Blue Spot Mortgage Overview 2021

SCORE: 4.5

By David McMillin

Blue Spot Mortgage Overview 2021 | The Easy Greenback


5 / 5.0

SimpleScore Cherry Creek Mortgage 5


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 centered on making inroads into the web mortgage market. David Arnett, the lender’s chief advertising and marketing 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 pace, too: Blue Spot points same-day preapprovals, and the typical closing time is between 22 and 27 days.

Breakdown of Blue Spot assessment rating

  • Affordability: 14.75/15
  • Availability: 14/15
  • Borrower expertise: 10/10

Professionals and cons

  • Low down fee requirement (as little as 3 p.c down)
  • Big selection of mortgage packages
  • Low-down fee mortgage choices accessible
  • Useful calculators to estimate homeownership prices
  • Often up to date and revealed charges
  • 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.


Blue Spot Mortgage has earned an A+ from the Higher Enterprise Bureau, the very 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 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 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 may get a fast snapshot of various choices accessible primarily based in your credit score rating, present mortgage stability, location and some different elements. The prices embrace an origination price, underwriting price and a courier price, though the particular price ticket for every of those will not 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. (Whilst you’ll pay much less when the mortgage closes, you might pay extra over the lifetime of the mortgage resulting from the next rate of interest.) You may get a fee quote and apply on-line.

Overview 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 associate relationships don’t affect our opinions. Right here is our full methodology.

Click on right here to learn all Blue Spot Mortgage client opinions.

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