Cherry Creek Mortgage Review 2022

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Cherry Creek Mortgage Review 2022
Mortgage TypeMinimum Credit ScoreDown PaymentOther Factors
Conventional loan6203% minimumClosing costs 2%-5% of purchase price
FHA loan5803.5% minimumMax 43% debt-to-income ratio
HomeReady mortgage6203% minimumIncome = or < 80% of county’s area median income (AMI)
Jumbo loan700VariesMax 38%-43% debt-to-income ratio, based on down payment
USDA loan6400%Income must not exceed USDA limits for geographic area
VA loan6200%Certificate of Eligibility (COE) required from the U.S. Department of Veterans Affairs

For elderly individuals 62 and over who wish to access part of their home equity to pay for living costs, the firm also provides reverse mortgages. Different criteria apply to this product’s eligibility.

Cherry Creek Mortgage Features and Benefits

  • Cherry Creek provides tools and details on financing options with minimal down payments.
  • There are many mortgage calculators available, one of which measures the affordability of house loans.
  • In 22 different states, Cherry Creek provides clients with access to knowledgeable loan officers. If you’d like, you may even go to one of its locations in person.

How to Apply for a Cherry Creek Mortgage Loan

You have two options when using Cherry Creek Mortgage to complete the mortgage procedure. To get the process started, get in touch with a nearby agent, or fill out an online mortgage application and upload the necessary paperwork.

If you choose to engage with a mortgage specialist, they will guide you through the whole procedure. On the other hand, if you want to submit an online mortgage application, you must do the following:

  • Step 1 is to do mortgage research. Decide whatever kind of mortgage, whether it be a conventional, FHA, VA, or other kind of home loan, you want to apply for with Cherry Creek.
  • Step 2: Start the application process. To start your loan application, go to the Cherry Creek Mortgage website and follow the instructions. Prepare to provide documents like your W-2, most recent pay stubs, tax returns from the previous two years, and the last three months’ worth of bank statements.
  • Step 3: Consult a loan officer about your loan application. Cherry Creek claims that after you start your online application, it will pair you with a loan specialist. This expert will inform you of any further documents that is required.
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You cannot “check your rate” or estimate your chances of acceptance before applying with Cherry Creek Mortgage. However, the business claims that one of its loan specialists can assist you in determining if you could be eligible.

Customer Service

You can contact Cherry Creek Mortgage by:

If you’d prefer another option, you may speak with your loan officer directly. Unlike some other lenders, there is no live online chat available.

Customers may speak with a representative on social media, according to Cherry Creek. The business’s Instagram account and Facebook page are options.

Customer Satisfaction

Cherry Creek Mortgage seems to have a good reputation among customers. In fact, Cherry Creek topped the list of 45 mortgage lenders in our poll of mortgage clients for customer satisfaction. The Nationwide Multistate Licensing System & Registry shows that the business has not been the subject of any regulatory actions or legal proceedings (NMLS).

The organization distinguishes itself with the individualized customer service provided by its agents in the states they serve. Alabama, Arizona, Arkansas, California, Colorado, Florida, Idaho, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, Oregon, South Dakota, Texas, Utah, and Wisconsin are among the 22 states where loan officers are accessible.

Account Management

Although Cherry Creek Mortgage offers a variety of home loan products, this does not guarantee that it will service your mortgage. To put it another way, you can end yourself paying your mortgage to a separate corporation. You won’t be aware of this until after your loan closes and the lender has selected a new servicer to handle your loan.

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While your loan application is being handled, Cherry Creek provides provide a secure site where you may access your account information. Additionally, you may submit documents and electronically sign disclosures using the platform.

Alternative Choices

If you’re searching for a lender that provides USDA mortgages, Cherry Creek is a good option to take into account. Caliber Mortgage, Carrington Mortgage, and Fairway Mortgage are just a handful of the best USDA mortgage lenders.

It’s possible that you’re searching for a lender that offers mortgages in each of the 50 states or even one who offers interest-only loans. In any scenario, you could wish to take into account lenders outside Cherry Creek Mortgage.

You should evaluate lenders according to the following standards when you compare them:

  • APR: Seek for mortgage providers with the lowest annual percentage rate you can get depending on your credit score and other considerations.
  • Customer service: Verify if businesses have positive reviews for their customer service as well as whether they have physical locations in your neighborhood.
  • Loan costs, especially “hidden” expenses like origination fees, should be looked for. Check the proportion of the loan amount that you will be required to pay in closing charges as well.
  • Discounts: Determine if you are eligible for any special loan incentives, such as those provided by first-time homebuyer programs.
  • Work only with lenders that don’t impose prepayment penalties on your mortgage.
  • Options for pre-approval: Lastly, find out whether lenders allow you to verify your rate and approval chances without making a formal inquiry.

Like many other lenders, Cherry Creek Mortgage doesn’t list its current mortgage rates online. This may make it more difficult to research and evaluate your alternatives.

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Final Verdict

Even though Cherry Creek Mortgage is less well-known than some other lenders, it distinguishes out in a few key ways. First off, this organization provides practically every significant sort of mortgage product on the market right now, including reverse mortgages and low down payment alternatives. In contrast to many other lenders, it also provides home financing for prefabricated and mobile homes and USDA loans.

We also like that this lender has physical locations where consumers may, at their discretion, consult with loan experts. However, as these offices are only present in 22 states, if you reside outside of Cherry Creek Mortgage’s service region, you will need to hunt for a lender with better accessibility. See our selections of the top mortgage providers to locate the ideal house loan for you.

How We Review Mortgage Lenders

Investopedia is committed to provide customers objective, in-depth assessments of mortgage lenders. With the help of approximately 1,500 data points, we evaluated 45 mortgage lenders and learned the following:

  • Customer satisfaction, online applications, perks and awards, etc.)
  • functional aspects (state licensing coverage, number of loan officers, etc.)
  • offered loan products (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closure, minimal debt-to-income ratio, etc) (days to closing, minimum debt-to-income ratio, etc.)

To aid readers in making wise judgments regarding house loans, mortgage lenders were objectively appraised in the aforementioned areas. In order to find out which characteristics clients think are most important and how pleased they are with different lenders, we also polled 1,195 mortgage borrowers.

Read more in our full mortgage lender review methodology.

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