In finance, your assumptions are everything
When you're comparing interest rates, there are two things you need to do to know which lender has the best loan for you:
- Know what the fees/APR are for any interest rate quoted, and
- Make sure you're using the right assumptions
Here's a list of the assumptions a lender will have to make in order to quote you an accurate interest rate:
- What is your credit score?
- Full doc or reduced? (that is, can you document income and assets?)
- New loan amount
- Property value
- Purchase or refinance?
- Primary residence, 2nd home or investment property?
There's more to it than that, of course, but anyone who tries quoting an interest rate to you without first getting clear on these points is not trying to give you an accurate rate quote -- what your interest rate might be.
For the purposes of our rates and apr's, we use the following assumptions:
720+ credit, full documentation, owner occupied purchase, conforming loan size $300,000 and property value $375,000, jumbo loan size $600,000 and property value $750,000
Quick interest rates
| Program | Rate | APR |
| 30 year fixed | 6.375% | 6.623% |
| Jumbo fixed 30 | 8.500% | 8.652% |
| 5 year ARM | 5.750% | 6.159% |
Contact Info:
720.297.8002 tel
720.294.0152 fax
