Wheat Ridge Colorado Mortgage Rates

Looking for Wheat Ridge Colorado Mortgage Rates? We provide free estimates and honest, common-sense financial advice in Wheat Ridge and all of Colorado.

The Wheat Ridge Colorado Mortgage Rates each home owner can qualify for depend on many factors.  Let's explore some of the main things that can influence what type of rate you will get.

Loan Term

When you ask us "what rate can I qualify for?" one of the first things we will ask in return is "What kind of loan are you looking for- 30 year fixed, 15 year fixed, adjustable?"  The term of your loan in part determines your rate, with shorter loan amortizations, in general, carrying lower rates. 

Credit Score

Your credit score is also another major factor in determining your mortgage rate.  A lower score will result in a higher rate, and vice-versa.  On a standard conventional loan, you need a score above 740 to qualify for the best rates.

Loan Type

If you are looking for an FHA loan, VA loan, conventional loan, or any of the other myriad of products that are available in the marketplace, it can have a major impact on the rate you can qualify for.  Rates for different products can be vastly different, and some products may have a lower rate with one scenario compared to another product.

Equity/Down Payment

On conventional loans especially, the amount of your down payment has a big effect on your rate.  With less down payment (or equity), your will unfortunately have a higher rate compared to someone with a larger down payment.

Occupancy

Owner occupied primary residence mortgage rates are lower than investment properties.  Second homes can usually receive the same rate as an owner occupied property, but may require a little more down payment.

Loan Amount

Your loan amount can also influence your rate.  Small loan amount can carry a higher rate, and also "jumbo" mortgages (loans above $417,000 in most Colorado counties in 2013) can carry a higher rate. 

So why is it that mortgage rate can be vastly different depending on your scenario?  The reason is that in scenarios in which lenders raise the rate, it represents higher risk for them for that type of borrower, as a group, so they place a premium on rates in those categories. 

To get a custom, no obligation quote for Wheat Ridge Colorado Mortgage Rates, or for anywhere in Colorado, give us a call today!