Cherry Creek Mortgage Review: FasTrac Your Loan Approval

Last updated on September 4th, 2020
Cherry Creek Mortgage Review: FasTrac Your Loan Approval

If you live in Colorado or surrounding states, there’s a good chance you’ve heard of Cherry Creek Mortgage Company.

The retail mortgage lender is headquartered in Greenwood Village, Colorado, and does nearly half its total loan volume in the Centennial State.

They also have a sizable presence in California and Texas, along with Illinois, Oregon, Washington, and Wisconsin.

In all, they’re licensed in 32 states nationwide, which helped them generate nearly $4 billion in home loan origination volume in 2019.

Let’s learn more about Cherry Creek Mortgage to determine if they’re the right fit for your home loan needs.

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Cherry Creek Mortgage Fast Facts

  • Retail mortgage lender founded in 1987
  • Headquartered in Greenwood Village, Colorado
  • Offer home purchase, refinance, and reverse mortgages
  • Originated over $60 billion in home loans since inception
  • Closed about $4 billion in home loans during 2019
  • Licensed in 32 states nationwide

Cherry Creek Mortgage Company has a pretty deep pedigree for a mortgage company, having been founded all the way back in 1987.

During those 33 years in business, the company managed to fund $60 billion in home loans for some 260,000 families across the nation.

The company offers home purchase loans, refinance loans, and reverse mortgages via the retail channel.

As noted, they’re licensed in 32 states, including Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Minnesota, Montana, Nebraska, Nevada, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

Their mission is to deliver a digital mortgage experience with a human touch, with a commitment to honesty and integrity in all that they do.

And their ultimate goal is to provide a mortgage to one out of every 100 home buyers in America.

Other than the Cherry Creek brand, they run several DBAs, including Premier Mortgage Group, America’s Mortgage, Reverse Mortgage USA, Rocky Mountain Mortgage, Swanson Home Loans, and Blue Spot Home Loans.

Cherry Creek Mortgage Loan Process

  • You can apply online, by phone, or in person at one of their branches
  • Use their online loan officer directory to find an originator near you
  • They offer a digital mortgage experience powered by FasTrac
  • Streamlined underwriting process aimed at getting you approved fast

To get started, you can visit their website and click on the “Get Started” button. From there, you need to register to begin filling out a loan application online.

Alternatively, you can simply call them up on the phone to get connected with a loan officer, or use the “Find a Loan Expert” tab to find someone specific and/or nearby.

Cherry Creek also has physical branches in many of the states where they do business, so it may be possible to visit one and speak to a loan officer in person if that’s your thing.

They rely on their own proprietary technology known as FasTrac, which “streamlines the documentation required for submitting a loan to underwriting.”

It’s unclear if this is similar to some other technologies that allow you to link bank accounts, import W-2s, and so on, but it sounds like it.

The company says it offers a digital mortgage experience, so I assume you can upload documents, get real-time status updates, and conduct most of the process remotely.

Cherry Creek Mortgage Loan Options

  • Home purchase loans and refinance loans
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government-backed mortgages (FHA/USDA/VA)
  • Jumbo home loans
  • Renovation loans (Fannie Mae HomeStyle and FHA 203k)
  • Construction loans
  • HUD-Section 184 Loans for Native Americans
  • Physician mortgages
  • Reverse mortgages

Cherry Creek offers home purchase financing, mortgage refinancing, home renovation loans, and reverse mortgages for seniors.

A good chunk of their production consists of conventional loans backed by Fannie and Freddie, with FHA loans their second most common offering.

They also offer jumbo loans for those with large loan amounts, VA loans for veterans and active duty, and USDA loans for those in rural areas.

If refinancing an existing mortgage, you can get a rate and term refinance or a cash out refinance.

Those purchasing a home with limited down payment funds can take advantage of their knowledge of down payment assistance programs, grants, and interest-free second mortgages.

And those building a new home can take advantage of long rate lock periods with float-down options.

They also have a Union Advantage Program that offers benefits to union members and their immediate family, including a $500 gift card after closing on a new purchase loan or refinance.

And they offer HUD-Section 184 Loans for Native Americans interested in purchasing a home, along with physician mortgages specially tailored for doctors.

You can get a fixed-rate mortgage or an adjustable-rate mortgage, with all the common varieties available such as a 30-year fixed or 15-year fixed, or a 5/1 ARM, 7/1 ARM, and so on.

Cherry Creek Mortgage Rates

Like a lot of other mortgage lenders, they don’t openly advertise their mortgage rates on their website for one reason or another.

As such, it’s difficult to determine how competitive they are mortgage pricing wise. The same goes for lender fees.

It’s unclear what they charge in the way of fees, such as a loan origination fee, so you’ll need to inquire about it and/or review your Loan Estimate if you get pricing from them.

Definitely take the time to shop around if getting a quote from Cherry Creek Mortgage to see low they stack up against other lenders.

Cherry Creek Mortgage Reviews

On Zillow, there are nearly 900 Cherry Creek Mortgage reviews at the moment and the company has a 4.97-star rating out of 5.

Many of the recent reviews indicated the interest rate was lower than expected, and others mentioned that fees/closing costs were also lower than expected.

If you want to see a specific Cherry Creek Mortgage loan officer’s reviews, look for their name on Zillow to fine-tune your results.

It’s difficult to find other companywide reviews, so you might be better served searching for reviews of local branches located near you.

The company is also Better Business Bureau accredited at both its headquarters and all its company-owned locations.

It enjoys an A+ rating from the BBB and had just a handful of customer complaints and reviews at last glance.

Cherry Creek Mortgage Pros and Cons

The Good Stuff

  • Offer all types of loans including reverse mortgages
  • Excellent reviews from past customers
  • Free mortgage calculators and eGuides on site
  • Offer a digital mortgage experience
  • Can apply directly on the website or visit a branch

The Potential Not-so-Good Stuff

  • Not licensed in all 50 states
  • Do not advertise their mortgage rates online
  • Do not disclose lender fees on their website
  • Do not offer home equity loans or lines of credit
  • No smartphone app

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