Low Cost Mortgage

Personal-Loans · Colorado

Rating: 3.9/5

Low Cost Mortgage logo

Colorado Springs mortgage lender offering VA, FHA, USDA, and conventional home loans with no lender origination fees. Branch of Mann Mortgage LLC, licensed in 8 states.

Official Website

https://lcmloans.com

Low Cost Mortgage Review

Low Cost Mortgage LLC was founded in 2018 by Michael Floren, a USMC veteran and finance professional with real estate experience dating to the late 1990s. Operating as a licensed branch of Mann Mortgage LLC (NMLS #2550) — a family-owned lender headquartered in Kalispell, MT since 1989 — the company holds its own NMLS license #2357261 and is HUD/FHA Title II approved through its parent. It originates residential mortgages in eight states: Colorado, Florida, Idaho, North Carolina, Tennessee, Texas, Washington, and Wyoming.

The company originates purchase and refinance loans across a broad range of programs. Its primary specialty is VA loans, which aligns directly with owner Floren's military background and gives the firm practical expertise in VA entitlement, funding fee waivers, and eligibility nuances. Additional products include FHA, USDA, conventional, portfolio, construction, and hard money loans.

Rather than publishing fixed rate sheets, the company maintains a live interest rate feed at lcmloans.com/interest-rates/ that updates by the minute. Pricing is quote-based — borrowers call 719-362-0439 for scenario-specific figures — though standard third-party closing costs (appraisal, title, escrow) still apply.

The company's defining differentiator is its elimination of lender origination fees, a cost that typically runs 0.5%–1% of the loan amount at conventional lenders. Its tagline — "Fast, Good, and Cheap" — is a deliberate rebuke of the industry's perceived norm of slow, poor service at high cost. The real-time rate feed adds a level of pricing transparency rarely offered at comparable mortgage shops. With 52 Google reviews averaging a perfect 5.0/5.0, the company has built a strong local reputation in the Colorado Springs market.

Low Cost Mortgage's no-lender-fee promise is a genuine differentiator, but the lack of published closing cost breakdowns means prospective borrowers must request a full loan estimate to understand total costs. The company's footprint is limited to eight states, excluding the vast majority of U.S. borrowers. As a small single-owner branch operation, capacity and responsiveness may differ from larger lenders during high-volume periods.

BBB accreditation and rating are unverified. Construction and hard money loan offerings are listed but carry minimal detail on the website, warranting careful due diligence from borrowers pursuing those products.

Pros & Cons

Reader-focused summary of the strongest reasons to consider Low Cost Mortgage and the factors most worth weighing before contracting. Individual outcomes depend on your credit situation and goals.

Pros

  • ✓No lender origination fees — a concrete cost reduction vs. industry standard of 0.5%–1% of loan amount
  • ✓Owner Michael Floren is a USMC veteran with deep VA loan expertise and real estate experience since the late 1990s
  • ✓Live interest rate feed at lcmloans.com/interest-rates/ updated by the minute for real-time pricing transparency
  • ✓Backed by Mann Mortgage LLC (est. 1989, NMLS #2550), a 35+ year family-owned parent with HUD/FHA Title II approval
  • ✓Perfect 5.0/5.0 Google rating from 52 reviews — strong local reputation in Colorado Springs
  • ✓Full loan product menu: VA, FHA, USDA, conventional, portfolio, construction, and hard money
  • ✓Licensed in 8 states: CO, FL, ID, NC, TN, TX, WA, and WY

Areas to Consider

  • !Single-owner branch operation with limited staffing capacity compared to mid-size or national lenders
  • !No published closing cost breakdown — standard third-party costs (appraisal, title, escrow) still apply and require a direct quote to assess
  • !Geographic restriction to 8 states; unavailable to most U.S. borrowers
  • !BBB accreditation and rating unverified — no standalone BBB profile confirmed for this entity
  • !Construction and hard money loan details are sparse on the website; eligibility and terms require direct inquiry

Verdict Summary

Low Cost Mortgage works best for consumers who value no lender origination fees — a concrete cost reduction vs. industry standard of and can accept the tradeoff of single-owner branch operation with limited staffing capacity compared to mid-siz. Compare against similar providers below before signing any contract.

