Investopedia’s Rating 4.2 Our Take Cherry Creek Mortgage offers plenty of loan options to choose from, including conventional home loans and government-backed loans. You can complete most of the loan process online but agents are also available to help in offices across 17 states. Cherry Creek can be a good choice if you want to work with someone in person to get the funding you need. Following a purchase in 2023, Cherry Creek Mortgage is now part of Guild Mortgage. Pros & Cons Pros Numerous available loan types Complete most of the mortgage process online Physical branches in 17 states allow for a personalized loan experience Cons Does not offer interest-only home loans Only licensed in 41 states plus Washington D.C. May not actually service your home loan Does not clearly disclose mortgage rates or fees Key Takeaways Company Overview Originally founded in 1987, Cherry Creek Mortgage has helped more than 300,000 homeowners get funding for their properties. The company is headquartered in Greenwood, Colorado and has originated $78 billion in mortgage loans since its founding. It offers one of the largest selections of home mortgage products across all lenders in the U.S. Cherry Creek Mortgage is licensed to offer mortgages in 41 states, but it only has physical branches in 17 states. It offers a fully online loan process so borrowers take care of the bulk of the application process from the comfort of their homes. Customers can use the borrower portal to fill out their loan applications, to submit documentation securely, and to sign important disclosure documents electronically. Cherry Creek indicates that its mortgage loans take approximately 30 days to close. Table of Contents Cherry Creek Mortgage Review Pros Explained Cons Explained Types of Mortgage Loans Features and Benefits How to Apply Customer Service Customer Satisfaction Account Management Alternative Choices Final Verdict Methodology Cherry Creek Mortgage offers nearly every type of mortgage, making it an excellent choice if you want to explore your options. The company also facilitates a variety of low down payment loan programs, including those offered through the HomeReady Mortgage program and Conventional 97 home loans. Considering the broad range of mortgage products available, this company could be a good option for first-time homebuyers as well as more experienced real estate buyers. Cherry Creek offers more types of mortgages than many other lenders. It even finances mobile homes and manufactured homes. That's something to keep in mind if you're looking at alternative forms of housing. Mortgages offered by Cherry Creek include: The company also offers reverse mortgages that are geared toward seniors who are age 62 and older and who want to access some of their home equity to pay for living expenses. Eligibility requirements vary for this product, Cherry Creek offers resources and information on low down payment loan programs. Various mortgage calculators are available, including a home loan affordability calculator. Cherry Creek offers access to experienced loan officers in 17 states so you can visit one of its branches in person if you prefer and if you're looking to buy there. Cherry Creek Mortgage lets you work through the mortgage process in one of two ways. You can reach out to a local agent in your area to start the process, or you can apply for a mortgage and submit the required documentation online. A mortgage expert will walk you through the process from beginning to end if you decide to work with one. But you'll have to follow these steps If you decide to apply for a mortgage online: Cherry Creek Mortgage doesn't let you check your rate or gauge your approval odds before you apply, but the company states that one of its loan experts can help you determine if you're likely to qualify or if there may be problems. You can contact Cherry Creek Mortgage by email or by phone. You can also contact your loan officer directly if you have any questions or concerns. But there's no live web chat like some other lenders provide. Cherry Creek says that customers can also contact a representative on social media. Options include the company's Facebook page and Instagram account. Cherry Creek Mortgage appears to be highly rated among borrowers. It had the highest consumer satisfaction score in our survey of mortgage customers, which included 45 mortgage lenders. There are no regulatory actions or lawsuits filed against the company in the Nationwide Multistate Licensing System & Registry (NMLS). The company stands out due to the personalized customer support offered by its agents in the states they service. Loan officers are available in 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. Cherry Creek Mortgage originates an array of home loan options, but that doesn't mean it will necessarily service your mortgage. You may wind up making your mortgage payments to a different company. You won't know this is the case until after your loan closes and your loan is assigned to a different servicer, which will be chosen by the lender. Cherry Creek does offer 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 documentation and sign disclosures electronically. Cherry Creek is worth considering if you're looking for a lender that offers USDA mortgages. Other top lenders of USDA mortgages include Carrington Mortgage, and Fairway Mortgage. You may want to consider alternative lenders other than Cherry Creek Mortgage if you’re looking for a lender that offers mortgages in all 50 states or one that provides interest-only mortgages. You'll want to determine how they stack up based on these criteria: Cherry Creek Mortgage doesn't publish its current mortgage rates like many other lenders do. This can make it harder to shop around and compare your options. Cherry Creek Mortgage may not be as well known as some other lenders, but it stands out in a few areas. The company offers nearly every major type of mortgage product available, including low down payment options and reverse mortgages. It also offers home financing for USDA loans and mobile and manufactured housing, which isn't the case with many other lenders. We also like the fact that this lender offers physical branches where customers can work with a loan expert if they prefer. But they're only available in 17 states so you'll have to look for a lender with greater availability if you live outside of a Cherry Creek Mortgage coverage area. See our picks for the best mortgage lenders to find a home loan that’s right for you. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following: Mortgage lenders were rated objectively in these categories to help readers make informed decisions about home loans. We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Guild Mortgage. "Guild Mortgage Acquires Cherry Creek Mortgage." Cherry Creek Mortgage. "Loan Programs From Cherry Creek Mortgage." Cherry Creek Mortgage. "Low Down Payment Loans." Cherry Creek Mortgage. "VA Home Loan Requirements." Cherry Creek Mortgage. "Find a Loan Officer." Cherry Creek Mortgage. "Qualifying for a Mortgage in Today’s Market." Cherry Creek Mortgage. "FAQs for Conventional Loans.":fill(white):max_bytes(150000):strip_icc()/cherrycreek-be8a79bd438c472cb3c28e1409dab9cd.jpg "Cherry Creek Mortgage Review (1)")
