Is Cherry Creek Mortgage Co. Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Cherry Creek Mortgage Co. Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.05%)
Loan Related Closing Costs: lower than average (-$1534)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Cherry Creek Mortgage Co. Inc. originated 9764 mortgages, a national market share of 0.2%. It was most active in CO (2.7% market share), WI (0.6% market share), and OR (0.5% market share).

On average, Cherry Creek Mortgage Co. Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.05%).1The comparable mortgages control for Cherry Creek Mortgage Co. Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $3613, which was lower than those of comparable mortgages at $5146, with a difference of -$1534. Overall, we estimate that Cherry Creek Mortgage Co. Inc. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.05% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Cherry Creek Mortgage Co. Inc..

Cherry Creek Mortgage Co. Inc. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Cherry Creek Mortgage Co. Inc. compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.08% -0.02% +0.13% -0.00% -0.01%
Loan related Closing Cost Difference -$1479 -$2142 -$1562 -$1864 -$1311
Cost Adjusted Rate Difference -0.02% -0.20% +0.09% -0.19% -0.09%

Based on the table above, Cherry Creek Mortgage Co. Inc. is cheap for FHA, USDA and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Cherry Creek Mortgage Co. Inc. compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference +0.07% +0.04% +0.02% +0.00%
Loan Related Closing Cost Difference -$1260 -$1335 -$1245 -$777
Cost Adjusted Rate Difference -0.02% -0.05% -0.02% -0.04%

Based on the table above, Cherry Creek Mortgage Co. Inc. is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming, Jumbo and VA mortgage refinance.

Other information about Cherry Creek Mortgage Co. Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Greenwood Village, CO, 80111

Footnotes   [ + ]

1. The comparable mortgages control for Cherry Creek Mortgage Co. Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.

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