Services & Features

Services offered

Feature Checklist

✗Credit Monitoring
✗All Three Bureaus
✗Goodwill Letters
✗Cease Desist Letters
✗Debt Validation
✗Credit Education
✗Identity Theft Protection
✗Score Tracking
✗Mobile App
✓Online Portal
✗Personal Advisor
✗Ai Powered
✗Cease Desist
✗Score Tracker

Best For

Before You Contact Low Cost Mortgage

Before signing up with any Personal Loans provider, review these safeguards:

Compare Your Needs With Low Cost Mortgage

Match these decision factors against Low Cost Mortgage's profile before committing. This rubric mirrors what independent consumer-finance research typically checks for Personal Loans providers.

Category

Personal Loans

Service scope

12 services listed

Geographic coverage

1 states

Match to your priorities

  • ●
    Budget priority: Pricing published above — factor in setup, monthly, and cancellation fees over the full expected service window.
  • ●
    Complexity priority: Consider Low Cost Mortgage's stated strengths (No lender origination fees — a concrete cost reduction vs. industry standard of 0.5%–1% of loan amount) against your specific credit situation.
  • ●
    Timeline priority: Personal Loans typically takes 3-6 months for meaningful outcomes. Providers guaranteeing overnight results are red flags under federal consumer protection law.
  • ●
    Recourse priority: Confirm state licensing via your state regulator and check the CFPB complaint database before contracting.
  • ●
    Alternatives: Compare against all Personal Loans providers, DIY options via non-profit counseling agencies, and free CFPB resources.

Pricing

  • Monthly Price: 0
  • Setup Fee: 0
  • Money Back Guarantee: False
  • Guarantee Details: Contact provider for details.
  • Free Consultation: False
  • Tiers: []
  • Currency: USD

Frequently Asked Questions

What services does Low Cost Mortgage offer?

Low Cost Mortgage offers 12 services including VA home loans (purchase and refinance), FHA loans, USDA loans, Conventional loans, Portfolio loans, and 7 more. Confirm current service list directly with the provider before contracting.

Who is Low Cost Mortgage best suited for?

Low Cost Mortgage's profile signals suggest it may fit: Veterans and active-duty military seeking VA loans from a fellow veteran with hands-on VA loan expertise; Fee-conscious home buyers in CO, FL, ID, NC, TN, TX, WA, or WY wanting to reduce lender-side closing costs; Homeowners in licensed states looking to refinance with minimal origination overhead; Borrowers who value rate transparency and want to monitor live mortgage rates before locking. Individual outcomes vary based on your specific situation.

What are the strengths and weaknesses of Low Cost Mortgage?

Key strengths: No lender origination fees — a concrete cost reduction vs. industry standard of 0.5%–1% of loan amount; Owner Michael Floren is a USMC veteran with deep VA loan expertise and real estate experience since the late 1990s; Live interest rate feed at lcmloans.com/interest-rates/ updated by the minute for real-time pricing transparency. Areas to consider: Single-owner branch operation with limited staffing capacity compared to mid-size or national lenders; No published closing cost breakdown — standard third-party costs (appraisal, title, escrow) still apply and require a direct quote to assess.

How does Low Cost Mortgage compare to similar companies?

In the Personal Loans category, comparable providers include LendingTree, VIVA Finance, Inc., Advance America. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.

Where does Low Cost Mortgage operate?

Low Cost Mortgage serves customers in 1 states including Colorado. Confirm current service availability in your state directly with the provider.

How much does Low Cost Mortgage cost?

Listed pricing for Low Cost Mortgage: monthly price: 0; setup fee: 0; money back guarantee: False. Pricing may change — verify current fees directly with the provider before signing any contract.

Visit Low Cost Mortgage

State Consumer Finance Context

This is state-level context for Personal Loans consumers in Colorado. It does not confirm that Low Cost Mortgage or this specific location is licensed.

State regulator: Colorado Department of Regulatory Agencies - Division of Banking
Consumer protection: Colorado Attorney General Consumer Protection Section

Credit and debt help rules in Colorado

Key state rules to check

Payday lending in Colorado: Restricted (max $500)

Usury cap: 36% APR cap on payday loans (2018 ballot measure); 12% for consumer loans under usury statute

Complaint resources

State references

Colorado voters approved Proposition 111 in 2018, capping payday loan APR at 36% and requiring minimum 6-month terms. The Uniform Consumer Credit Code provides comprehensive consumer protections for all credit transactions. Consumers can file complaints with the Attorney General or the Division of Banking.

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Related Questions

Quick Summary

Low Cost Mortgage — Personal Loans in Colorado.

