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Best Mortgage Brokers in Tucson

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Olympus Home Loans logo
FEATURED
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License Verified:

License: 1673089

Nationwide Multistate Licensing System and Registry

Olympus Home Loans

2242 South Osborn Lane, Gilbert, AZ 85295
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  • Reverse Mortgages
  • Reverse Purchase

Business Description

Olympus Home Loans is a mortgage brokerage firm that serves residents in Tucson and the rest of Arizona. With access to multiple lenders and the expertise of the company's president and loan expert, Joe Garza, Olympus Home Loans provides mortgage solutions for clients looking to purchase a home or refinance an outstanding mortgage. The loan programs available include fixed- and adjustable-rate mortgages, jumbo and super jumbo loans, and government programs such as FHA, VA, and USDA loans.

License Verified:

License: 1673089

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 (106)
Facebook
5.0 / 5 (21)

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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Agave Home Loans logo
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License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Agave Home Loans

3230 East Broadway Road Suite B-22, Phoenix, AZ 85040
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  • Refinance

Business Description

Agave Home Loans is a mortgage provider that serves clients in Tucson. It is an independent firm that helps individuals find conventional, VA, FHA, and non-QM loans. Its agents also assist customers who need refinancing options for financial goals like kitchen remodeling and paying off higher-interest debts. They offer guidance in switching from an adjustable-rate to fixed-rate mortgage. Co-owner and CEO Marshall Gottlieb worked in the hospitality and restaurant industry for seven years prior to pursuing his real estate and lending career.

License Verified:

License: 1951574

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 (597)
Facebook
5.0 / 5 (91)
Yelp
5.0 / 5 (6)

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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All American Lending Group logo
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License Verified:

License: 0015101

Nationwide Multistate Licensing System and Registry

All American Lending Group

4511 North Campbell Avenue, Tucson, AZ 85718
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  • Refinance

Business Description

All American Lending Group is a team of mortgage professionals serving Tucson and nearby communities. This family-owned and family-operated company offers purchase and refinance mortgage options. Its team of mortgage professionals also performs loan reviews and assists clients who want to consolidate their debts. Customers can submit their loan applications by filling out the form on the company's website. All American Lending Group has more than 25 years of experience in providing real estate financing services.

License Verified:

License: 0015101

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.
4.2
Google
4.0 / 5 (13)

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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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Arizona Lending Specialists, LLC logo
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License Verified:

License: 144271

Nationwide Multistate Licensing System and Registry

Arizona Lending Specialists, LLC

1130 East Pennsylvania Street, Tucson, AZ 85714
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  • New Construction
  • Refinance

Business Description

Arizona Lending Specialists, LLC, is a Tucson-based mortgage brokerage agency that has been serving the metro for over 17 years. The agency is led by Paul DeSanctis, who serves as the main broker and owner of the enterprise. Arizona Lending Specialists offers streamlined lending options to its clientele that include comprehensive rates and closing costs. The agency also provides home purchasing solutions, home refinancing loans, and basic education on the intricacies of filing a mortgage loan.

License Verified:

License: 144271

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 (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.
4.0
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––
Copperpoint Mortgage logo
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License Verified:

License: 183133

Nationwide Multistate Licensing System and Registry

Copperpoint Mortgage

7359 East Tanque Verde Road, Tucson, AZ 85715
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  • Refinance

Business Description

Copperpoint Mortgage is an Arizona-licensed mortgage brokerage company based in Tucson and services the surrounding areas in the state. It offers a variety of loan options for its clients. The company offers a wide range of financing options such as VA loans, USDA loans, FHA loans, HomePath loans, jumbo loans, and other non-conventional lending options. In addition, Copperpoint Mortgage offers consultations for homebuyers to help them evaluate their financial standing and find a home they can afford.

License Verified:

License: 183133

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 (1)
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
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Danny Plattner logo
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License Verified:

License: 223426

Nationwide Multistate Licensing System and Registry

Danny Plattner

1885 North Kolb Road, Tucson, AZ 85715
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  • New Construction
  • Refinance

Business Description

Danny Plattner is a local mortgage professional serving the residents of Tucson. He helps clients in refinancing or purchasing homes or properties with the financing options he offers. Loan programs that clients can avail of include fixed-rate, adjustable-rate, conforming, jumbo, government, or conventional loans. Danny has been helping families and individuals find their dream homes for more than two decades. Working with Altitude Home Loans, he provides guidance to clients so they can make the best decisions.

License Verified:

License: 223426

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.
4.2
Google
4.0 / 5 (44)
Facebook
5.0 / 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
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Edwards Financial Services logo
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License Verified:

License: 183588

Nationwide Multistate Licensing System and Registry

Edwards Financial Services

215 West Giaconda Way, Tucson, AZ 85704
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  • Refinance

Business Description

Edwards Financial Services is a team of mortgage brokers based in Tucson. The brokerage company conducts in-depth consultations to assess clients' financial situations and find them suitable loan packages. These loan types include adjustable and fixed-rate mortgages and jumbo, FHA, VA, and USDA loans. Its mortgage specialists also provide home refinancing assistance for monthly payment reduction and debt consolidation purposes. Furthermore, Edwards Financial Services helps homeowners evaluate their eligibility and apply for the Arizona Department of Housing's Save Our Home AZ program.

