Skip to content

Canopy Mortgage Review: Proprietary Tech and Some of the Best Pricing in the Industry?


Today we’ll take a look at “Canopy Mortgage,” a Utah-based mortgage lender that is big on transparency when it comes to rates and fees.

They recently launched a self-serve mortgage rate comparison site called that lets potential customers generate real-time quotes 24/7.

This means you no longer have to speak with a human being and subject yourself to the typical sales pitch before learning how competitive a given lender is.

Pricing aside, they also use the latest technology including a digital mortgage application, and boast excellent customer reviews.

Let’s learn more about them to see if they’re worth considering for a home purchase or refinance.

Canopy Mortgage Fast Facts

  • Direct-to-consumer mortgage lender
  • Offers home purchase loans and mortgage refinances
  • Founded in 2006, headquartered in Lindon, UT
  • Licensed to do business in states
  • Funded roughly $3 billion in home loans last year
  • About half their volume comes from Utah
  • Also operate a subsidiary called Box Home Loans

Canopy Mortgage is a direct-to-consumer mortgage lender based out of Lindon, Utah, which is just north of Provo.

The company got its start back in 2006 and has since grown to become a multi-billion-dollar originator.

They also operate Box Home Loans, which they refer to as a low cost direct-to-consumer mortgage lender.

And as mentioned, they recently launched, which allows you to get real-time mortgage rates 24/7.

The company says these rates can be up to 0.50% lower (or 1 to 2% lower in fees) compared to mortgage rates offered by competitors.

Last year, they funded about $3 billion in home loans, with more than 40% of that volume coming from their home state of Utah.

They are also quite active in the states of Arizona, California, Idaho, Nevada, Oregon, and Texas.

In total, they’re licensed in 43 states nationwide, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

How to Apply with Canopy Mortgage

To get started, you can visit their website and check out mortgage rates on your own, or you can get in touch with a human being to discuss your loan scenario.

There is a loan officer directory right on their homepage that allows you to search by name or location to find someone licensed to do business in your state.

If you simply want pricing, they allow you to generate mortgage rate quotes without the need to sign up, provide personal information, or speak to anyone.

Assuming you come across an interest rate you like, you can apply online via their proprietary digital mortgage application in about 15 minutes via smartphone or computer.

Those looking to buy a home can also get pre-approved for a mortgage and generate a free pre-approval letter.

The process is mostly paperless and allows you to upload documents securely, eSign disclosures, and link financials like a bank account.

Once your loan is submitted, you’ll be able to access a task list, track progress, and satisfy any outstanding conditions electronically via the borrower portal.

You will also be paired with a loan officer who will be your liaison along the way if you have any questions or need assistance.

Those who are comfortable doing things themselves can, and those who want more hand-holding can call upon their loan officer if and when they need it.

Loan Programs Offered by Canopy Mortgage

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • USDA loans
  • VA loans
  • Non-QM loans
  • Fixed-rate mortgages: 10, 15, 20, 25, and 30-year loan terms
  • Adjustable-rate mortgages: 5/1 and 7/1 ARM

Canopy Mortgage offers a wide range of available loan programs for both home purchase financing and mortgage refinancing.

You can get your hands on a conforming loan backed by Fannie/Freddie, or a jumbo loan that exceeds those maximum loan limits.

They offer the full suite of government-backed home loans, including FHA, VA, and USDA loans.

And those with more complex situations, such as self-employed borrowers, can take advantage of their non-QM loan offerings that include alt-doc qualifying.

Both fixed-rate and adjustable-rate mortgages are available in a large selection of loan terms, whether you want a 25-year fixed mortgage or a 5/1 ARM.

The company lends on all major property types, including single-family homes, condos/townhomes, and investment properties.

Canopy Mortgage Rates

The company recently launched by Canopy Mortgage, a proprietary system that allows customers to generate real-time mortgage rate quotes 24 hours a day, seven days a week.

No personal information is required to obtain a quote, nor do you have to call and speak with a loan officer first.

You can compare multiple loan options at once with various mortgage points required, or lender credits received.

And you can do so without all the high-pressure sales tactics.

Canopy Mortgage breaks down all the loan costs in neat little buckets so you can see who is charging what, and why.

They display their lender fees, which appear to include a $895 processing fee and $500 underwriting fee, along with any points due.

A separate tab shows third-party charges, such as the home appraisal fee, title insurance, credit report, and so on.

And finally, there’s a “Government’s Cut” section that reveals items like the recording fee.

The result is full transparency when it comes to mortgage rates and lender fees, which is a huge plus.

It’s especially cool since you don’t need to create an account, provide personal information, or speak to anyone.

Once you find a rate you like, you can click on the “lock” button to begin a formal loan application.

You can also view mortgage rate history or sign up for a rate tracker if you’re still shopping.

Canopy Mortgage Reviews

You can find individual reviews for many of their loan officers on Zillow, which are generally excellent from what I’ve seen.

Take a moment to search for the individual by name to be sure, or do some digging to find someone that stands out from the pack based on their reviews.

Their subsidiary Box Home Loans has a company-wide rating of 4.48-stars out of a possible 5 on Zillow from about 200 reviews.

And on Google, Canopy Mortgage has a 4.8-star rating from over 200 customer reviews.

Over at Facebook, they have a 3.9-star rating from about 25 reviews, which is still mostly on the border of good.

The company is an accredited business with the Better Business Bureau (BBB) and currently holds an ‘A+’ rating based on complaint history.

To summarize, Canopy Mortgage excels when it comes to pricing transparency, and may also have lower interest rates than the competition.

If their service is also better than most, they could be a good choice whether you’re a home buyer or an existing owner looking to refinance.

Canopy Mortgage Pros and Cons

The Good Stuff

  • Can apply online in 15 minutes without speaking to a human
  • Digital loan application and mostly paperless process
  • Give you access to real-time mortgage rates and fees
  • Good selection of loan programs to choose from
  • Excellent customer reviews
  • A+ BBB rating

The Perhaps Not

  • Aren’t licensed in all states
  • No physical branches
  • May transfer loan to a third-party servicer after closing

(photo: Nicholas A. Tonelli)

Leave a Reply

Your email address will not be published. Required fields are marked *