Coloramo Mortgage Rates, Fees & Info

Grand Junction, CO

LEI: 549300VEXSWLQB1TM843

Tax ID: 84-0433515

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Coloramo is a smaller mortgage company specializing in Cash Out Refi loans. Coloramo has a high proportion of conventional loans. Their top markets by origination volume include: Grand Junction, Montrose, and Glenwood Springs among others. We have data for 4 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 5.71% 12/16/24
    15 Year Conventional Purchase 5.68% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 12/16/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    104

    Origination Dollar Volume (All Markets)

    $16,560,000

    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) 94 $14,270,000 $151,809 $3,459 3.70%
    Outside of Metro Areas 5 $1,135,000 $227,000 $3,996 3.15%
    Montrose, CO (FHA|USDA|VA) 2 $590,000 $295,000 $4,253 3.81%
    Glenwood Springs, CO (FHA|USDA|VA) 3 $565,000 $188,333 $3,318 3.71%
    Coloramo's top markets include Grand Junction, Montrose, and Glenwood Springs 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.

    Grand Valley Bank
    Similarity Rank: 182
    Ent Credit Union
    Similarity Rank: 187
    COLORAMO
    Similarity Rank: 284
    CREDIT UNION OF COLORADO, A FEDERAL CREDIT UNION
    Similarity Rank: 504
    Alpine Bank
    Similarity Rank: 645
    GERSHMAN INVESTMENT CORP.
    Similarity Rank: 1340
    Bank of Colorado
    Similarity Rank: 1764
    UNIVERSAL LENDING CORPORATION
    Similarity Rank: 4758
    VILLAGE CAPITAL MORTGAGE
    Similarity Rank: 5016
    CLEARPATH LENDING
    Similarity Rank: 5250

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 74 $14,820,000 $200,270 $3,512 3.29%
    HELOC 30 $1,740,000 $58,000 n/a 4.62%

    For 2021, Coloramo's most frequently originated type of loan was Conventional, with 74 originations. Their 2nd most popular type was HELOC, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 43 $8,275,000 $192,442 $3,562 3.33%
    Other 22 $1,450,000 $65,909 $1,875 4.74%
    Refi 15 $2,355,000 $157,000 $2,825 3.10%
    Home Improvement 12 $1,650,000 $137,500 $3,630 3.68%
    Home Purchase 10 $2,730,000 $273,000 $4,599 3.53%
    NA 2 $100,000 $50,000 $0 4.24%

    For 2021, Coloramo's most frequently cited loan purpose was Cash Out Refi, with 43 originations. The 2nd most popular reason was Other, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 58 $12,320,000 $212,414 $3,636 3.29%
    10 Year 23 $1,515,000 $65,870 $2,643 4.59%
    20 Year 20 $2,310,000 $115,500 $3,004 3.79%
    15 Year 3 $415,000 $138,333 $3,495 3.33%

    For 2021, Coloramo's most frequently cited loan duration was 30 Year, with 58 originations. The 2nd most popular length was 10 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 31 $4,395,000 $141,774
    $2k-3k 20 $4,500,000 $225,000
    $3k-4k 11 $3,305,000 $300,455
    $<1k 5 $235,000 $47,000
    $4k-5k 5 $2,035,000 $407,000
    $5k+ 1 $305,000 $305,000

    Coloramo's average total fees were $3,636, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 31 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 43 $8,485,000 $197,326
    4-5% 33 $2,845,000 $86,212
    2.5-3% 21 $4,315,000 $205,476
    <2.5% 2 $470,000 $235,000
    5-6% 2 $210,000 $105,000
    Over 8% 2 $190,000 $95,000
    6-7% 1 $45,000 $45,000

    During 2021, Coloramo's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 3-4%, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $1,880,000 $52,222 $1,477 4.23%
    $100k-200k 36 $5,410,000 $150,278 $2,924 3.49%
    $200k-400k 28 $7,460,000 $266,429 $4,406 3.29%
    $400k-600k 4 $1,810,000 $452,500 $6,527 3.06%

    2021 saw Coloramo place emphasis on $100,000 or less loans with 36 originations, totaling $1,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $4,190,000 $130,938 $3,038 3.58%
    $75k-100k 25 $4,225,000 $169,000 $3,791 3.76%
    $50k-75k 24 $3,130,000 $130,417 $2,964 3.54%
    $100k-150k 9 $2,235,000 $248,333 $4,605 3.32%
    $250k+ 9 $1,635,000 $181,667 $4,159 4.68%
    $150k-250k 5 $1,145,000 $229,000 $4,447 3.32%

    Coloramo lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $75k-100k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 24 $3,920,000 $163,333 $3,631 3.49%
    20-30% 23 $3,685,000 $160,217 $3,457 3.69%
    <20% 16 $2,080,000 $130,000 $2,696 3.52%
    42% 6 $570,000 $95,000 $3,384 3.95%
    43% 6 $1,000,000 $166,667 $3,737 3.89%
    36% 5 $545,000 $109,000 $3,524 3.82%
    38% 4 $470,000 $117,500 $3,920 5.18%
    39% 3 $445,000 $148,333 $3,046 3.96%
    41% 3 $545,000 $181,667 $3,937 3.54%
    40% 2 $450,000 $225,000 $3,439 3.19%
    37% 2 $190,000 $95,000 $3,060 3.62%
    44% 1 $45,000 $45,000 $0 4.24%

    Coloramo lent most frequently to those with DTI ratios of 30-36%, with 24 originations. The next most common DTI ratio? 20-30%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 102 $16,210,000 $158,922 $3,508 3.67%
    Asian 1 $225,000 $225,000 $3,737 3.13%
    Black 1 $125,000 $125,000 $0 4.24%

    Approval Rates

    Total approvals of all applications
    87.18%

    Coloramo has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.23%

    Coloramo 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 104 $16,560,000 $159,231

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    104 $16,560,000 $159,231

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $1,610,000 $89,444 $1,988 4.00%
    40-60% 17 $2,715,000 $159,706 $2,908 3.16%
    60-80% 39 $9,275,000 $237,821 $4,096 3.34%
    80-100% 6 $1,940,000 $323,333 $4,774 3.06%
    Under 20% 24 $1,020,000 $42,500 $876 4.49%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Clear Mortgage Capital, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 100.0%