License Verified:

License: 183588

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)
Facebook
5.0 / 5 (4)
Yelp
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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Gold Financial Services logo
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License Verified:

License: 129122

Nationwide Multistate Licensing System and Registry

Gold Financial Services

7426 North La Cholla Boulevard, Tucson, AZ 85741
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  • New Construction
  • Refinance

Business Description

The Gold Financial Services office in Tucson is a licensed mortgage banker in Arizona. Its team of loan officers and processors provides mortgage solutions, ranging from conventional loans to government loans like FHA loans, VA loans, and USDA loans. These mortgage products are suitable for clients looking to purchase a new home or refinance an existing mortgage. One of its loan officers, Dylan Martin, is part of the board of Tucson Veterans Association of Real Estate Professionals.

License Verified:

License: 129122

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 (29)
Horizon Financial Center logo
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License Verified:

License: 176245

Nationwide Multistate Licensing System and Registry

Horizon Financial Center

6842 East Tanque Verde Road, Tucson, AZ 85715
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  • Refinance

Business Description

Horizon Financial Center is a Tucson-based company that provides personalized mortgage solutions aimed to suit clients' unique needs. The company's team of mortgage specialists educates clients about the different loan programs available allowing them to select the right product the meets the goal of seasoned investors and first-time homebuyers. The different loan products include fixed rates, adjustable rates, conforming loans, jumbo and super jumbo loans, and FHA and USDA loans. Home refinancing options are also available.

License Verified:

License: 176245

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 (90)
Facebook
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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Jerry Sundt logo
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License Verified:

License: 168111

Nationwide Multistate Licensing System and Registry

Jerry Sundt

4280 North Campbell Avenue, Tucson, AZ 85718
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  • Refinance

Business Description

Jerry Sundt is a sales manager working for V.I.P. Mortgage, Inc. He caters to clients located in the Tucson area, searching for the ideal loan program and product to match each borrower’s individual mortgage needs. V.I.P. Mortgage was established by Marine veteran Jay Barbour in 2006 and has grown from a single office with two loan officers in Scottsdale to over 20 brick and mortar branches across different states with a few hundred licensed officers.

License Verified:

License: 168111

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 (240)

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
––
Jesus Hernandez logo
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License Verified:

License: 251880

Nationwide Multistate Licensing System and Registry

Jesus Hernandez

6245 East Broadway Boulevard, Tucson, AZ 85711
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  • New Construction
  • Refinance

Business Description

NOVA Financial & Investment Corporation handles a range of home loans like FHA, VA, and reverse mortgage programs in Tucson. It also assists with down payments, manages applications, checks options for upgrading luxury homes, and helps access full equities in properties. Additionally, its clients can refinance their loans after a fixed period or a longer term. Jesus Hernandez is backed with over a decade of mortgage banking experience. His wide clientele includes former borrowers and Realtors.

License Verified:

License: 251880

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 (16)
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
Responsiveness
Friendliness
Helpfulness
Detail
Joseph Small Team logo
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License Verified:

License: 993161

Nationwide Multistate Licensing System and Registry

Joseph Small Team

1825 East River Road, Tucson, AZ 85718
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  • Reverse Mortgages

Business Description

Joseph Small is a mortgage broker representing Guild Mortgage in Tucson who offers homeowners and prospective homeowners options for home financing and refinancing. He has been in the mortgage industry for over 55 years and has cultivated expertise in various mortgage strategies. He has helped countless clients apply for conventional loans, government loans such as FHA, VA, and USDA loans, as well as jumbo loans. His firm also offers refinancing options such as the HARP 2.

License Verified:

License: 993161

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
Facebook
5.0 / 5 (2)
Lending Arizona, LLC logo
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License Verified:

License: 174095

Nationwide Multistate Licensing System and Registry

Lending Arizona, LLC

3531 North Pantano Road, Tucson, AZ 85750
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  • Refinance

Business Description

Lending Arizona, LLC, is a mortgage company that caters to clients in Tucson and the surrounding areas. It offers a wide variety of home loan programs, such as adjustable- and fixed-rate mortgage, FHA, and VA loans. Moreover, it provides refinancing options to clients who are looking to cash out home equity, consolidate debts, and reduce monthly payments. Lending Arizona guides customers throughout the entire process, from determining the amount and completing the pre-qualification to submitting an application and closing the sale.

License Verified:

License: 174095

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)
Facebook
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
Friendliness
Helpfulness
Detail
NOVA® Home Loans logo
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License Verified:

License: 3087

Nationwide Multistate Licensing System and Registry

NOVA® Home Loans

6245 East Broadway Boulevard, Tucson, AZ 85711
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  • Refinance

Business Description

NOVA® Home Loans is a mortgage financing company that serves clients in Tucson and the surrounding areas. It offers a wide range of mortgage loan options for home buyers and homeowners, including jumbo, home equity, FHA, VA, and USDA loans. In addition, it helps clients in obtaining construction, renovation, and bridge loans in cooperation with in-house service providers that include Home on the Horizon, Nova Insurance Services, and Nova Financial Services. NOVA® Home Loans has more than 35 years of experience in the mortgage industry.

