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Best Mortgage Brokers in Anaheim

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Able Financial Corp logo
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License Verified:

License: 1776228

Nationwide Multistate Licensing System and Registry

Able Financial Corp

12465 Lewis Street Ste 203, Garden Grove, CA 92840
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  • Refinance

Business Description

Able Financial Corp. is a mortgage brokerage assisting homebuyers and homeowners in Anaheim and the surrounding areas. With access to loan programs from over 100 investors, its team has mortgage options for clients looking to purchase or build homes. The loan officers also assist homeowners seeking to refinance current mortgages to lower monthly payments, shorten loan terms, or obtain cash from their home equity. Able Financial's loan programs include FHA, VA, and reverse mortgage loans.

License Verified:

License: 1776228

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
Yelp
5.0 / 5 (12)
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
Responsiveness
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––
BuyWise Mortgage logo
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License Verified:

License: 1514000

Nationwide Multistate Licensing System and Registry

BuyWise Mortgage

2130 Main Street, Huntington Beach, CA 92648
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  • Refinance

Business Description

Based in California, BuyWise Mortgage is a brokerage that delivers loan program options to residents of Anaheim. The company provides mortgage products including FHA loans, VA loans, USDA loans, 203K loans, jumbo loans, and portfolio financing. In addition, it also has fixed-rate and adjustable-rate mortgages to fit the clients' preferences and financial situations. Its team offers personalized mortgage solutions and a streamlined home loan process. The founders of BuyWise Mortgage have been serving the state for more than 25 years.

License Verified:

License: 1514000

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 (93)
Yelp
5.0 / 5 (9)
Facebook
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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Candor Mortgage logo
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License Verified:

License: 1690713

Nationwide Multistate Licensing System and Registry

Candor Mortgage

500 North State College Boulevard, Orange, CA 92868
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  • New Construction
  • Refinance

Business Description

Candor Mortgage is a mortgage brokerage established in 2018 by Danny Macovei. It offers a portfolio of purchase and refinance loans to clients in Anaheim and the neighboring areas. The company, which works with various lenders and utilizes technological tools, assists customers looking to buy their first or second home or investment property. Likewise, it helps customers in refinancing a current mortgage. Candor Mortgage has over 15 years of experience in the mortgage industry.

License Verified:

License: 1690713

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 (25)

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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Chris Fenoglio logo
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License Verified:

License: 653010

Nationwide Multistate Licensing System and Registry

Chris Fenoglio

3020 Old Ranch Parkway, Seal Beach, CA 90740
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  • Refinance

Business Description

Chris Fenoglio is a local mortgage advisor for Finance of America who serves the financing needs of real estate investors from all over the Anaheim metro. He offers fixed-rate and adjustable-rate loans, reverse mortgages, and student loan refinancing services. He simplifies the loan application process by helping his clients get pre-approved for a mortgage. As regional manager, Chris leads a team that focuses on regular communications with its clients and building lasting relationships.

License Verified:

License: 653010

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 (40)
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
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Citizens Lending Group logo
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License Verified:

License: 1109984

Nationwide Multistate Licensing System and Registry

Citizens Lending Group

3455 East La Palma Avenue, Anaheim, CA 92806
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  • Reverse Mortgages

Business Description

Headquartered in Anaheim, Citizens Lending Group is a mortgage lender that serves the residents of the state. It specializes in reverse mortgages, which are available to homeowners aged 62 and above. It also offers other loan programs, such as conventional, commercial, FHA, and VA loans. The staff of Citizens Lending Group has a combined experience of more than 50 years in the loan industry. In addition, the company is owned by Lance Schultz, Jeff Krolosky, and Bill Simmons, who are all experienced in mortgage matters.

License Verified:

License: 1109984

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 (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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E Mortgage Capital logo
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License Verified:

License: 1416824

Nationwide Multistate Licensing System and Registry

E Mortgage Capital

939 East Santa Ana Boulevard, Santa Ana, CA 92701
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  • Reverse Mortgages

Business Description

E Mortgage Capital is a full-service mortgage company that has been serving the residents of Anaheim and the surrounding areas for more than a decade. It offers a wide variety of mortgage loans, including conventional, FHA, VA, jumbo, and USDA loans. In addition, the firm provides non-QM loans. Founding broker and CEO Joseph Shalaby has been working in the mortgage industry for more than 20 years. E Mortgage Capital has received multiple awards from United Wholesale Mortgage.

License Verified:

License: 1416824

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.
4.8
Google
4.0 / 5 (1058)
Yelp
5.0 / 5 (176)
Facebook
4.0 / 5 (126)

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
First Place Home Loans logo
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License Verified:

License: 1181829

Nationwide Multistate Licensing System and Registry

First Place Home Loans

1740 West Katella Avenue, Orange, CA 92867
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  • Refinance
  • Reverse Mortgages

Business Description

First Place Home Loans has more than 25 years of experience in the mortgage lending business. Its team provides homebuyers in the Anaheim metro and surrounding cities with various mortgage options, including FHA, VA, jumbo, fixed-rate, and adjustable-rate mortgages. Apart from home purchases, the company also facilitates loan refinancing to help clients lower their payments or obtain cash for home improvement. Its mortgage professionals assist senior citizens, first-time homebuyers, and borrowers with low credit scores.

