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Best Mortgage Brokers in Garden Grove

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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, Garden Grove, CA 92840
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  • Refinance

Business Description

Able Financial Corp is a brokerage company serving the people of Garden Grove. It works with over 100 investors to assist clients with their financial needs, whether they are buying, selling, refinancing, or building a home. Its team of professionals helps clients choose from different types of loan programs, including adjustable-rate mortgage, conventional, jumbo, home equity lines, and VA. The company's website features advanced tools such as secure mobile uploading, borrower login, and loan officer portal.

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 (10)
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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All Reverse Mortgage, Inc. logo
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License Verified:

License: 13999

Nationwide Multistate Licensing System and Registry

All Reverse Mortgage, Inc.

2019 West Chapman Avenue, Orange, CA 92868
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  • Reverse Mortgages

Business Description

All Reverse Mortgage, Inc., is a lender approved by the FHA that serves clients in Garden Grove. It specializes in offering various types of reverse mortgage loan options, such as HECM, jumbo, and purchase reverse loans. The lender is also a member of the National Reverse Mortgage Lenders Association. All Reverse Mortgage has 17 years of experience in the mortgage industry. U.S. Army veteran and chief financial officer Caren Dahmun owns and operates the company.

License Verified:

License: 13999

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 (240)
Facebook
4.5 / 5 (20)

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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––
America Smart Home logo
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License Verified:

License: 1630046

Nationwide Multistate Licensing System and Registry

America Smart Home

8942 Garden Grove Boulevard, Garden Grove, CA 92844
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  • Refinance

Business Description

America Smart Home has been attending to the mortgage loan needs of Garden Grove. Since 2012, the company has been offering financial solutions to residential clients. Some of its products include cash-out refinance, FHA VA streamlines refinance, reverse mortgages, and refinance analysis. These programs will help reduce interest rates, consolidate debt, shorten the loan's term, and lower monthly payments. It even has an online calculator to check on the principal, interest, property tax, and HOA fees.

License Verified:

License: 1630046

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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Ameristar Capital Mortgage logo
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License Verified:

License: 340300

Nationwide Multistate Licensing System and Registry

Ameristar Capital Mortgage

7755 Center Avenue, Huntington Beach, CA 92647
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  • Refinance
  • Purchase Transactions

Business Description

Ameristar Capital Mortgage is a company servicing Garden Grove. It works with multiple lenders to assist clients who are purchasing a new home or refinancing throughout the home loan process. Its team of loan consultants specializes in residential mortgages and loan types, such as fixed-rate, adjustable-rate, FHA, and VA loans. The company has a variety of calculators that clients can utilize for monthly or bi-weekly mortgage payments, amortization, and refinance. They also conduct consultations to help clients determine the type of mortgage they need.

License Verified:

License: 340300

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 (12)
Yelp
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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Banc One Mortgage logo
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License Verified:

License: 1202904

Nationwide Multistate Licensing System and Registry

Banc One Mortgage

333 City Boulevard West, Orange, CA 92868
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  • Refinance

Business Description

Banc One Mortgage provides the mortgage lending needs of clients in the Garden Grove area who are looking to purchase a home or invest in real estate. The company offers conventional loans with 10- to 30-year terms, FHA, VA, and jumbo loans. Adjustable-rate mortgages are also available. Its loan officers can assist with non-qualified mortgage loans, which allow clients to use alternative methods to qualify. Banc One Mortgage has resources to educate clients about Fannie Mae, Freddie Mac, and FHA loans.

License Verified:

License: 1202904

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 (7)
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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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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  • New Construction
  • Refinance

Business Description

Chris Fenoglio is a mortgage advisor and regional sales manager for Finance of America Mortgage. He provides clients in Garden Grove and the surrounding areas with loan options to use in purchasing new homes. He specializes in offering veterans and their families to tap government-funded VA loans that can be used for home purchases or renovation projects. He also provides various other home loan options, such as FHA, USDA, jumbo, and conventional. Chris works with real estate agents and home sellers to assist their clients in the buying process.

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
Yelp
5.0 / 5 (163)
Google
5.0 / 5 (41)

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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Dynamic Mortgage Financial Corporation logo
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License Verified:

License: 328350

Nationwide Multistate Licensing System and Registry

Dynamic Mortgage Financial Corporation

14351 Euclid Street, Garden Grove, CA 92843
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  • Refinance

Business Description

Dynamic Mortgage Financial Corporation is a mortgage broker in Garden Grove offering a variety of mortgage options to clients seeking to buy a house or property. The agency is offering interested customers four kinds of loans that can meet their financial concerns, namely fixed-rate, adjustable-rate, high balance, and jumbo loans. Clients of Dynamic Mortgage Financial Corporation will have to provide necessary documents during the purchase, mortgage pre-approval, and refinance processes so that their mortgage will be accepted.

