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Best Mortgage Brokers in Birmingham

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Hilda Campbell logo
FEATURED
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License Verified:

License: 839022

Nationwide Multistate Licensing System and Registry

Hilda Campbell

7145 Happy Hollow Rd., Ste 110E, Trussville, AL 35173
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Business Description

Hilda Campbell is a mortgage broker with Thrive Mortgage, helping the residents of Birmingham achieve their homeownership dreams. She offers various mortgage solutions, including conventional, rural housing, and FHA loans. Hilda uses the mortgage lender's eClose technology, designed to enhance the homebuying experience by streamlining the mortgage loan process. She has more than 40 years of experience as a loan officer and strives to help clients make informed decisions about their real estate goals through innovation, integrity, and honesty.

License Verified:

License: 839022

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (17)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Alliance Capital Corporation logo
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Alliance Capital Corporation

1808 Oxmoor Road, Birmingham, AL 35209
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  • New Construction

Business Description

Established in 2008, Alliance Capital Corporation has helped nearly 400 businesses in Birmingham and its surrounding areas. Founder Sam Renta has been in the commercial lending industry since 1984. He holds a bachelor of science degree in Corporate Finance. Sam and his team specialize in SBA 504 and 7(a) loans, as well as conventional loans. Alliance Capital also began offering servicing options to its bank lending partners and helping them with SBA reporting and compliance in 2014.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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––
Ben Chenault logo
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License Verified:

License: 130305

Nationwide Multistate Licensing System and Registry

Ben Chenault

2007 Eagle Ridge Drive, Birmingham, AL 35242
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  • Purchase Transactions

Business Description

Ben Chenault is a mortgage advisor that has helped clients in Birmingham with the home buying and loan process for the past 25 years. He primarily assists first-time homebuyers, veterans, realtors, condo homebuyers, and renters. He also partners with financial advisors and other mortgage professionals for an added guidance to clients. Clients who have been served by Ben and his team have expressed that their mortgage application process was made seamless and easy by the team's effective communication and transparency.

License Verified:

License: 130305

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.0 / 5 (33)
Facebook
5.0 / 5 (24)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Birmingham Mortgage Group logo
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License Verified:

License: 1311446

Nationwide Multistate Licensing System and Registry

Birmingham Mortgage Group

3144 Cahaba Heights Road, Birmingham, AL 35243
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  • Refinance

Business Description

Birmingham Mortgage Group is a company in Birmingham that sources and analyzes mortgage options for clients in the area. The firm is owned and operated by partners Mark Achuff and Turenne Newell, professional mortgage brokers with years of experience in mortgage financing. It provides mortgage solutions for first-time homebuyers as well as existing homeowners looking to refinance their current mortgage plans. Birmingham Mortgage Group has successfully helped clients apply for conventional, government, and specialty loans.

License Verified:

License: 1311446

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (37)
Facebook
5.0 / 5 (10)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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––
Cahaba Mortgage logo
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License Verified:

License: 1533367

Nationwide Multistate Licensing System and Registry

Cahaba Mortgage

2 Chase Corporate Drive, Hoover, AL 35244
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  • Multi-Family Loans
  • Reverse Mortgages
  • Purchase and Refinance
  • Conventional Loans
  • VA & FHA Loan organizations
  • USDA

Business Description

Cahaba Mortgage is a mortgage company that has been serving the residents of Birmingham and the surrounding areas since 2016. It provides a wide variety of home purchase loan programs, including conventional loans, jumbo loans, FHA loans, VA loans, and USDA loans. It also offers renovation loans. Cahaba Mortgage is a member of The Veterans Advocacy & Benefits Association. Owner Josh Hefty has been working in the mortgage industry for more than a decade.

License Verified:

License: 1533367

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (79)
Facebook
5.0 / 5 (29)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Classic Home Mortgage Inc. logo
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License Verified:

License: 206004

Nationwide Multistate Licensing System and Registry

Classic Home Mortgage Inc.

