Peak Financial Mortgage Rates, Fees & Info
DENVER, COLEI: 254900A6XS8JBOVU9C33
Tax ID: 87-0783934
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Mortgage Data
Review & Overview
Peak Financial is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. They have a a high proportion of FHA loans. Peak Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Denver, Greeley, Colorado Springs, Cheyenne, and Pueblo among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Peak Financial has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Peak Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.13% | 11/21/24 |
| 30 Year Conventional Refi | 6.09% | 11/21/24 |
| 30 Year Cash-out Refi | 6.57% | 11/21/24 |
| 30 Year FHA Purchase | 7.04% | 11/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Peak Financial Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
66Origination Dollar Volume (All Markets)
$18,550,000Awards
Peak Financial - 2019
Peak Financial is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 32 | $11,180,000 | $349,375 | $3,305 | 4.24% |
| Outside of Metro Areas | 7 | $1,295,000 | $185,000 | $2,927 | 4.75% |
| GREELEY, CO (FHA|USDA|VA) | 5 | $1,265,000 | $253,000 | $4,319 | 4.35% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 5 | $1,265,000 | $253,000 | $3,053 | 4.23% |
| CHEYENNE, WY (FHA|USDA|VA) | 5 | $1,015,000 | $203,000 | $2,617 | 3.93% |
| PUEBLO, CO (FHA|USDA|VA) | 4 | $630,000 | $157,500 | $1,946 | 4.31% |
| Gillette, WY (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 4.00% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,383 | 4.25% |
| Riverton, WY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,349 | 5.00% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,543 | 4.50% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $3,325 | 4.19% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,631 | 4.50% |
| Montrose, CO (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $6,397 | 5.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Peak Financial based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2019, Peak Financial's most frequently originated type of loan was FHA, with 31 originations. Their 2nd most popular type was Conventional, with 28 originations.
Loan Reason
For 2019, Peak Financial's most frequently cited loan purpose was Cash Out Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 24 originations.
Loan Duration/Length
For 2019, Peak Financial's most frequently cited loan duration was 30 Year, with 61 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 52 | $14,140,000 | $271,923 |
| $2k-3k | 5 | $1,795,000 | $359,000 |
| $1k-2k | 3 | $895,000 | $298,333 |
| $3k-4k | 2 | $520,000 | $260,000 |
Peak Financial's average total fees were $3,149, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 52 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 41 | $10,325,000 | $251,829 |
| 3-4% | 20 | $6,670,000 | $333,500 |
| 5-6% | 5 | $1,555,000 | $311,000 |
During 2019, Peak Financial's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 41 originations.
Loan Sizing
2019 saw Peak Financial place emphasis on $200k-400k loans with 39 originations, totaling $11,185,000 in origination value.
Applicant Income
Peak Financial lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $50k or less, with 16 originations.
Applicant Debt to Income Ratio
Peak Financial lent most frequently to those with DTI ratios of 30-36%, with 13 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.18%
Peak Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination12.12%
Peak Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 66 | $18,550,000 | $281,061 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $565,000 | $188,333 |
| Single Family (1-4 Units):Site-Built | 63 | $17,985,000 | $285,476 |