License Verified:

License: 328350

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)

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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––
E Mortgage Capital logo
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License Verified:

License: 393535

Nationwide Multistate Licensing System and Registry

E Mortgage Capital

939 East Santa Ana Boulevard, Santa Ana, CA 92701
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  • Refinance

Business Description

E Mortgage Capital is a full-service mortgage company providing personalized solutions for clients in Garden Grove. The CEO, Joseph Shalaby, is a principal broker with more than 20 years of industry experience. He is joined by a team of mortgage professionals and support staff. They have the expertise to assist clients in selecting the refinance product or loan program that suits their financial scenario. The loan options include jumbo, USDA, VA, HARP, and FHA 203K loans.

License Verified:

License: 393535

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 (1059)
Facebook
4.0 / 5 (128)

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
Fast Action Mortgage logo
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License Verified:

License: 1828474

Nationwide Multistate Licensing System and Registry

Fast Action Mortgage

2700 North Main Street, Santa Ana, CA 92705
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  • New Construction
  • Refinance

Business Description

Fast Action Mortgage is a mortgage broker that serves the residents of Garden Grove and the surrounding areas. It offers a wide variety of home purchase loan programs, such as conventional loans, FHA loans, VA loans, reverse mortgage loans, and jumbo loans. It also provides hard money loans and down payment assistance. In addition, it offers specialized loan programs for first-time homebuyers and foreign nationals. Fast Action Mortgage also provides refinancing programs for homeowners with existing mortgages.

License Verified:

License: 1828474

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 (35)
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.
4.0
Responsiveness
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Detail
––
GD Lending logo
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License Verified:

License: 1203655

Nationwide Multistate Licensing System and Registry

GD Lending

17151 Newhope Street, Fountain Valley, CA 92708
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  • Refinance
  • Purchase Transactions

Business Description

GD Lending is a full-service lending company serving individuals and families in Garden Grove and surrounding areas. Specializing in home loans, the company caters to both first-time home buyers and those looking to refinance an existing mortgage. The loan programs offered by GD Lending range from Conventional Loans, Jumbo Loans, and FHA Loans to Fixed Rate Mortgages with 10 to 30 years terms. Unique programs like HARP, Foreclosure Bailout Loans, and No Doc Loans are also available.

License Verified:

License: 1203655

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 (12)

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
Just Funded Mortgage logo
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License Verified:

License: 1897248

Nationwide Multistate Licensing System and Registry

Just Funded Mortgage

12900 Garden Grove Boulevard, Garden Grove, CA 92843
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  • New Construction

Business Description

Just Funded Mortgage is a mortgage broker that caters to individuals in the Garden Grove area. It helps clients who are interested in purchasing or refinancing properties. It offers a vast selection of conventional mortgage, USDA mortgage, and VA loan products. Just Funded Mortgage is committed to educating its customers through clear and thorough communication. It utilizes its extensive experience along with flexible options to help people and their families make informed decisions.

License Verified:

License: 1897248

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
Google
4.0 / 5 (70)

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
Kinetic Mortgage logo
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License Verified:

License: 292142

Nationwide Multistate Licensing System and Registry

Kinetic Mortgage

10073 Valley View Street, Cypress, CA 90630
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  • New Construction
  • Refinance

Business Description

Kinetic Mortgage is a brokerage that has been providing services to Garden Grove since 2002. It offers several loans program options for clients who want to purchase a home. These include jumbo, VA, FHA, USDA, fixed-rate, and adjustable-rate mortgages. Its team of brokers also helps in property evaluation, cash-out refinance, rate comparisons, and refinance rates. Its CEO, Shirley Bradley, serves for Cypress Chamber of Commerce and has over 35 years of experience in the mortgage industry.

License Verified:

License: 292142

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 (8)
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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Detail
Loan Logic Financial Services logo
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License Verified:

License: 330244

Nationwide Multistate Licensing System and Registry

Loan Logic Financial Services

3662 Katella Avenue, Los Alamitos, CA 90720
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  • Refinance
  • Multi-Family Loans

Business Description

Loan Logic Financial Services is a mortgage broker that caters to individuals in the Garden Grove area. The company helps customers with relocation, conforming, buying properties for the first time, and acquiring second homes. Sal Shandra, a partner and senior loan officer, has been in the industry since 1978. He has extensive connections with lenders and title insurers. In addition, he is committed to forming lasting bonds with clients by providing them with crucial information throughout the entire process.

