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Colorado Mortgage Originator License: NMLS 460275 / 232720

The total cost of your mortgage transaction has three components:

  1. Rate
  2. Points/Origination fee
  3. Closing costs

All of these charges are clearly itemized on a mortgage quote that can be provided by every loan officer. As a consumer looking for the most cost effective option, comparing mortgage quotes is the easiest way to source the lowest cost loan. Request mortgage quotes on the same day from all lenders you are considering, because rates change frequently. Compare the quotes on the basis of rate, points/origination fee, and closing costs.

*If you choose to buy down the rate by paying a discount point or origination fee, use this simple formula: 1% discount point or origination fee = .25% reduction in interest rate on a fixed rate mortgage.

The last thing to check is the APR. (Annual Percentage Rate) If the APR is significantly higher than your interest rate, this shows that closing costs are excessive.

To avoid hidden costs, be sure that the quotes you gather include figures for points/origination fee, closing costs and APR. Then it becomes a math decision. Don't be surprised if loan cost differences range by thousands of dollars. As a consumer, it is your right to demand all of the facts in order to make an educated decision.

At LendingCorp.com, our goal is to provide the lowest cost Colorado mortgages and offer service that makes saving money easy.

To receive a free Colorado mortgage quote from LendingCorp.com, click here.