Today we’ll check out “Blue Spot Home Loans,” which derives its name from a combination of Blue the Cat and Spot the Dog.
Blue is apparently always on the hunt for tips and tricks to help you better understand how a mortgage works, while Spot is eager to fetch you a good mortgage rate and sniff out the perfect loan program.
Let’s learn more about this Denver area direct-to-consumer mortgage lender that says it’s proud of its “highly-competitive rates.”
Blue Spot Home Loans Fast Facts
- Direct-to-consumer mortgage lender launched in 2017
- Offers home purchase loans and mortgage refinances
- Headquartered in Greenwood Village, Colorado
- A division of Cherry Creek Mortgage Co.
- Currently licensed to do business in 20+ states
- Most active in their home state of Colorado
- Also do a lot of business in California and Texas
Blue Spot Home Loans is a direct-to-consumer mortgage lender located near Denver, Colorado that offers home purchase loans and mortgage refinance loans.
They are actually the online lender division of their larger parent company Cherry Creek Mortgage, and have a pretty nifty website to boot.
Think of them as a more no-frills, straight to the point digital lender for those looking to complete a mortgage refinance quickly from a remote location.
Other than their corporate headquarters in Greenwood Village, Colorado, they don’t have any physical branches you can visit.
That should suit most folks these days as it’s now quite common to work with an online mortgage lender, pandemic or not.
One neat feature about Blue Spot Home Loans is the fact that their loan officers are salaried as opposed to commissioned, meaning they shouldn’t pressure or hassle you into a mortgage.
Per their website, they’re currently licensed in 20 states (but it might be more now), and seem to be most active in California, Colorado, and Texas.
How to Apply with Blue Spot Home Loans
- You can call them up or send an email to get pricing and apply
- Or simply visit their website and begin the application process there
- Their loan officers are salaried-employees so you shouldn’t feel pressured
- They offer a digital mortgage application and online loan portal where you can check your loan status 24/7
You’ve got a few options to get started with Blue Spot Home Loans. You can either call or email them to get in contact right away, or head over to their website.
If you visit their website, you can check out daily mortgage rates by clicking on “today’s rates,” or alternatively fill out a short lead form and wait for a loan officer to call you back.
They also give you the option to apply immediately via the website. First you need to register and then you can access the online loan portal from any device, such as a desktop computer, tablet, or smartphone.
Their digital mortgage application allows you to link financial accounts, scan and upload necessary documents, and eSign disclosures.
If you’re a prospective home buyer, they say you can get pre-qualified for a home loan in under 10 minutes.
Once your loan is submitted, you can check loan status and get a to-do list if any additional conditions must be met before closing documents are prepared.
Blue Spot Home Loans claims it can close loans fast, in as little as 14 days if no events beyond their control (home seller, appraisal or title/escrow issues) take place.
Loan Programs Offered by Blue Spot Home Loans
- Home purchase loans
- Refinance loans: rate and term, cash out, and streamline
- Conventional loans backed by Fannie Mae and Freddie Mac
- Jumbo home loans that exceed the conforming loan limit
- FHA loans
- VA loans
Like all other mortgage lenders, Blue Spot Home Loans offers both home purchase loans and refinance loans.
They work with first-time home buyers and existing homeowners looking to refinance their mortgage, whether it’s a rate and term refinance or a cash out refi.
They lend on all property types, including single-family homes, condos/townhomes, and multi-unit properties (1-4 units).
You can get financing for a primary residence, second home, or investment property.
In terms of loan type, you can get a conforming loan backed by Fannie or Freddie, or a jumbo mortgage up to $3 million.
Additionally, they’ve got FHA loans and VA loans, which offer low-down and no-down payment options, respectively.
It’s unclear if they offer USDA loans or home renovation/construction loans, but if not, they could probably refer you to their parent company who does.
Blue Spot Home Loans Mortgage Rates
One advantage to using Blue Spot Home Loans is the fact that they openly advertise their mortgage rates and lender fees on their website.
So instead of having to call a loan officer, or provide your valuable contact information, you can simply cruise over to their website and generate your own free mortgage rate quotes on the fly.
They have a nifty mortgage rate table that lets you plug in various loan scenarios to compare different loan programs and closing costs at once.
You can toggle between purchase rate and refinance rates, and see both 30-year fixed and 15-year fixed rates.
Assuming you’re happy with what you see, simply click on “next,” at which point you’ll be asked to enter your contact information in order to be linked up with a mortgage loan officer.
From what I saw, their mortgage rates looked pretty competitive relative to other online mortgage lenders.
They say if you do happen to find a better rate, to give them a chance to beat the other lender’s quote.
While you can see rates and total closing costs on their website, it’s unclear what exact lender fees they charge as they aren’t listed individually.
So it’s unclear if they charge a loan origination fee, application fee, and so on. Be sure to get those details when you speak to a loan officer about a mortgage rate quote.
Blue Spot Home Loans Reviews
On Google, the company enjoys a 4.7-star rating out of 5 from just over 200 customer reviews.
They’ve got an even better 4.9-star rating on Bankrate from about 150 reviews, with 97% saying they would recommend this lender.
And on Zillow, Blue Spot has a 4.85-star rating from nearly 100 reviews, which is pretty close to perfect as well.
Remember, you can see individual loan officer reviews on Zillow if you want to fine-tune and seek out someone specific based on their past performance.
Lastly, they’ve got a 4.2 out of 5 on LendingTree from about 20 reviews, with a 79% recommendation rate. Not as good, but a pretty small sample size.
Their parent company is Better Business Bureau accredited (since 2014), and currently has a perfect ‘A+’ rating.
All in all, Blue Spot Home Loans could be a good choice for a borrower with a straightforward loan scenario looking to fund a mortgage quickly without a sales pitch.
Blue Spot Home Loans Pros and Cons
The Pros
- They publicize their mortgage rates and lender fees
- They use salary-based mortgage consultants
- You can apply for a home loan directly from their website
- Offer a digital mortgage application and borrower loan portal
- Can fund loans in as little as 14 days
- Excellent customer reviews
- A+ BBB rating
- Company blog with helpful tips and tricks
The Cons
- Not licensed in all states
- May not offer USDA loans or renovation loans
- Do not list lender fees
- No physical locations
- May not service your loan
(photo: a.canvas.of.light)