1904 Indian Lake Drive, Birmingham, AL 35244
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  • New Construction
  • Refinance

Business Description

Classic Home Mortgage Inc. is a Birmingham-based mortgage firm founded in 2009. It was established by Erin Tatum with the aim of streamlining the mortgage process and fixing the lack of communication she observed while working in other mortgage companies. The company offers personalized products that fit individuals' needs, including FHA 203 loans, USDA loans, Jumbo loans, conventional mortgages, and VA loans for veterans and other military retirees in the area.

License Verified:

License: 206004

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (121)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Faith Mortgage LLC logo
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License Verified:

License: 189393

Nationwide Multistate Licensing System and Registry

Faith Mortgage LLC

186 Main Street, Trussville, AL 35173
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  • Refinance
  • Multi-Family Loans

Business Description

Faith Mortgage, LLC, is composed of NMLS licensed loan specialists with a combined experience of 30 years. It has been providing Birmingham and its surrounding areas with mortgage brokerage services that fit any homebuyer's needs. It offers conventional, FHA, VA, and USDA loans for various types of purchases. These include first homes, subsequent homes, investment properties, or vacation houses. In addition, it also assists clients with debt consolidation and loan refinancing to achieve lower interest rates.

License Verified:

License: 189393

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (5)
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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FBC Mortgage logo
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License Verified:

License: 152859

Nationwide Multistate Licensing System and Registry

FBC Mortgage

2 Perimeter Park South, Birmingham, AL 35243
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  • Refinance

Business Description

FBC Mortgage is a team of mortgage professionals that provide services to individuals and families in Birmingham and the surrounding communities. It assists clients in purchasing, refinancing, and renovating homes and specializes in residential mortgage lending. In addition, it offers loan programs, including adjustable-rate and reverse mortgages as well as 203k rehab, fixed-rate, FHA streamline refinance, and jumbo loans. With the FBC Mortgage Charitable Foundation, the company has donated over $100,000 to its employee assistance fund and local charities.

License Verified:

License: 152859

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (3)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Detail
First Lenders Mortgage Corporation logo
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License Verified:

License: 189538

Nationwide Multistate Licensing System and Registry

First Lenders Mortgage Corporation

85 Bagby Drive, Homewood, AL 35209
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  • New Construction
  • Multi-Family Loans

Business Description

First Lenders Mortgage Corporation serves clients in Birmingham and across the state. It guides homebuyers in choosing the right mortgage product and assists them in the buying process, from prequalification and processing to underwriting and closing. The company provides various loan programs for home purchases and refinancing. These include conforming, conventional, FHA, VA, USDA, and 100% rural development loans. Joel Brant founded First Lenders Mortgage Corporation in 1988. He has been in the mortgage industry since 1970.

License Verified:

License: 189538

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Fox Mortgage logo
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License Verified:

License: 184762

Nationwide Multistate Licensing System and Registry

Fox Mortgage

3510 Vann Road, Birmingham, AL 35235
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  • Refinance

Business Description

Fox Mortgage, Inc., is a mortgage broker that caters to individuals in the Birmingham area. The company aims to help clients find a suitable mortgage product depending on their needs. It offers assistance for those who need short and long loans. Its team is also dedicated to providing financial solutions for people who are interested in purchasing a house and refinancing an outstanding loan. Jim Corey, the company's president, has proven his skills and knowledge about the industry in the past 29 years.

License Verified:

License: 184762

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
5.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Gagliano Mortgage, Inc. logo
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License Verified:

License: 204149

Nationwide Multistate Licensing System and Registry

Gagliano Mortgage, Inc.

4500 Valleydale Road, Birmingham, AL 35242
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  • New Construction

Business Description

Gagliano Mortgage, Inc., is a brokerage that has been operating in Birmingham since 1995. Its president, Andrew Gagliano, is a consultant and marketer who has two decades of professional experience. Along with his fellow financial professionals, he assists individuals looking to refinance their existing loans, buy a house, or consolidate their debt. Their other areas of specialization include cash-out and jumbo home loans. Moreover, Gagliano Mortgage offers VA, FHA, hybrid adjustable-rate, and reverse mortgage loans.

