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Blue Spot Mortgage Review 2021
Breakdown of Blue Spot review score
- Affordability: 14.75/15
- Availability: 14/15
- Borrower experience: 10/10
Pros and cons
- Low down payment requirement (as little as 3 percent down)
- Wide range of loan programs
- Low-down payment loan options available
- Helpful calculators to estimate homeownership costs
- Regularly updated and published rates
- Not available in 14 states
- Stricter FHA credit score requirements
Borrowers who want a wide range of loan programs, easy online estimates and a fast closing.
Blue Spot Mortgage has earned an A+ from the Better Business Bureau, the highest accreditation ranking. The lender has received top honors on the local level, too. For example, its branch in The Woodlands, Texas, has been named the best mortgage company by the community every year for the past decade.
Refinancing with Blue Spot
If you’re looking to refinance your mortgage, Blue Spot Mortgage offers 15-year, 20-year and 30-year options. Interest rates tend to be lower than the national average as of August 2021, and you can get a quick snapshot of different options available based on your credit score, current mortgage balance, location and a few other factors. The costs include an origination fee, underwriting fee and a courier fee, although the specific price tag for each of these is not publicly listed online. However, there are flexible points options to help if you want to avoid paying upfront for some of these costs. (While you’ll pay less when the loan closes, you could pay more over the life of the loan due to a higher interest rate.) You can get a rate quote and apply online.
To determine a mortgage lender’s SimpleScore, The Simple Dollar’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. The Simple Dollar’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.