License Verified:

License: 330244

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 (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
Morningstar Mortgage logo
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License Verified:

License: 241680

Nationwide Multistate Licensing System and Registry

Morningstar Mortgage

17011 Beach Boulevard, Huntington Beach, CA 92647
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  • Refinance
  • Reverse Mortgages

Business Description

Morningstar Mortgage is a mortgage company that serves the Garden Grove metro and the surrounding areas. Its Certified Mortgage Planning Specialist (CMPS) personally reviews customers' applications and specializes in Reverse Mortgage for seniors. The company provides different loan options from both government-insured and private sources to its customers. It also provides assistance in refinancing, loans, and rate lock advice. Its president, Bill Gaffney, started his career in real estate in 1987, handling various positions from sales to operations training. He established Morningstar Mortgage in 1994.

License Verified:

License: 241680

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 (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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Detail
Mulberry Street Mortgage logo
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License Verified:

License: 5095

Nationwide Multistate Licensing System and Registry

Mulberry Street Mortgage

2140 West Chapman Avenue, Orange, CA 92868
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  • Refinance

Business Description

Established in 1995 by Pat McCaslin, Mulberry Street Mortgage is a mortgage brokerage firm serving clients throughout Garden Grove. It assists clients with their home buying, refinancing, and credit boost needs. The company works with a wide range of lenders and financial institutions to provide its customers with the loan program that's right for them. Its loan options include FHA, conventional, VA, USDA, jumbo, and bank statement loans. Mulberry Street Mortgage carries more than 30 years of mortgage origination experience.

License Verified:

License: 5095

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)
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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Detail
Nestegg logo
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License Verified:

License: 01521541

Nationwide Multistate Licensing System and Registry

Nestegg

12437 Lewis Street, Garden Grove, CA 92840
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  • New Construction

Business Description

Nestegg is a real estate and mortgage brokerage serving Garden Grove and the neighboring communities. It offers real estate financing solutions for first-time homebuyers and individuals looking for refinancing loans. Its team aims to provide its clients with smooth mortgage transactions by providing consistent communication and customer service. In addition, Nestegg provides real estate sales in-house services. The company assists investors to navigate through the competitive and complex real estate market and maximize their net returns.

License Verified:

License: 01521541

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)

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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Pacific Bay Lending Group logo
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License Verified:

License: 192103

Nationwide Multistate Licensing System and Registry

Pacific Bay Lending Group

7390 Lincoln Way, Garden Grove, CA 92841
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  • New Construction
  • Refinance

Business Description

Pacific Bay Lending Group is a mortgage company that serves the residents of Garden Grove and the surrounding areas. It provides various loan program options, such as 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and adjustable-rate mortgages across FHA loans and VA loans. It offers jumbo loans, super jumbo loans, reverse mortgages, and refinancing solutions for those with outstanding mortgages. Pacific Bay Lending Group also empowers homeowners with insurance products, such as life insurance and home insurance.

License Verified:

License: 192103

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.
4.4
Google
4.0 / 5 (181)

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
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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  • Refinance

Business Description

Sandra Baughman is a mortgage broker who serves clients in Garden Grove. She helps clients who want to buy or refinance a residential property with the right loan options based on their needs. Some of the mortgage loan options she offers include VA, USDA, FHA, reverse mortgage, and conventional loans. Baughman has been working in the industry for more than 20 years now. She has partnered with companies like Insurance Associates and Present Financial Partners.

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
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Taurus Mortgage Corporation logo
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License Verified:

License: 571097

Nationwide Multistate Licensing System and Registry

Taurus Mortgage Corporation

333 City Boulevard West, Orange, CA 92868
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  • Refinance

Business Description

Since 2011, Taurus Mortgage Corporation helps individuals in Garden Grove with their mortgage needs. Its team members specialize in government loan programs, including USDA that is suitable for clients who want to purchase a property in a rural area with no required down payment. It also provides FHA to help borrowers pay their loans to the lenders and VA for veterans and their surviving spouses who seek funds to buy a home. Additionally, Taurus Mortgage Corporation handles debt consolidation, low down payments, and refinancing services.

License Verified:

License: 571097

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
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
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The Mortgage Hub logo
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License Verified:

License: 943733

Nationwide Multistate Licensing System and Registry

The Mortgage Hub

5882 Bolsa Avenue, Huntington Beach, CA 92649
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  • Refinance
  • Purchase Transactions

Business Description

The Mortgage Hub is a local and independent mortgage company that serves the residents of Garden Grove and the surrounding areas. It offers a wide variety of fixed-rate mortgages, such as 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and flex-term fixed-rate mortgages. Its team assists clients in taking out FHA loans, VA loans, and jumbo loans. Co-founder and CFO Phil Checinski has been working in the mortgage industry for more than a decade. The Mortgage Hub was originally founded as Personal Real Estate Services in 2009.

License Verified:

License: 943733

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 (45)
Google
5.0 / 5 (32)

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.

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