Cherry Creek Mortgage Review

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Cherry Creek Mortgage

Cherry Creek Mortgage

Investopedia’s Rating

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 different states, so Cherry Creek can be a good choice if you want to work with someone in person to get the funding you need.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
  • Plethora of available loan types

  • Borrowers can complete the bulk of the mortgage process online

  • Physical branches in 17 states allow for a personalized loan experience

  • Does not offer interest-only home loans

  • Only licensed in 41 states plus Washington D.C.

  • The company may not actually service your home loan

  • Does not clearly disclose mortgage rates or fees

Key Takeaways
  • Cherry Creek Mortgage lets borrowers apply for a home loan online, although they can also work with a loan officer in person in offices across 17 different states.
  • Consider working with this company if you want to apply for an FHA, VA, jumbo, mortgage refinance, or reverse mortgage.
  • This lender also offers less common home financing options like USDA loans and mortgages for mobile and manufactured housing.
Company Overview

Originally founded in 1987, Cherry Creek Mortgage has helped more than 300,000 homeowners get funding for their property. Cherry Creek has originated $78 billion in mortgage loans since its founding, and it’s grown to offer one of the largest selections of home mortgage products across all lenders in the country.

Currently, the company is licensed to offer mortgages in 41 states although it only has physical branches in 17 states. However, Cherry Creek Mortgage offers a fully online loan process that lets 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 application, submit documentation securely, and sign important disclosure documents electronically. According to Cherry Creek, its mortgage loans take approximately 30 days to close.

  • Minimum Credit Score 620 (conventional loans)
  • Maximum Debt-to-Income Ratio 50% (conventional loans)
  • Minimum Down Payment 3% (conventional loans)
  • Average Days to Closing 28–42 days

Cherry Creek Mortgage offers nearly every type of mortgage available today, 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 loans 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 home buyers as well as more experienced real estate buyers.

Pros Explained

  • A plethora of available loan types: Cherry Creek offers conventional mortgages, and FHA, VA, USDA, and jumbo loans, as well as mortgage refinance, and reverse mortgages.
  • Borrowers can complete the bulk of the mortgage process online: If you’re comfortable getting a mortgage online, you can get most of the work done easily from your computer.
  • Physical branches in 17 states allow for a personalized loan experience: If you’d rather not do everything online, you can speak to a loan officer in person if you live in Alabama, Arizona, Arkansas, California, Colorado, Florida, Idaho, Indiana, Michigan, Minnesota, Montana, Nevada, New Jersey, Oregon, South Dakota, Utah, or Wisconsin.

Cons Explained

  • Does not offer interest-only home loans: An interest-only mortgage can lower your initial monthly payments, because you only need to pay the interest on the loan for a specified period, usually the first few years. 
  • Only licensed in 41 states plus Washington, D.C.: If you live in Alaska, Georgia, Hawaii, Massachusetts, New York, Rhode Island, Vermont, or Virginia, you can’t get a mortgage from Cherry Creek. Our list of the best mortgage lenders offers a wide variety of options that might fit your needs.
  • The company may not actually service your home loan: Although Cherry Creek is the mortgage lender, your account may be serviced by a different company, to which you would make payments.
  • Does not clearly disclose mortgage rates or fees: You’ll have to begin the loan application process or speak with a loan officer to learn more about your potential APR and the fees you’ll pay.

Types of Mortgage Loans Offered by Cherry Creek

Cherry Creek offers more types of mortgages than many other lenders. It even finances mobile homes and manufactured homes, so keep that in mind if you're looking at alternative forms of housing.

Mortgages offered by Cherry Creek include:

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

The company also offers reverse mortgages geared toward senior citizens ages 62 and older who want to access some of their home equity 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 home loan affordability calculator.
  • Cherry Creek offers access to experienced loan officers in 17 different states. You can even visit one of its branches in person if you prefer.

How to Apply for a Cherry Creek Mortgage Loan

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.

If you decide to work with a mortgage expert, they will walk you through the process from beginning to end. If you decide to apply for a mortgage online, on the other hand, you'll need to follow these steps:

  • Step 1: Research different types of mortgages. Figure out which type of mortgage you want to apply for with Cherry Creek, whether that's a conventional, FHA, VA home, or another type of home loan.
  • Step 2: Begin your application. Head to the Cherry Creek Mortgage website and follow the prompts to begin your loan application. Plan on submitting information such as your W-2, your most recent paycheck stubs, tax returns for the past two years, and the last few months of bank statements.
  • Step 3: Work through your loan file with a loan officer. Cherry Creek says it will match you with a loan expert after you begin your application online. This expert will let you know what other documentation you need to provide.

Cherry Creek Mortgage does not let you "check your rate" or gauge your approval odds before you apply. However, the company states that one of its loan experts can help you determine if you could 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 web chat, like some other lenders provide.

Cherry Creek states that customers can also contact a representative on social media. Options include the company Facebook page and Instagram account

Customer Satisfaction

Cherry Creek Mortgage appears to be highly rated among borrowers. In fact, Cherry Creek 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 states they service. Loan officers are available in 17 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 originates an array of home loan options, but that doesn't mean it will necessarily service your mortgage. In other words, you may wind up making your mortgage payments to a different company. You will not know this until after your loan closes and your loan is assigned to a different servicer, which will be chosen by the lender.

That said, 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.

Alternative Choices

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

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

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

As you compare lenders, you'll want to see how they stack up based on the following criteria:

  • APR: Look for mortgage companies that offer the lowest possible annual percentage rate you can qualify for based on your credit score and other factors.
  • Customer service: Check whether companies have good ratings for customer service, and if they have physical locations in your area. 
  • Fees: Look for loan fees, including “hidden” fees like origination fees. Also check for the percentage of the loan amount you'll have to pay in closing costs.
  • Discounts: See if you can qualify for any specific loan discounts or incentives, like those offered by first-time homebuyer programs.
  • Penalties: Only work with lenders who do not charge any prepayment penalties on your home loan.
  • Pre-approval options: Finally, see if lenders let you check your rate and approval odds without a hard inquiry.

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 isn't the case for 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. Since these offices are only available in 17 states, however, you'll need 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.

How We Review Mortgage Lenders

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:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational features (state licensing coverage, number of loan officers, etc.)
  • Loan types offered (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closing, minimum debt-to-income ratio, etc.)

Mortgage lenders were rated objectively in the categories above 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.

Read more in our full mortgage lender review methodology.

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 our editorial policy.
  1. Cherry Creek Mortgage. "Find a Loan Officer."

  2. Cherry Creek Mortgage. "Loan Programs from Cherry Creek Mortgage."

  3. Cherry Creek Mortgage. "Cherry Creek Mortgage Unveils New Ownership Structure."

  4. Cherry Creek Mortgage. "Low Down Payment Loans."

  5. Cherry Creek Mortgage. "VA Home Loan Requirements."

  6. Cherry Creek Mortgage. "Qualifying for a Mortgage in Today’s Market."

  7. Cherry Creek Mortgage. "FAQs For Conventional Loans."