Expertise.com

2024

Last updated:

Best Mortgage Brokers in Downey

Our Recommended Top 3

We did the research for you!

  • Licensing
  • User Reviews
  • Mystery Shopping Calls

Our goal is to connect people with the best local professionals. We scored Downey Mortgage Brokers on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best.

30Reviewed

19Curated

3Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

8141 2nd Street, Downey, CA 90241

Expertise.com Rating

Review Sources

Google
5.0 (1)
Yelp
5.0 (1)

Why choose this provider?

First Choice Lending is a full-service mortgage lending company serving clients' financial needs in Downey and nearby localities. It assists individuals and families in realizing their homeownership goals by providing a variety of mortgage plans akin to their needs. Its mortgage lenders specialize in traditional home loans, jumbo loans, and government loans like VA and FHA. The team also offers reverse mortgages and private funding loans. First Choice Lending has been supporting homebuyers for over two decades.

  • Refinance
  • Reverse Mortgages

9095 Telegraph Road, Downey, CA 90240
WebsiteLicense: 1533377

Expertise.com Rating

Review Sources

Google
5.0 (1)

Why choose this provider?

Homes By Gpsolano offers mortgage solutions in Downey and the surrounding areas. The agency funds its clients in acquiring their individual dream homes. Its team creates a personalized system out of customers' property goals and preferences. Broker Georgette Solano is a member of the Institute for Luxury Home Marketing. She provides services to clients with the help of her son, Miguel, who is a Realtor, and her bilingual assistant, Rosio Castaneda. One of her clients described Georgette as someone who works hard to solve mortgage problems.

  • Refinance
  • Purchase
  • Multi-Family Loans

17409 Marquardt Avenue, Cerritos, CA 90703
WebsiteLicense: 1804685

Expertise.com Rating

Why choose this provider?

The Mortgage Solution provides mortgage loan options to homeowners in the Downey area. It specializes in residential loans that cover home purchase, refinancing, and refinance cash-outs for single-family and multi-family homes as well as condos. The company offers fixed-rate, adjustable-rate, FHA, and VA loans. In addition, it works with different lenders to provide a variety of loan products and choices to clients. The Mortgage Solution has mortgage calculators to help clients analyze and compare the available loans.

  • Refinance

FAQs

  • 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.