Coloramo Mortgage Rates, Fees & Info

Grand Junction, CO

LEI: 549300VEXSWLQB1TM843

Tax ID: 84-0433515

5 stars - Updated: 3/28/24 - out of 5 stars, based on 12 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Coloramo is a smaller mortgage company specializing in Other and Cash Out Refi loans. Coloramo has a high proportion of conventional loans. Their top markets by origination volume include: Grand Junction, Montrose, Glenwood Springs, and Denver among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Coloramo has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Coloramo is typically an average 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 relatively high 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 6.27% 3/28/24
30 Year Conventional Refi 6.27% 3/28/24
30 Year Cash-out Refi 5.71% 3/28/24
15 Year Conventional Purchase 5.68% 3/28/24
15 Year Conventional Refi 5.68% 3/28/24
15 Year Cash-out Refi 5.68% 3/28/24
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.

Coloramo Mortgage Calculator






Your Estimates

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This is not an official calculator from Coloramo. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

141

Origination Dollar Volume (All Markets)

$15,825,000

Awards

COLORAMO 30 Year Conventional Loans gold COLORAMO 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Coloramo's average 30 year fixed mortgage rate was 5.7%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.79%.

Relative Fees (Closing Costs)

Coloramo's average total fees/closing costs for a 30 year fixed rate mortgage were $5,654.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
GRAND JUNCTION, CO (FHA|USDA|VA) 134 $14,470,000 $107,985 $2,726 8.27%
Montrose, CO (FHA|USDA|VA) 1 $465,000 $465,000 $10,842 5.75%
Outside of Metro Areas 3 $355,000 $118,333 $4,101 7.66%
Glenwood Springs, CO (FHA|USDA|VA) 2 $340,000 $170,000 $8,237 7.62%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $195,000 $195,000 $3,790 6.13%
Coloramo's top markets include Grand Junction, Montrose, Glenwood Springs, and Denver among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against COLORAMO based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    COLORAMO
    Similarity Rank: 50
    Alpine Bank
    Similarity Rank: 165
    Grand Valley Bank
    Similarity Rank: 351
    Bank of Colorado
    Similarity Rank: 676
    HOMESTAR FINANCIAL CORPORATION
    Similarity Rank: 1694
    GERSHMAN INVESTMENT CORP.
    Similarity Rank: 1955
    MASON MCDUFFIE MORTGAGE CORPORATION
    Similarity Rank: 5024
    Mortgage Research Center, LLC
    Similarity Rank: 5508
    MORTGAGE SOLUTIONS OF COLORADO, LLC
    Similarity Rank: 6435

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 74 $10,540,000 $142,432 $2,961 7.10%
    HELOC 67 $5,285,000 $78,881 n/a 9.45%

    For 2023, Coloramo's most frequently originated type of loan was Conventional, with 74 originations. Their 2nd most popular type was HELOC, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 98 $7,110,000 $72,551 $1,467 8.87%
    Cash Out Refi 19 $4,575,000 $240,789 $4,461 5.65%
    Home Improvement 14 $1,040,000 $74,286 $1,492 8.47%
    Home Purchase 9 $2,975,000 $330,556 $7,403 5.96%
    NA 1 $125,000 $125,000 $0 9.24%

    For 2023, Coloramo's most frequently cited loan purpose was Other, with 98 originations. The 2nd most popular reason was Cash Out Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 68 $5,520,000 $81,176 $1,453 9.41%
    15 Year 44 $2,940,000 $66,818 $1,611 7.83%
    30 Year 25 $7,045,000 $281,800 $5,654 5.70%
    10 Year 3 $175,000 $58,333 $1,584 7.83%
    Other 1 $145,000 $145,000 $801 7.90%

    For 2023, Coloramo's most frequently cited loan duration was 20 Year, with 68 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 28 $1,640,000 $58,571
    $1k-2k 18 $1,320,000 $73,333
    $2k-3k 9 $1,665,000 $185,000
    $5k+ 8 $3,240,000 $405,000
    $3k-4k 6 $1,270,000 $211,667
    $4k-5k 5 $1,405,000 $281,000

    Coloramo's average total fees were $5,654, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 84 $6,140,000 $73,095
    6-7% 23 $3,445,000 $149,783
    7-8% 18 $1,560,000 $86,667
    4-5% 8 $2,000,000 $250,000
    5-6% 8 $2,680,000 $335,000

    During 2023, Coloramo's average interest rate for loans was 5.70%, while their most frequently originated rate bucket for loans was Over 8%, with 84 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 89 $4,495,000 $50,506 $1,302 8.78%
    $100k-200k 32 $4,660,000 $145,625 $2,797 7.98%
    $200k-400k 14 $3,700,000 $264,286 $5,580 6.10%
    $400k-600k 5 $2,275,000 $455,000 $9,424 5.97%
    $600k-1MM 1 $695,000 $695,000 $9,090 6.50%

    2023 saw Coloramo place emphasis on $100,000 or less loans with 89 originations, totaling $4,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 41 $5,745,000 $140,122 $3,374 8.03%
    $75k-100k 32 $2,530,000 $79,063 $2,404 8.53%
    $50k-75k 29 $2,235,000 $77,069 $1,805 8.43%
    $150k-250k 19 $3,425,000 $180,263 $5,306 8.59%
    $50k or less 17 $1,505,000 $88,529 $2,572 7.31%
    $250k+ 3 $385,000 $128,333 $2,558 7.96%

    Coloramo lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $75k-100k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 29 $3,305,000 $113,966 $3,409 8.03%
    30-36% 28 $3,190,000 $113,929 $2,730 8.02%
    <20% 16 $1,190,000 $74,375 $1,776 8.07%
    43% 11 $705,000 $64,091 $1,984 9.29%
    36% 10 $860,000 $86,000 $1,266 8.41%
    37% 9 $905,000 $100,556 $3,774 8.91%
    42% 7 $1,075,000 $153,571 $4,398 7.67%
    44% 7 $1,275,000 $182,143 $3,905 7.72%
    45% 5 $1,695,000 $339,000 $6,674 6.92%
    38% 5 $545,000 $109,000 $3,060 8.07%
    41% 4 $300,000 $75,000 $2,172 9.03%
    40% 4 $300,000 $75,000 $975 9.21%
    39% 2 $110,000 $55,000 $1,275 8.37%
    46% 1 $55,000 $55,000 $1,519 7.50%
    47% 1 $105,000 $105,000 $0 9.24%
    48% 1 $85,000 $85,000 $0 9.24%
    49% 1 $125,000 $125,000 $3,325 6.63%

    Coloramo lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 139 $15,385,000 $110,683 $2,948 8.25%
    Native Hawaiian or Islander 2 $440,000 $220,000 $3,456 6.00%

    Approval Rates

    Total approvals of all applications
    87.71%

    Coloramo has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.65%

    Coloramo has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 141 $15,825,000 $112,234

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    141 $15,825,000 $112,234

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $3,365,000 $108,548 $2,009 8.61%
    40-60% 17 $3,665,000 $215,588 $4,329 7.00%
    60-80% 10 $3,070,000 $307,000 $6,287 5.94%
    80-100% 5 $1,995,000 $399,000 $8,109 6.47%
    Over 100% 1 $45,000 $45,000 $0 12.49%
    Under 20% 77 $3,685,000 $47,857 $1,345 8.68%