breakdown of Blue Spot overview rating
- Affordability: 14.75/15
- Availability: 14/15
- Borrower expertise: 10/10
Professionals and cons
Professionals
- Low down cost requirement (as little as 3 p.c down)
- Big selection of mortgage applications
- Low-down cost mortgage choices accessible
- Useful calculators to estimate homeownership prices
- Repeatedly 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 applications, simple on-line estimates and a quick closing.
Repute
Blue Spot Mortgage has earned an A+ from the Higher Enterprise Bureau, the very best accreditation rating. The lender has obtained prime honors on the native degree, too. For instance, its department in The Woodlands, Texas, has been named one of the best mortgage firm by the neighborhood yearly for the previous decade.
Refinancing with Blue Spot
When you’re trying to refinance your mortgage, Blue Spot Mortgage provides 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 stability, location and some different components. The prices embrace an origination charge, underwriting charge and a courier charge, though the particular 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. (Whilst you’ll pay much less when the mortgage closes, you might 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.
Overview 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 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.
