We compare mortgage interest rate and loan related closing costs at Colten Mortgage with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.15%)
Loan Related Closing Costs: lower than average (-$1438)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Colten Mortgage originated 162 mortgages, a national market share of 0.0%. It was most active in CO (0.1% market share), TN (0.0% market share), and NC (0.0% market share).
On average, Colten Mortgage’s interest rates were higher than those of comparable mortgages at other lenders (+0.15%).1The comparable mortgages control for Colten Mortgage’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 $4514, which was lower than those of comparable mortgages at $5952, with a difference of -$1438. Overall, we estimate that Colten Mortgage tends to be an expensive lender, with a cost-adjusted-rate difference of +0.07% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Colten Mortgage.
Colten Mortgage originated Conforming and FHA mortgages for new home purchases. 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 Colten Mortgage compared to other lenders
|Interest Rate Difference||+0.18%||+0.07%|
|Loan related Closing Cost Difference||-$1021||-$2318|
|Cost Adjusted Rate Difference||+0.12%||-0.05%|
Based on the table above, Colten Mortgage is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.
Other information about Colten Mortgage:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: GREENWOOD VILLAGE, CO, 80111