License Verified:

License: 1181829

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 (126)

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
GoModern Lending logo
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License Verified:

License: 2045981

Nationwide Multistate Licensing System and Registry

GoModern Lending

180 N Riverview Drive, Suite 150, Anaheim, CA 92808
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  • New Construction

Business Description

GoModern Lending is a brokerage firm serving clients in and around Anaheim. Its professionals provide mortgage solutions to people looking to purchase their first homes, renovate their properties, or refinance their current loans. They deal with equity takeouts, debt consolidations, renewals, and mortgages for the self-employed. In addition, there are home lending programs available for newcomers to the US, with permanent or non-permanent residence status. GoModern Lending is also licensed to conduct business in Colorado and Florida.

License Verified:

License: 2045981

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 (6)
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
HomeSmart Advisors logo
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License Verified:

License: 1866349

Nationwide Multistate Licensing System and Registry

HomeSmart Advisors

12792 Valley View Street, Garden Grove, CA 92845
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  • Refinance

Business Description

HomeSmart Advisors is a mortgage firm that provides home financing solutions in Anaheim. It offers a variety of loan programs, such as conventional, FHA 203k, VA, jumbo, and mortgage refinance. The company serves individuals looking to refinance loans, purchase homes, or consolidate their debts by delivering a simplified process that is tailor-fit to meet every client's financing requirements. HomeSmart Advisors consists of a team of mortgage loan advisors with decades of combined experience in mortgage, finance, and real estate.

License Verified:

License: 1866349

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 (36)

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
Justin Ahn logo
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License Verified:

License: 782294

Nationwide Multistate Licensing System and Registry

Justin Ahn

14241 Firestone Boulevard, La Mirada, CA 90638
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  • Refinance

Business Description

Justin Ahn is a senior loan officer for Mortgage One Group with over 14 years of experience in the financial industry. He aims to simplify the mortgage process by providing a "cheat sheet" on his website. This gives access to tips and inside scoops, making mortgage applications easier for clients. He specializes in home purchase and refinancing services, assisting clients throughout the mortgage application processes. Clients describe him as knowledgeable and responsive. They also express their appreciation of his work ethic.

License Verified:

License: 782294

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 (98)
Yelp
5.0 / 5 (74)

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
Matt Wolfe logo
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License Verified:

License: 335714

Nationwide Multistate Licensing System and Registry

Matt Wolfe

18206 Imperial Highway Suite 201, Yorba Linda, CA 92886
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  • Refinance

Business Description

Matt Wolfe is a senior mortgage loan officer at Motto Mortgage who serves clients in Anaheim. He offers a wide range of mortgage loan options for home buyers, homeowners, and real estate investors. These include mortgage refinancing, reverse mortgages, and VA home loans. Matt is committed to cutting red tape and preventing common blunders made by clients by maintaining open lines of communication throughout the process to meet deadlines and close loans on time.

License Verified:

License: 335714

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 (38)

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
Mulberry Street Mortgage logo
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License Verified:

License: 281526

Nationwide Multistate Licensing System and Registry

Mulberry Street Mortgage

2140 West Chapman Avenue, Orange, CA 92868
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  • Refinance

Business Description

Mulberry Street Mortgage has been catering to the mortgage needs of Anaheim and the surrounding communities for over 30 years. Its team of advisors helps individuals and families find loan programs that meet their unique situations and guides them through the application process. They provide clients with borrowing advice and financing solutions on various loan options, including FHA loans, USDA loans, VA loans, conventional loans, and portfolio non-QM products. The company also offers refinancing and credit boost solutions.

License Verified:

License: 281526

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 (41)
Facebook
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
OMC Mortgage, Inc. logo
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License Verified:

License: 1689508

Nationwide Multistate Licensing System and Registry

OMC Mortgage, Inc.

7659 Garden Grove Boulevard, Garden Grove, CA 92841
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  • Refinance

Business Description

OMC Mortgage, Inc., is a company that has been delivering residential mortgage services for purchase and refinancing requirements in Anaheim since 1997. It offers a variety of programs, such as adjustable-rate and fixed-rate mortgages, hybrid ARMs, VA, FHA, and HARP 2.0. OMC Mortgage can work with every type of borrower, whether they have high credit scores or limited credit, to help them find a loan solution that falls within their financial capabilities. It simplifies the mortgage process to fit the work schedule of its clients.