License Verified:

License: 204149

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (33)
Facebook
5.0 / 5 (7)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Helpfulness
Detail
HomeTown Lenders logo
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License Verified:

License: 65084

Nationwide Multistate Licensing System and Registry

HomeTown Lenders

501 Riverchase Parkway East, Hoover, AL 35244
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  • Refinance

Business Description

HomeTown Lenders is a mortgage brokerage near Birmingham that provides residential financing options. The firm was founded in 2000 by its CEO William Taylor and has since provided personalized mortgage financing solutions, such as conventional, VA, USDA, and FHA loans. The firm has over 90 locations in over 40 states and has over 800 employees to serve clients. HomeTown Lenders has its own non-profit leg called Mission Firefly, which sends support to impoverished communities in Guatemala.

License Verified:

License: 65084

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.0 / 5 (86)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
McGowin-King logo
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License Verified:

License: 177691

Nationwide Multistate Licensing System and Registry

McGowin-King

2 Office Park Circle, Mountain Brook, AL 35223
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  • New Construction
  • Refinance

Business Description

McGowin-King is a mortgage brokerage that offers various solutions across the Birmingham area. It guides its customers in purchasing and refinancing homes through conventional, FHA, USDA, VHA, and jumbo loans. Moreover, McGowin-King also helps them with particular loans for constructing and renovating houses. The company was established in 1998 by Jim King and Travis McGowin, who have 80 years of combined experience in the mortgage industry. They give back to the community by partnering with local charities, like Habitat for Humanity.

License Verified:

License: 177691

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.0 / 5 (119)
Facebook
5.0 / 5 (44)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Method Mortgage, LLC logo
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License Verified:

License: 85408

Nationwide Multistate Licensing System and Registry

Method Mortgage, LLC

601 Vestavia Parkway, Birmingham, AL 35216
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  • Refinance

Business Description

Method Mortgage, LLC, is a Birmingham-based mortgage company that was founded in January 2007. It serves clients in planning on purchasing a home or considering refinancing. Its local lending professionals educate clients on the different types of mortgages and assist them throughout the complex process. Loan programs include conventional, FHA, and fixed-rate mortgages. Method Mortgage team is also recognized by the AMPA as the Top Central Alabama Mortgage Broker for Sales and Service Levels in 2017, 2018, and 2019.

License Verified:

License: 85408

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
5.0 / 5 (10)
Facebook
4.0 / 5 (10)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Mortgage Resources, Inc logo
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License Verified:

License: 207738

Nationwide Multistate Licensing System and Registry

Mortgage Resources, Inc

1232 Blue Ridge Boulevard, Birmingham, AL 35226
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  • New Construction

Business Description

Mortgage Resources, Inc., is a comprehensive brokerage that offers its services and products to clients in Birmingham and its neighboring areas. As a mortgage firm, it represents its clients in finding programs that match their needs. It also provides loan options for new homebuyers and borrowers who need assistance in acquiring commercial properties or starting a new business venture. In addition, Mortgage Resources has a team of specialists who strive to stay updated with the industry standards and works with developers, lenders, and attorneys.

License Verified:

License: 207738

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Facebook
5.0 / 5 (3)
Yelp
1.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
MortgageRight Birmingham logo
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License Verified:

License: 2239

Nationwide Multistate Licensing System and Registry

MortgageRight Birmingham

1 Perimeter Park South, Birmingham, AL 35243
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  • Refinance

Business Description

MortgageRight is a mortgage loan and refinancing company that operates in Birmingham and serves homeowners in over 35 states. Its founder, Joe "Bear" Meadow, is an Army veteran who specializes in VA loans. He leads a team of 11 loan officers that provide various kinds of loan programs, both conventional and specialized. MortgageRight also compares the monthly payments of each program based on the interest rate and contract duration. In addition, it has multiple online mortgage tools, from mortgage quotes to refinancing pre-approval forms.

