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Compare Rates

Get qualified today and get a loan with the best mortgage rates, just fill out the form to get started now.

Where Are Rates Today?

Explore Rates and what determines them.

Myth: There is just one interest rate...

Home loans all have different interest rates based on a buyer’s level of risk.

To secure the lowest interest rate from a bank, you should aim to present the least amount of risk to them. This can be achieved by having a high credit score, making a larger down payment, and ensuring that your monthly financial commitments are low in relation to your income. Additionally, the type of property you’re purchasing, such as a condo versus a single-family home, and its location can also influence the rate you receive.

The two major loan types are Conventional and FHA loans. Other popular loan types are VA, Jumbo, and USDA.

Between Conventional and FHA loans, FHA usually has a lower interest rate, but requires mortgage insurance to be added to your payment that often off-sets this. So if you have a large down payment and a solid credit score Conventional may still be cheaper, even with the higher interest rate. A qualified loan originator can do a side-by-side comparison for your unique scenario and see which makes the most sense for you.

Similar to FHA loans, VA loans also have very low rates, but unlike FHA loans they do not have mortgage insurance. However, you must have served in the US armed forces to qualify for a VA loan.

Jumbo loans are for loans that need to borrow more than FHA or Conventional loans allow. Rates on these vary greatly based on the lender as well as the borrower’s unique loan characteristics.

Contrary to popular opinion, interest rates move every day, often multiple times throughout the day. Typically this movement is slow day-over-day but with changes in the financial markets, geo-political changes or other influencers, they can sometimes change very rapidly.

As mentioned above, each person’s interest rate is specific to their unique risk profile and what loan type they fit into best.

FHA and Conventional Rates are different. Higher credit and down payment will get you better rates. To find your rate, the bank needs to know about your financial scenario. This is why the first step in home buying is always talking to a lender to get prequalified for a home loan.

Most Common Loan Terms:

30 Year Fixed

Your loan will have monthly payments for 30 years (a total of 360 payments) and each payment will be for the exact same amount for all 360 payments.

15 Year Fixed

Your loan will have monthly payments for 15 years (a total of 180 payments) and each payment will be for the exact same amount for all 180 payments.

Other Common Loan Terms

Other Common Fixed Rate Loan Terms are 10 year, 20 year, and 25 Year Fixed Rate loans. The shorter the loan term, the more your payment is monthly to pay off the home in a shorter time frame. However, when you have a shorter-term the interest rate is lower because you’re less risky to the bank as you’re borrowing the money for a shorter period of time.

Changes On A Fixed Rate Loan

Rate and Principle and Interest DO NOT CHANGE, but what can?

Mortgage Insurance – Whenever you get a home loan without having 20% equity or down payment in the home, then you have to pay mortgage insurance. MI won’t go up, but it can go down or away on a Conventional Loan. FHA loans – the MI will not change or drop off.

Property Taxes & Home Insurance – These two items are typically collected each month as part of your payment. Taxes are decided by the county and area you live in and get re-assessed each year. Home insurance is similar, the prices can change. Your lender will monitor these every 2 years and can adjust what they collect, which can change your payment.

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Have a few more questions?

Our Loan Experts Can Help

Annual Percentage Rate (APR) is a measuring tool to compare two different loan types or terms that represents total costs of a loan (interest plus closing costs) as a percentage. It can aid in determining which loan option will cost the least over the life of the home loan. It should be considered when doing loan option comparisons along with other factors including what your financial goals are.

This depends on the loan’s size, but a quick way to measure the savings each month is to take the loan size, multiply it by 1%, and divide by 12 to see how much it will save you that month in interest. Check out our Amortization Calculator to figure out savings over a 30-year loan.

15-year mortgage rates are lower than 30-year mortgage rates because it is less risky for the bank to lend you money for a shorter length of time than a longer one, so they give you a better rate/deal for returning their initial loan sooner.


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