License Verified:

License: 3087

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

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
Paramount Residential Mortgage Group, Inc. logo
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Paramount Residential Mortgage Group, Inc.

2292 W. Magee Road 200, Tucson, AZ 85742
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  • Refinance

Business Description

Paramount Residential Mortgage Group, Inc., is a Tucson-based firm assisting individuals in purchasing and refinancing residential properties. With over 10 years of industry experience, the service provider caters to first-time and seasoned homebuyers. It has in-house documenting, funding, processing, and underwriting. Its website has an online calculator for annual percentage rates, debt consolidation, payment amortization, prepayment savings, and refinance break even. The business started with only three staff members and expanded to 1,700 employees that continue to grow.

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.
4.8
Google
4.8 / 5 (39)

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
Peoples Mortgage Company - Tucson-River logo
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License Verified:

License: 6274

Nationwide Multistate Licensing System and Registry

Peoples Mortgage Company - Tucson-River

1610 East River Road, Tucson, AZ 85718
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  • Commercial Loans

Business Description

Established in 1998, Peoples Mortgage is a mortgage company that offers loans and refinancing programs to homeowners in 38 states. It has a branch in Tucson that employs ten loan officers who oversee the paperwork of each applicant, from pre-qualification to closing. They compare and recommend different loan programs such as VA, FHA, and USDA home loans. In addition, People's Mortgage can calculate a client's possible expenses based on the length of the contract, local interest rates, and a property's market value.

License Verified:

License: 6274

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 (169)
Yelp
2.0 / 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
Responsiveness
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Detail
Prosperity Home Mortgage, LLC logo
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License Verified:

License: 75164

Nationwide Multistate Licensing System and Registry

Prosperity Home Mortgage, LLC

900 E. River Rd., Suite 100, Tucson, AZ 85718
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  • Refinance

Business Description

Prosperity Home Mortgage, LLC, is a locally owned and operated full-service mortgage banker serving clients in Tucson. It offers an array of mortgage loans for homeowners and homebuyers, including fixed-rate mortgages, adjustable-rate mortgages, FHA, and VA home loans. Clients can also avail of its unique loans and products, such as the Prosperity Buyer Advantage, Lock, Shop & Home program, and the Uplift program. For customers' convenience, the company uses technology in its services. Prosperity Home Mortgage also works with local real estate agents and builders.

License Verified:

License: 75164

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
4.9 / 5 (182)
Facebook
4.3 / 5 (114)

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
Friendliness
Helpfulness
Detail
––
Sundt Mortgage Team logo
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License Verified:

License: 145502

Nationwide Multistate Licensing System and Registry

Sundt Mortgage Team

4280 North Campbell Avenue, Tucson, AZ 85718
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  • Refinance

Business Description

Sundt Mortgage Team is a full-service mortgage financing firm that serves the Tucson metro area and the surrounding communities. The company assists first-time and experienced homebuyers finance their new homes and helps them compare a variety of loan options from several providers. These include conventional, FHA, VA, and USDA home loans. The firm also helps homeowners refinance their existing mortgages. The company is a subsidiary of VIP Mortgage Inc., a mortgage company that has been operating since 2006.

License Verified:

License: 145502

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 (245)
Facebook
5.0 / 5 (24)
Yelp
2.0 / 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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Detail
––
Sunstreet Mortgage, LLC - Skyline logo
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License Verified:

License: 145171

Nationwide Multistate Licensing System and Registry

Sunstreet Mortgage, LLC - Skyline

1725 East Skyline Drive, Tucson, AZ 85718
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  • New Construction
  • Reverse Mortgages

Business Description

Sunset Mortgage, LLC, is a mortgage lender guiding home buyers in Tucson and its surrounding communities with loan processing. Established in 2005, the company provides loan programs that include conventional, FHA, USDA, jumbo, and VA loans. It also offers reverse mortgages to help homeowners who are 62 years and older turn their home equity into a home loan. Additionally, this lending company has 15, 20, and 30-year fixed-term financing options for new construction or single-family residences.

License Verified:

License: 145171

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.
4.3
Facebook
4.4 / 5 (15)
Yelp
4.0 / 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.
4.0
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––
Tucson Mortgages.com logo
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License Verified:

License: 180858

Nationwide Multistate Licensing System and Registry

Tucson Mortgages.com

1885 North Kolb Road, Tucson, AZ 85715
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  • Refinance

Business Description

Tucson Mortgages is a Tucson-based company of mortgage brokers that provide services to residents in the metro. It offers a range of conventional and government loans. It helps any interested party to go through the nearly endless combinations of options, questions, and regulations to find the best loan program for anyone interested in a home loan. Its vice president, Todd Abelson, was born, raised, and educated in New York City, but has lived in Tucson since 1984.

License Verified:

License: 180858

Nationwide Multistate Licensing System and Registry

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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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.

Read all FAQs