License Verified:

License: 1689508

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 (94)
Facebook
5.0 / 5 (4)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
One True Loan logo
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License Verified:

License: 1132440

Nationwide Multistate Licensing System and Registry

One True Loan

888 S Disneyland Dr, Ste 109, Anaheim, CA 92802
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  • Refinance

Business Description

One True Loan is a residential mortgage company serving individuals and families throughout Anaheim. Its mortgage professionals bring over 25 years of combined experience in the industry, offering a variety of mortgage lending options to meet the needs of clients who are looking to purchase or refinance their homes. Loan options include conventional, VA, FHA, and jumbo loans. The firm also offers assistance with Pay Advantage loans as well as the 100% Gift Program, which lets clients use gift funds from a family member to purchase their homes.

License Verified:

License: 1132440

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 (59)
Yelp
5.0 / 5 (16)

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
Sandra Baughman logo
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License Verified:

License: 317576

Nationwide Multistate Licensing System and Registry

Sandra Baughman

1342 East Chapman Avenue, Orange, CA 92866
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  • New Construction
  • Refinance

Business Description

Sandra Baughman of Mark 1 Mortgage is a mortgage broker offering comprehensive services to Anaheim residents. She has over 20 years of experience in the mortgage business, focusing on the wholesale and retail lending markets. Sandra's expertise encompasses VA, FHA, jumbo, and conventional loans. She also offers down payment assistance as well as HECM for purchase and refinancing. Mark 1 Mortgage is an Orange-based firm that conducts personalized consultations to help clients find mortgage options that meet their needs.

License Verified:

License: 317576

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 (9)
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
Responsiveness
Friendliness
Helpfulness
Detail
Sharp Loan logo
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License Verified:

License: 1387935

Nationwide Multistate Licensing System and Registry

Sharp Loan

625 The City Drive South, Orange, CA 92868
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  • Refinance

Business Description

Sharp Loan is a mortgage brokerage company that assists homebuyers and homeowners in Anaheim and the surrounding communities in purchasing and refinancing homes. It offers various loan programs, including five-year ARM, 20-year mortgage, home equity lines, conventional, jumbo, and FHA loans. The company works with clients with full or no documentation, multi-family, owner-occupied, or investor properties. Owner Rey Reyes has developed a paperless lending method called "Project Paperless," which has allowed the business to grow by more than 200%.

License Verified:

License: 1387935

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
Google
4.0 / 5 (29)
Facebook
4.0 / 5 (27)

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
The Home Loans Company logo
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License Verified:

License: 788764

Nationwide Multistate Licensing System and Registry

The Home Loans Company

1550 S. Anaheim Blvd. Suite D, Anaheim, CA 92805
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  • New Construction

Business Description

The Home Loans Company caters to clients in Anaheim looking for refinancing options for their mortgages or buying a new home. Its home loan programs include conventional, FHA, VA, and USDA. Its team of loan officers and brokers, with over 18 years of experience, also offers refinancing programs like rate and term, cash-out, and FHA streamline. The family-owned and family-operated company guides its clients through the process and provides customized programs based on clients' goals and budgets.

License Verified:

License: 788764

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 (8)
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
Friendliness
Helpfulness
Detail
Thrive Financial logo
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License Verified:

License: 397556

Nationwide Multistate Licensing System and Registry

Thrive Financial

4095 East La Palma Avenue, Anaheim, CA 92807
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  • Refinance

Business Description

A mortgage brokerage serving Anaheim, Thrive Financial works with 55 different lenders to help its clients get the best possible deal for their loans. Some of the company's staff have been working in the mortgage industry since 1990. They aim to provide the right information to their clients who are planning to purchase a new home or refinance their current mortgage by analyzing their needs and preferences. In addition, the Thrive Financial team is committed to upholding a human-focused approach to its services.

License Verified:

License: 397556

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
Yelp
5.0 / 5 (34)
Facebook
5.0 / 5 (4)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Vision One Mortgage logo
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License Verified:

License: 7861

Nationwide Multistate Licensing System and Registry

Vision One Mortgage

4100 Newport Place, Newport Beach, CA 92660
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  • New Construction
  • Refinance

Business Description

Vision One Mortgage is a mortgage company that serves borrowers in Anaheim and neighboring areas. The company is a direct lender that provides various mortgage options, such as fixed and adjustable rates, for home refinancing and purchasing. It offers FHA loans for individuals who may not be eligible for a conventional mortgage loan and VA loans that provide housing and assistance for military personnel and their families. USDA and jumbo loan programs are also available.

License Verified:

License: 7861

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.
4.8
Facebook
3.0 / 5 (8)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Your Favorite Lenders logo
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License Verified:

License: 2063552

Nationwide Multistate Licensing System and Registry

Your Favorite Lenders

5100 East La Palma Avenue, Anaheim, CA 92807
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  • Refinance
  • Reverse Mortgages

Business Description

Your Favorite Lenders is a company servicing the Anaheim community. It provides a wide range of personalized mortgage solutions for clients who are refinancing or purchasing a home. Its team of professionals conducts consultations to discuss ever-changing mortgage programs and market conditions with clients. The agency handles different home loan options such as FHA, VA, jumbo, and reverse mortgage. Its website features various online resources, including refinancing analysis, home value estimate, and property listings.

License Verified:

License: 2063552

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 (38)

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
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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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