License Verified:

License: 2239

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.0 / 5 (229)
Facebook
4.0 / 5 (151)
Yelp
4.0 / 5 (13)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Helpfulness
Detail
Reliant Mortgage logo
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License Verified:

License: 1075152

Nationwide Multistate Licensing System and Registry

Reliant Mortgage

30941 Mill Lane, Spanish Fort, AL 36527
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  • Refinance
  • Reverse Mortgages
  • Purchase Transactions

Business Description

Reliant Mortgage is a veteran-owned and operated company that has been serving the mortgage needs of individuals, families, and businesses in and around Birmingham since 2013. It offers an array of home purchase mortgage programs, including jumbo, FHA, VA, and rural development loans. It also provides refinancing options that enable clients to shorten loan terms, lower monthly payments, and reduce interest rates. Will Tullos, the company's president and owner, has been in the mortgage industry for over a decade.

License Verified:

License: 1075152

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
4.0 / 5 (71)
Google
5.0 / 5 (21)
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Reverse Mortgage Alabama logo
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License Verified:

License: 206339

Nationwide Multistate Licensing System and Registry

Reverse Mortgage Alabama

204 Griffin Park Drive, Birmingham, AL 35242
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  • Reverse Mortgages

Business Description

Reverse Mortgage Alabama is a company of mortgage professionals in Birmingham that specializes in home equity conversion mortgages (HECM) in the metro. The company was founded in 2007 and has since helped countless senior citizens acquire financing for their homes and financially prepare for their retirement. The firm is led by Scott Underwood, a professional with over 20 years of experience working with senior-focused real estate finance. Scott has previously worked as a caregiver and is familiar with specific senior needs.

License Verified:

License: 206339

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (17)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Sean Hentz logo
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License Verified:

License: 594928

Nationwide Multistate Licensing System and Registry

Sean Hentz

105 Euclid Avenue, Mountain Brook, AL 35213
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  • Purchase Transactions

Business Description

Sean Hentz is a mortgage loan originator from Prosperity Home Mortgage, LLC, who helps clients in Birmingham and the surrounding areas purchase and refinance homes. He specializes in conventional loans, jumbo mortgages, veterans affairs, and federal housing administration loans. Hentz has been in the finance industry for over 20 years and has over 15 years of experience in home mortgage financing. Sean Hentz is a native of Vestavia who loves music, golf, and traveling all over Alabama and Birmingham.

License Verified:

License: 594928

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Facebook
4.0 / 5 (72)
Google
4.0 / 5 (11)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Helpfulness
Detail
SMG Mortgage logo
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License Verified:

License: 221195

Nationwide Multistate Licensing System and Registry

SMG Mortgage

204 Griffin Park Trail, Birmingham, AL 35242
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  • Refinance
  • Purchase Transactions

Business Description

For 14 years, Salter Mortgage Group, or SMG Mortgage, has served the home loan needs of individuals and families in Birmingham and the surrounding communities. Its professionals help clients secure a loan to purchase a home, refinance an outstanding loan, or consolidate existing debt. It specializes in serving mortgage loans like home purchase loans, home equity loans, cash-out home loans, jumbo home loans, commercial loans, and reverse mortgage loans. Additionally, it also offers FHA loans and VA loans.

License Verified:

License: 221195

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.5
Google
4.0 / 5 (23)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
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Detail
––
Back to Providers

Frequently Asked Questions

Introduction

It’s the American dream to buy property, and almost everyone who purchases a home does so with the help of a mortgage broker. It can be intimidating when you don’t know where to begin, what information is necessary, and how to receive a loan. A mortgage broker acts as an intermediary between the applicant and the financial institution.


The mortgage broker’s role includes comparing loan terms across lenders to find applicants the best options, collecting paperwork the financial institution needs to analyze the application, and guiding the buyer through the underwriting and closing processes. Mortgage brokers can significantly simplify the home buying process.

Can mortgage brokers work across state lines?

Yes, mortgage brokers can work across state lines. However, each state has different licensing requirements for mortgage brokers. Customers should ensure their broker can legally work in another state before going across state lines. Lastly, don’t forget the mortgage process is often time-sensitive, so being in different time zones can be problematic.

How do mortgage brokers find lenders?

Mortgage brokers work independently and act as a bridge between the client and the lender. They reach out to several lenders to form a network and build professional relationships with those they work with often. They use lenders who best meet a client's rates and terms, and some lenders only do business through mortgage brokers.  

What credit score do mortgage brokers use?

