Low cost mortgage

What Low cost mortgage does

Low Cost Mortgage LLC is a privately held, single-member residential mortgage lending company headquartered in Colorado Springs, Colorado, founded in 2018 and operating under NMLS #2357261. The firm is owned by Michael Floren and is structured as a lean retail originator with 1–10 employees, holding state lending licenses across 10 jurisdictions (CO, FL, GA, ID, MT, NC, TN, TX, WA, WY). Its product set is anchored on VA loans, with FHA, conventional, business-owner, and investor loan products as secondary lines, positioning the company as a niche retail lender targeting cost-sensitive and military-affiliated borrowers.

Name

Low cost mortgage

Legal name

Low Cost Mortgage LLC

Website

https://lcmloans.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Residential Mortgage Lending

NAICS

Real Estate Credit (522292), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163)

akta.pro primary industry

Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)

Keywords

• Mortgage lending
• Home loan origination
• VA loan programs
• FHA home loans
• Mortgage refinancing

Headquarters

HQ city

Colorado Springs

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Loan Origination Fees: Traditional mortgage origination through processing loan applications, underwriting, and closing mortgage loans. Revenue generated from closing costs and interest rate differentials. Company emphasizes $0 origination fees and $0 discount points as competitive differentiator.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Low Cost Mortgage is a residential mortgage lender that originates VA, FHA, Conventional (Fannie Mae/Freddie Mac), business owner, and investor home loans with a stated mission of delivering low rates at low cost. The company charges $0 origination fees and $0 discount points on most loans, processes applications through a Floify-powered online portal, and supports borrowers via phone-based inside sales available 7am-11pm MT seven days a week, licensed across approximately 10 U.S. states.

Product overview

Low Cost Mortgage offers a unified mortgage lending platform centered on low-cost, low-rate home financing solutions. The company provides VA loans (purchase, IRRRL refinance, cash-out refinance), FHA loans, conventional loans (Fannie Mae/Freddie Mac), business owner loans, and investor loans. Supporting tools include an Interest Rate Search Tool (live feed rate calculator) and an Online Application Portal powered by Floify for document submission and loan processing. The core value proposition is delivering competitive rates with minimal closing costs across 10 states.

Differentiator

Problem solved

Functional benefit

Products and services

• VA Home Purchase Loans VA home loans for purchasing a home with $0 down payment, 30-year fixed rate terms, designed for active duty service members and veterans.
• VA Home Refinance (IRRRL) Interest Rate Reduction Refinance Loan (IRRRL) for veterans to lower their interest rate and monthly payment with quick closing and minimum documentation.
• VA Home Refinance Cash Out Cash-out refinance option allowing veterans to pull equity from their home, with up to 90% LTV for best rates.
• FHA Home Loans Federal Housing Administration loans designed for first-time and previous home buyers with lower credit scores and less down payment.
• Conventional Loans (FNMA/FHLMC) Standard conventional home loans working with both Fannie Mae (FNMA) and Freddie Mac (FHLMC).
• Business Owner Loans Non-conforming loan solutions for business owners including bank statement, asset depletion, and other specialized loan types.
• Investor Loans Mortgage solutions for real estate investors including DSCR (Debt Service Coverage Ratio) and bank statement loan programs.

Quantifiable outcome

• Pre-approval process takes 30-60 minutes, enabling same-day pre-approval 7 days a week
• +2 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• loanDepot: National retail and wholesale mortgage lender offering conventional, FHA, VA, and non-QM products through direct-to-consumer and partner channels. Comparable product breadth and DTC distribution model.
• Rocket Mortgage: Largest direct-to-consumer mortgage lender in the US, offering a similar product mix (conventional, FHA, VA, jumbo) through a digital application flow and phone-based loan officers. Direct comparable on business model and target customer; significantly larger scale.
• Caliber Home Loans: National mortgage originator and servicer with significant VA and government loan production and a retail branch network. Comparable in product mix and government-loan emphasis.
• NewRez (NewPoint Mortgage): National mortgage originator and servicer with retail, wholesale, and correspondent channels offering a full product menu including government and non-QM loans. Comparable in product breadth across consumer and specialty segments.
• Guaranteed Rate: Large national mortgage lender with a digital application platform and retail loan officers, offering conventional, FHA, VA, and jumbo products. Comparable in DTC-plus-phone hybrid origination model.

Direct peers

• Better.com: Digital-first mortgage lender offering conventional, FHA, and refinance products with a fully online application experience. Comparable in DTC positioning and emphasis on speed and cost transparency.
• Fairway Independent Mortgage: Mid-sized retail mortgage lender with strong VA and government loan programs and a multi-state branch network. Comparable in regional scale, government-loan focus, and relationship-driven retail origination.
• Veterans United Home Loans: Largest VA-focused mortgage lender in the US, specializing in VA purchase and refinance loans for military borrowers. Closest direct comparable to Low Cost Mortgage's VA-led niche focus and veteran-segment value proposition.
• Mann Mortgage: Mid-sized retail mortgage lender with a multi-state branch network, recognized for top producer programs (the Low Cost Mortgage owner previously won Top 10% at Mann Mortgage). Comparable in regional retail mortgage model.

Emerging players

• Angel Oak Mortgage Solutions: Non-QM mortgage lender specializing in bank statement, DSCR, and other alternative income products for self-employed borrowers and investors. Direct comparable on the non-conforming business owner and investor niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@LowCostMortgage
• Facebookfacebook.com/lowcostmortgageloans
• LinkedInlinkedin.com/company/low-cost-mortgage-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Low cost mortgage