Pros Explained
Cons Explained
Types of Mortgage Loans Offered by Cherry Creek
Mortgage Type Minimum Credit Score Down Payment Other Factors Conventional loan 620 3% minimum Closing costs 2%–5% of purchase price FHA loan 580 3.5% minimum Max 43% debt-to-income ratio HomeReady mortgage 620 3% minimum Income = or < 80% of county’s area median income (AMI) Jumbo loan 700 Varies Max 38%–43% debt-to-income ratio, 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 the U.S. Department of Veterans Affairs Cherry Creek Mortgage Features and Benefits
How to Apply for a Cherry Creek Mortgage Loan
Customer Service
Customer Satisfaction
Account Management
Alternative Choices
Loan needs Check out these lenders Availability in all 50 states Fairway Mortgage, loanDepot, Rocket Mortgage, SoFi Veterans United Interest-only mortgage Carrington Mortgage, Chase Mortgage, Guaranteed Rate Mortgage, Homebridge Mortgage Final Verdict
Methodology
FAQs
What is a complimentary mortgage review? ›
When you schedule a complimentary mortgage review with your Mortgage Banker (even if your mortgage isn't with Atlantic Bay!), we'll take a deeper look at your current financial situation, cashflow, debt, and goals to make sure your mortgage is doing what it's meant to do – ensure you have a happy home that provides ...
Should I do a mortgage review? ›A review might uncover circ*mstances that can result in a lower monthly payment, such as qualifying for a lower interest rate or having enough equity in your home to eliminate private mortgage insurance (PMI). Shorter term.
How long has Cherry Creek Mortgage been in business? ›Cherry Creek Mortgage was co-founded by Jeff May in Greenwood Village, Colorado in 1987.
What is the annual review of a mortgage? ›Annual review scheme
We look at your balance at the end of the current year, along with any interest rate changes over the previous 12 months, to work out your payments for the coming year.
How long does it take to get final approval after conditional approval? The good news is that once your loan has been conditionally approved, you're basically in the home stretch. That being said, your lender will likely need another 1–2 weeks to finalize your home loan and move forward with your closing date.
How long does loan review take for mortgage? ›How long does mortgage underwriting take? Each situation is different, but underwriting can take anywhere from a few days to several weeks. Missing signatures or documents, and issues with the appraisal or title insurance are some of the things that can hold up the process.
What negatively affects mortgage approval? ›High Debt
Another factor that could affect your mortgage approval is a high debt-to-income ratio (DTI). DTI measures the amount of your total monthly debt obligations against your gross monthly income. Lenders use your DTI to determine if you can afford the monthly payments on the loan you're applying for.
Primarily, you will hear 'mortgage review' over names such as 'mortgage check-up'; in reality, they all mean the exact same thing. A mortgage review is simply a look at your current deal to make sure that you're on the best product available to you.
How do I make sure my mortgage is approved? ›Go Through Mortgage Underwriting
The underwriting process consists of your mortgage lender reviewing your application and verifying your income, assets, debt and property details. Once verification is complete, you'll receive final approval on your loan application.
Retail lender Guild Mortgage announced the acquisition of Cherry Creek Mortgage, a privately-held Colorado-based lender with 68 branches in 45 states. Cherry Creek will become its own division of Guild, headed by co-founder Jeff May, Guild said on Monday.
What is the volume of the Cherry Creek mortgage loan? ›
In 2022, according to information provided by Modex, Cherry Creek's total origination volume was $4.07 billion on 9,884 units. That was down from $7.26 billion in 2021 on 19,639 units. Cherry Creek had 251 active loan officers.
Who is the largest mortgage lender in the United States? ›Mortgage Review Advantages
An annual review could lead to lower monthly payments. Seriously. You might qualify for a lower interest rate than the one your loan currently carries, or maybe you've built enough equity (there's that word again) to eliminate private mortgage insurance (PMI)
That's why it's important to conduct a mortgage review each year to make sure the loan you have is still the best choice. During the review, your lender will look at your loan balance, monthly payment, interest rate, taxes and loan term.
How often should I review my mortgage? ›Here are a couple of things to consider when deciding how often to review your home loan. Ideally, you should review your home loan every year. You may not choose to change your home loan every year, but you should make time to consider the current market, available products and the prevailing interest rates.
What purpose do you see for a shared appreciation mortgage? ›Key takeaways. A shared appreciation mortgage is a type of home loan in which you exchange a portion (share) of your home's appreciation for a lower interest rate. This type of loan isn't readily available. It might be an option if you need to modify your existing mortgage.
Why is my mortgage company checking my credit? ›During the credit check, the lender will review your credit report and look for any red flags that may indicate that you are not financially capable of carrying a mortgage. This may include factors like missed payments, high levels of debt or a history of bankruptcy.
What does it mean when a loan is under credit review? ›Prior to approving the loan application, the lender, be it a bank or a non-banking finance company, does a thorough examination of the applicant's financial situation and their ability to repay the loan. This process is called a credit review.