Orchard Mortgage Review 2024

Orchard Mortgage overview

Orchard Mortgage is a mortgage broker and lender headquartered in Austin, Texas. It caters to borrowers in several states, and offers the standard suite of loan options, including conventional and some government-backed loans.

Pros and cons of Orchard Mortgage

How Bankrate scored Orchard Mortgage

• Affordability: Orchard Mortgage boasts some competitive rate offers (as of this review), but you won’t see them unless you create a profile on the lender’s website.
• Availability: Orchard Mortgage’s footprint has grown to 30 states. Be sure to check availability before you proceed with requesting a preapproval.
• Borrower experience: With its digital-forward platform, Orchard Mortgage offers a streamlined application process. If you need help with your loan, the broker is also available via email or phone.

Affordability: 6.2/10

Orchard Mortgage’s rates are competitive compared to Bankrate’s averages (as of this review), and the lender strives for transparency when it comes to costs, advertising “no hidden fees” on its website. To get a rate quote, however, you’ll need to set up a profile online.

Availability: 8/10

Orchard Mortgage is available to borrowers in 30 states. Its mortgage products include conventional, FHA and VA loans for home purchases and refinances. It also offers flexible loan terms beyond 15 years or 30 years, with as few as eight years an option. Generally, you’ll need at least 3 percent down to qualify for a loan.

Borrower experience: 4.2/10

Orchard Mortgage was founded in 2019, then doing business as LoanMonkey. It currently has an A rating from the Better Business Bureau. If you’re interested in working with Orchard, you can set up a profile online to see rates and get prequalified, a process that typically takes 10 minutes or less, according to the lender. If you’re eligible, you can expect an approval in 24 hours, and the average closing timeline on a home sale is currently 24 days.

How to apply for a mortgage with Orchard Mortgage

You can apply for a mortgage with Orchard Mortgage online or by phone at 888-627-0677. Its business hours are 9 a.m. to 6 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Orchard Mortgage

Orchard Mortgage offers both rate-and-term and cash-out refinancing options.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.