Overall rating: 3.9/5

Colorado Springs mortgage lender offering VA, FHA, USDA, and conventional home loans with no lender origination fees. Branch of Mann Mortgage LLC, licensed in 8 states.

Visit Low Cost Mortgage

Next Steps

  1. Compare Low Cost Mortgage against similar options above.
  2. Run our borrowing power quiz to see how Low Cost Mortgage matches your situation.
  3. Check state regulator listings for Low Cost Mortgage's licensing before committing.
  4. Visit Low Cost Mortgage once you're ready.

Glossary of Terms

Common terms that come up when comparing Personal Loans providers. Full glossary at creditdoc.co/glossary/.

Amortization — Loan Amortization
The process of paying off a loan through regular payments that cover both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Why it matters: Understanding amortization explains why paying extra early in a loan saves the most money — you're reducing the principal that interest is calculated on.
Example: Month 1 of a $200,000 mortgage at 6%: your $1,199 payment splits as $1,000 interest + $199 principal. By month 300: only $47 goes to interest and $1,152 goes to principal.
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters: Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example: You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Balloon Payment
A large lump-sum payment due at the end of a loan, after a period of smaller monthly payments. The loan isn't fully paid off by the regular payments — the balloon settles it.
Why it matters: Balloon payments make monthly payments look affordable but create a financial cliff. If you can't pay or refinance at the end, you could lose your home or asset.
Example: A 5-year balloon mortgage on $200,000: you pay $1,054/month (as if it were a 30-year loan), but after 5 years you owe a balloon of $186,108 all at once.
Collateral — Loan Collateral
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Why it matters: Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example: A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
Compound Interest
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Why it matters: Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example: You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters: Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example: A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Debt Consolidation
Combining multiple debts into one single loan with one monthly payment, ideally at a lower interest rate. It simplifies repayment and can reduce total interest.
Why it matters: Consolidation works best when you get a lower rate than your existing debts. But it doesn't reduce what you owe — and extending the term can mean paying more total interest.
Example: You have: $5,000 at 22% (credit card), $3,000 at 18% (store card), $2,000 at 25% (payday loan). A $10,000 consolidation loan at 11% saves you ~$2,100 in interest over 3 years.
Default — Loan Default
When you fail to repay a loan according to the agreed terms — usually after 90-180 days of missed payments. It's the point where the lender gives up on collecting normally.
Why it matters: Default triggers severe consequences: credit score drops 100+ points, the debt may be sent to collections, you could be sued, and your wages or assets could be seized.
Example: You miss 4 consecutive car payments. The lender declares your loan in default, repossesses your car, sells it at auction for $8,000, and you still owe the remaining $5,000 (called a deficiency balance).
DTI Ratio — Debt-to-Income Ratio
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Why it matters: Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example: You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
Finance Charge
The total cost of borrowing, including interest and all fees combined. The lender must disclose this number under the Truth in Lending Act.
Why it matters: The finance charge gives you the total dollar amount you'll pay beyond the principal. It's the clearest picture of what a loan actually costs you.
Example: You borrow $15,000 for 4 years at 8% APR with a $450 origination fee. Finance charge: $2,612 (interest) + $450 (fee) = $3,062 total. You repay $18,062 for a $15,000 loan.
Fixed Rate — Fixed Interest Rate
An interest rate that stays the same for the entire life of the loan. Your monthly payment never changes.
Why it matters: Fixed rates protect you from market changes. If rates go up, your payment stays the same. The tradeoff: fixed rates are usually slightly higher than starting variable rates.
Example: You get a 30-year mortgage at 6.5% fixed. Whether rates rise to 9% or drop to 4% over the next 30 years, your payment stays at $1,264/month on a $200,000 loan.
Installment Loan
A loan you repay in fixed monthly payments over a set period — typically 12 to 60 months. Each payment covers part of the principal plus interest. Personal loans, auto loans, mortgages, and student loans are all installment loans.
Why it matters: Installment loans are the most common way Americans borrow money. Unlike revolving credit (credit cards), installment loans have a clear end date and predictable payments. Making on-time installment payments builds yo...
Example: You borrow $5,000 as a personal installment loan at 12% APR for 36 months. Your fixed monthly payment is $166. After 36 payments totaling $5,978, the loan is paid off. You paid $978 in interest but built 36 months of positive payment his...
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters: Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example: On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
Late Fee — Late Payment Fee
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
Why it matters: The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example: Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters: Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example: Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.