Cherry Creek Mortgage

Cherry Creek Mortgage

Are you this business?
Author picture
Written by
Author picture
Edited by

Our promise. We provide a buying advantage with verified reviews and unbiased editorial research.

About Cherry Creek Mortgage

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Cherry Creek Mortgage (NMLS #3001) is a national mortgage lender headquartered in Greenwood Village, Colorado. The company is licensed in 42 states, with branch locations in 18 states. Cherry Creek Mortgage has been in business for over 35 years and has originated over $78 billion in loans, according to the company.

    Pros & Cons


    • FHA, VA and USDA loans
    • Online application
    • Pre-qualifications and preapprovals
    • On-time closing guarantee (or $1,500 closing credit)


    • Does not post starting rates
    • Not available in all states
    • No home equity loans or HELOCs

    Bottom Line

    Cherry Creek Mortgage offers conventional and government-backed loans, including for purchasing and refinancing. Credit score minimums start at 580, with down payments as low as 3%. Pre-qualification and preapproval are available.


    Cherry Creek Mortgage does not post starting rates, but data from the Home Mortgage Disclosure Act shows its average loan rate has been slightly higher than the national average from 2019 to 2021. The only way to see its rates is to choose a loan officer in your area and begin the application process. Your loan officer will go over the mortgage types and interest rates with you.

    Of course, the rates offered to borrowers vary based on several factors, including the borrower’s credit history and debt-to-income (DTI) ratio. Borrowers with good to excellent scores and low DTI ratios typically are offered the best rates.

    Other influences include the type of mortgage you’re seeking, loan term, home price, property location and the amount you have available to spend on the down payment. Economic factors outside a borrower’s control also affect rates.

    Cherry Creek offers both fixed-rate and adjustable-rate mortgages. A fixed-rate mortgage has the same interest rate throughout the life of the loan. The most common terms for fixed-rate mortgages are 15, 20 and 30 years.

    Adjustable-rate mortgages (ARMs) typically begin with an initial rate that’s lower than on a fixed-rate mortgage, but it resets after an initial period. For example, a 5/1 ARM will have a fixed rate for the first five years, and then your rate will reset every year after that based on the benchmark index used by the lender and the margin specified in your loan agreement.

    If overall interest rates are rising, your rate could go up when it resets. But if you plan to sell before that, or if you can refinance, the lower starting rate of an ARM could save you money in interest. Your loan officer can help you look at the pros and cons.

    Cherry Creek Mortgage average home purchase rate vs. national average

    YearDifference from national average
    2021 +0.06%
    2020 +0.04%
    2019 +0.14%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    To start the mortgage application process, choose a Cherry Creek loan officer. If you’re in one of the 18 states where the company has branch locations, you can choose someone local and meet in person. Otherwise, you’ll need to select a remote agent who is licensed in your state. The company’s website has a map that makes this easy.

    Once you’ve done this, you can seek a pre-qualification or preapproval. With preapproval, Cherry Creek offers what it calls a TRU Offer, which gives you a certified approval letter that can help you during the homebuying process. The company also guarantees an on-time closing. If it fails to meet this promise, it will provide you with a $1,500 lender credit that can be put toward your closing costs.

    All processes, including the full application, can be done online through its borrower portal. Here, you can fill out your application, submit documentation securely and sign all documents electronically. Remote closing is available.

    Once your loan is closed, Cherry Creek may transfer your loan for servicing to a different company. The terms of your loan will not change.

    Cherry Creek Mortgage application features

    Online application
    Mobile document upload
    Physical branches 18 states
    Publishes minimum rate on website X
    Rate lock Usually 30 days
    Pre-qualification (no hard credit pull)
    Certified approval letter

    Loan types

    Cherry Creek Mortgage offers a broad range of loan types, including conventional mortgages, jumbo mortgages (for more expensive properties) and FHA, VA and USDA loans. It also offers home renovation loans and reverse mortgages.

    FHA, VA and USDA mortgages are backed by the government. This is intended to help lessen the lender’s risk of extending mortgages to first-time homebuyers and borrowers with lower credit scores and down payments. Conventional loans do not have government backing, so lenders typically require higher credit scores and down payments.

    Loan applications for home purchases only by year

    Home purchase applications 13,088 13,405 17,246
    Home purchase loans closed 9,696 10,176 9,728
    Home purchase applications denied 412 441 673
    Home purchase preapprovals denied 20 39 66
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    In 2020 and 2021, Cherry Creek closed more refinance loans than home purchase loans.  This was a trend across the mortgage industry as rates hit historic lows, making refinancing attractive to borrowers who were hoping to lock in a lower interest rate. With rates rising now, it's expected fewer borrowers will be looking to refinance in 2022.

    Home purchase vs. refinance loans by year

    Home purchase loans 42.47% 37.70% 63.57%
    Refinance loans 35.02% 48.58% 23.97%
    Cash-out refinance 22.51% 13.72% 12.46%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    Home purchase lenders follow Freddie Mac and Fannie Mae guidelines for conforming loans, but requirements can still vary by lender. Requirements for a conventional loan are typically a minimum down payment of 3% and a credit score of at least 620. Credit score minimums for government-sponsored mortgages can range from 500 for some FHA loans to 640 for a USDA loan.

    Bear in mind that borrowers who put down less than 20% on a conventional loan usually have to pay private mortgage insurance (PMI), which protects lenders in case of default.

    Lenders will also consider your finances, particularly your debt-to-income (DTI) ratio. The DTI compares the cost of your monthly bills with your income. Most lenders want to see a DTI ratio of 36% or lower, but there are some that will accept 45% or higher.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional 620 5% Mortgage lenders
    FHA 580 3.5% FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA 640 0% USDA lenders

    For more information on other loan types, see our guide on jumbo loans.

    Cost and fees

    Cherry Creek Mortgage doesn’t publish its origination fee or other loan costs. But if you choose to move ahead with an application, the company will send you a Loan Estimate within three business days of receiving it. This estimates loan costs, including closing costs.

    In addition to lender costs like origination and processing fees, you will likely need to pay for the appraisal, title search, title insurance and attorney fees. You may also have to pay private mortgage insurance (if your down payment is less than 20% on a conventional loan) and homeowners insurance.


    What is Cherry Creek Mortgage?

    Cherry Creek Mortgage is a mortgage lender operating in 42 states. It offers conventional mortgages and government-backed loans for purchasing and refinancing. It also offers reverse mortgages.

    Is Cherry Creek Mortgage legit?

    Cherry Creek Mortgage has been lending to home purchasers for more than 35 years. In that time, it has produced $78+ billion in loans for more than 300,000 families.

    Where is Cherry Creek Mortgage available?

    Cherry Creek is licensed in all states except Alaska, Georgia, Hawaii, Massachusetts, New York, Rhode Island, Vermont and Virginia. It maintains offices in 18 states.

    • Recent
    • Oldest
    • Most helpful
    • Any

    Currently there are no customer reviews.

    Select stars to rate your experience
    Very dissatisfied with the experienceDissatisfied with the experienceSatisfied with the experienceHappy with the experienceWould recommend to a friend

    A link has directed you to this review. Its location on this page may change next time you visit.

    Loading more reviews...
    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 26, 2022.

    Cherry Creek Mortgage Company Information

    Company Name:
    Cherry Creek Mortgage