There are two credit scoring models in the United States: FICO and VantageScore. Mortgage lenders typically prefer to use FICO. However, each credit bureau uses a different version of the FICO score:

  • Experian uses FICO Score 2
  • Equifax uses FICO Score 5
  • TransUnion uses FICO Score 4

Do mortgage brokers help with refinancing?

Yes, mortgage brokers can help with refinancing. Individuals who have a solid credit score will typically go to their bank to refinance their mortgage. However, if you don't have excellent credit, a mortgage broker may be able to secure you a better interest rate than you could get on your own.

You pay a fee to the mortgage broker, so you'll want to consider this fee versus your savings in your cost-benefit analysis.

Can you work with two mortgage brokers?

You can definitely work with two mortgage brokers. The advantage of using multiple brokers is that you'll have two people reaching out to several lenders to secure the best rate possible. However, you must ensure you provide matching information to all your brokers. If two brokers provide mismatched information about your application to the same lender, it can send off red flags and delay your approval process.

Do mortgage brokers get better deals?

Yes, a mortgage broker should be able to get you a better deal. Mortgage brokers go to several lenders on your behalf and find the one with the best terms and interest rates. However, note that some mortgage brokers have preferred lenders. A broker may bring you their preferred lender's offer, even if it's not the best one; however, this isn't a regular practice.

How do mortgage brokers get paid?

The customer or the lender pays the mortgage broker. By law, it's illegal for a mortgage broker to accept payment from both parties. Additionally, thanks to the Dodd-Frank Act, a mortgage broker cannot have hidden fees or base their commission on their customer's interest rate.

What makes mortgage brokers different from loan officers?

Loan officers are employees of a single lender. For example, if you go to a bank for a mortgage, you'll deal with their loan officer. They’re paid a set salary and receive bonuses; however, they can only offer loans from their bank.

A mortgage broker works independently or for a firm, and they’re paid by the client or lender. Mortgage brokers can approach several lenders, giving individuals many more options.

What is the difference between a commercial mortgage broker and a home loan broker?

A commercial mortgage broker deals with real estate loans for businesses. The loan for the commercial property is given to the company, not the individual. As a result, the approval process reviews the financial health of the business. In comparison, a home loan broker helps individuals gain a real estate loan for their property.

How much do mortgage brokers make?

According to Salary.com, the average salary for a mortgage broker in the U.S. ranges between $75,344 and $99,498. However, this can significantly vary depending on the state you work in, bonuses, and other factors.

How do mortgage brokers get paid?

How a mortgage broker gets paid entirely depends on who they work for. If they’re an independent contractor, all of their income comes from their clients or lenders. If the person works for a brokerage, they may be paid a combination of a base salary and bonuses from closed deals.

How much do mortgage brokers make per loan?

Mortgage brokers typically make between 1% and 2% of the total loan amount on each deal closed. The client or the lender will pay this fee. The mortgage broker does not receive their payment until the loan is approved and finalized. 

Can mortgage brokers work across state lines?

Yes, mortgage brokers can work across state lines. However, each state has different licensing requirements for its mortgage brokers. To legally close a transaction, you must be certified in the state of the transaction. Additionally, it's helpful to know the state's closing process, as this can change from state to state.

What is a surety bond for mortgage brokers?

A surety bond is a legal contract that binds three parties — the obligee, the principal, and the surety. Surety bonds are typically required to receive a license for operating as a mortgage broker. When a mortgage broker gets a surety bond, it's a legal guarantee they'll perform their obligations to their customers as required by law.

Is it difficult to pass the mortgage brokers’ test?

Upon completion of educational requirements, you must pass the mortgage broker test to receive your license. It's a two-part test called the Safe Mortgage Loan Originator Exam, and it can be a bit challenging. Out of almost 87,600 national test-takers, 57% passed on their first attempt. The test includes both a state and national portion and requires a minimum score of 75% to pass.

Do mortgage brokers need to be licensed?

Yes, all mortgage brokers need to be licensed. Individuals need to complete a 20-hour class that goes over state and federal laws for mortgages and other important information. Next, individuals take the official test with the National Mortgage Licensure System.

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