Cherry Creek Mortgage Review 2022

Type of mortgage Minimum credit score Advance payment Other factors
Classic loan 620 3% minimum Closing costs of 2% to 5% of the purchase price
FHA loan 580 3.5% minimum Maximum debt ratio of 43%
HomeReady Mortgage 620 3% minimum Income = or
giant loan 700 Varied Maximum leverage ratio of 38% to 43%, based on down payment
USDA loan 640 0% Income must not exceed USDA limits for geographic area
VA loan 620 0% Certificate of Eligibility (COE) required from U.S. Department of Veterans Affairs

The company also offers reverse mortgages for people aged 62 and over who want to access some of the equity in their home to pay for living expenses. Eligibility requirements vary for this product,


Cherry Creek Mortgage Features and Benefits

  • Cherry Creek offers resources and information on low down payment loan programs.
  • Various mortgage calculators are available, including a mortgage affordability calculator.
  • Cherry Creek offers access to experienced loan officers in 22 different states. You can even visit one of its branches in person if you prefer.


How to Apply for a Cherry Creek Mortgage

Cherry Creek Mortgage allows you to go through the mortgage process in two ways. You can contact a local agent in your area to start the process, or you can apply for a mortgage and submit the required documentation online.

If you decide to work with a mortgage expert, they will guide you through the process from start to finish. If you decide to apply for a mortgage online, however, you will need to follow these steps:

  • Step 1: Research different types of mortgages. Determine what type of mortgage you want to apply for in Cherry Creek, whether it’s a conventional home, FHA, VA, or another type of home loan.
  • Step 2: Begin your application. Go to the Cherry Creek Mortgage website and follow the instructions to start your loan application. Plan to submit information such as your W-2, your most recent pay stubs, tax returns for the last two years, and the last months of bank statements.
  • Step 3: Review your loan file with a loan officer. Cherry Creek says it will connect you with a loan expert after you start your application online. This expert will tell you what other documents you need to provide.

Cherry Creek Mortgage does not allow you to “check your rate” or assess your chances of approval before applying. However, the company says one of its loan experts can help you determine if you qualify.


Customer service

You can contact Cherry Creek Mortgage by:


Alternatively, you can contact your loan officer directly if you have any questions or concerns. There is no live chat on the web, unlike some other lenders.

Cherry Creek says customers can also reach out to a social media representative. Options include Facebook business page and Instagram account.


Client satisfaction

Cherry Creek Mortgage seems to be highly rated among borrowers. In fact, Cherry Creek earned the highest consumer satisfaction score in our Mortgage Customer Survey, which included 45 mortgage lenders. There are no regulatory actions or lawsuits filed against the company in the National Multistate Licensing System & Registry (NMLS).

The company is distinguished by the personalized customer support offered by its agents in the states they serve. Loan officers are available in 22 states: 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.


Account management

Cherry Creek Mortgage offers a range of home loan options, but that doesn’t mean they’ll necessarily service your mortgage. In other words, you could end up making your mortgage payments to another company. You won’t know until after your loan is closed and your loan is assigned to another servicer, who will be chosen by the lender.

That said, Cherry Creek offers a secure portal where you can view your account information while your loan application is being processed. You can also use the portal to upload documents and sign disclosures electronically.


Alternative choices

Cherry Creek is worth considering if you are looking for a lender that offers USDA mortgages. Other major USDA mortgage lenders include Caliber Mortgage, Carrington Mortgage, and Fairway Mortgage, to name a few.

Maybe you’re looking for a lender that offers mortgages in all 50 states, or even a lender that offers interest-only mortgages. In either case, you may want to consider lenders other than Cherry Creek Mortgage.

If you need this type of loan… Check out these lenders
Availability in all 50 states Fairway Mortgage
loanDeposit
Rocket Mortgage
SoFi
Veterans United
Interest-only mortgage Mortgage Caliber
Carrington Mortgage
Chase Mortgage
Guaranteed rate mortgage
Homebridge Mortgage

When comparing lenders, you’ll want to see how they rank based on the following criteria:

  • APR: Look for mortgage companies that offer the lowest possible annual percentage rate that you can qualify for based on your credit score and other factors.
  • Customer service: Check to see if companies have good ratings for customer service and if they have physical locations in your area.
  • Costs: Look for loan fees, including “hidden” fees like origination fees. Also check the percentage of the loan amount that you will have to pay in closing costs.
  • Discounts: See if you can qualify for specific loan discounts or incentives, such as those offered by homeownership programs.
  • Penalties: Only work with lenders who impose no prepayment penalty on your home loan.
  • Pre-approval options: Finally, see if lenders allow you to check your rate and chances of approval without a thorough investigation.

Cherry Creek Mortgage does not publish its current mortgage rates like many other lenders do. This can make it harder to shop around and compare your options.

final verdict

Cherry Creek Mortgage may not be as well known as some other lenders, but it definitely stands out in a few areas. For starters, this company offers nearly every major type of mortgage product available today, including low down payment options and reverse mortgages. It also offers home financing for USDA loans and mobile and manufactured housing, which many other lenders do not.

We also like that this lender offers physical branches where customers can work with a loan expert if they prefer. However, since these offices are only available in 22 states, you will need to find a lender with greater availability if you live outside of a Cherry Creek Mortgage coverage area. Check out our selection of the best mortgage lenders to find a home loan that’s right for you.


How We Review Mortgage Lenders

Investopedia is dedicated to providing consumers with comprehensive and unbiased reviews of mortgage lenders. We assessed 45 mortgage lenders and collected nearly 1,500 data points, including information on the following:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational characteristics (state licensing coverage, number of loan officers, etc.)
  • Types of loans offered (fixed rate, FHA, USDA, etc.)
  • Accessibility (days before closing, minimum debt ratio, etc.)

Mortgage lenders have been objectively rated in the categories above to help readers make informed home loan decisions. We also conducted a survey of 1,195 mortgage borrowers to learn more about the most important features from a customer’s perspective and customer satisfaction with different lenders.

Learn more


About Daisy Rawson

Check Also

New York Mortgage Trust (NASDAQ:NYMT) Cut to “D+” at TheStreet

TheStreet downgraded the shares of New York Mortgage Trust (NASDAQ:NYMT – Get Note) from a …