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Best Mortgage Brokers in Glendale

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ALG Loans logo
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License Verified:

License: 1550303

Nationwide Multistate Licensing System and Registry

ALG Loans

15260 Ventura Boulevard, Los Angeles, CA 91403
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  • New Construction
  • Multi-Family Loans

Business Description

ALG Loans is a mortgage brokerage that has been serving Glendale and the nearby communities for over 22 years. It offers loan programs that are available for those with good credit ratings and those who faced recent or less recent credit issues. Some of its services include jumbo loans, FHA loans, business or personal bank statement programs, interest-only programs, and CalHFA down payment assistance programs. Foreign nationals not living in the US can also use the company's services. ALG Loans also has an online education portal on its website with up-to-date practical courses about loan processes.

License Verified:

License: 1550303

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)
Yelp
5.0 / 5 (18)
Facebook
5.0 / 5 (10)
BWA Mortgage logo
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License Verified:

License: 334184

Nationwide Multistate Licensing System and Registry

BWA Mortgage

707 Foothill Boulevard, La Cañada Flintridge, CA 91011
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  • Refinance

Business Description

BWA Mortgage is a full-service mortgage brokerage offering its services to individuals in the Glendale area. It allows for consultations to assess the clients' financial situation and goals before finding a loan program that would suit them. BWA Mortgage assists clients in securing loan programs such as refinance loans, purchase loans, FHA and VA loans, and reverse mortgages. Floyd Walters is the owner and broker of the company. He has been in the industry for more than 35 years and has closed over 3,000 loans.

License Verified:

License: 334184

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 (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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Cindy and Anouheh Lending Team logo
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License Verified:

License: 637497

Nationwide Multistate Licensing System and Registry

Cindy and Anouheh Lending Team

4100 West Alameda Avenue, Burbank, CA 91505
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  • Refinance
  • Reverse Mortgages

Business Description

Cindy and Anouheh Lending Team is a group of mortgage professionals that offers residential financing solutions to clients in the Glendale metro. They represent Movement Mortgage in the area and specialize in tailored mortgage strategies and loan programs. Some of the programs available include VA loans for veterans, reverse mortgage loans for seniors, and high-balance mortgage loans for high-cost areas. Cindy and Anouheh Lending Team also offers refinancing options such as the home affordable refinance program (HARP).

License Verified:

License: 637497

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.
3.8
Facebook
3.8 / 5 (836)
Yelp
5.0 / 5 (9)

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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Escala Financial logo
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License Verified:

License: 241897

Nationwide Multistate Licensing System and Registry

Escala Financial

8255 Firestone Boulevard, Downey, CA 90241
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  • Refinance

Business Description

Escala Financial offers assistance to clients in Glendale and the neighboring areas. It provides different types of mortgage products including FHA, conventional, VA, and USDA home loans. The company's loan officers help educate individuals by letting them know what each loan requires and what benefits they get from it. They guide home loan applicants throughout the process from pre-approval to closing. Moises Carlos founded the firm in 2009. He also volunteers for Big Brothers of Greater Los Angeles.

License Verified:

License: 241897

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 (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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Fidelity Funding logo
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License Verified:

License: 340265

Nationwide Multistate Licensing System and Registry

Fidelity Funding

450 N Brand Blvd FL 6, Glendale, CA 91203
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  • Refinance
  • Reverse Mortgages

Business Description

Fidelity Funding takes care of the mortgage needs of individuals and families throughout Hollywood and the surrounding areas. The firm helps clients achieve their homeownership goals by providing various loan options. These include conventional, jumbo, and government loans such as FHA and VA. Reverse mortgages are also available, as well as commercial, hard money, and alternative income loans. Its loan consultants maintain a network of known and reputable lenders to provide clients with a variety of choices that may meet their needs.

License Verified:

License: 340265

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 (132)

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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First Valley Mortgage logo
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License Verified:

License: 328920

Nationwide Multistate Licensing System and Registry

First Valley Mortgage

14663 Titus Street, Los Angeles, CA 91402
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  • Refinance

Business Description

First Valley Mortgage is a team of professionals who have been serving Glendale for over 25 years. This mortgage brokerage firm offers a wide range of loan programs for various home mortgage and real estate needs. These loan programs include cash-out refinance, FHA loans for manufactured homes, ITIN loans, DACA loans, stated income loans, and self-employed loans. It can also help borrowers who have trouble financing and have claimed bankruptcy, as well as clients who need real estate agent services.

License Verified:

License: 328920

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 (29)
Facebook
5.0 / 5 (4)
Yelp
4.0 / 5 (4)

Professionalism:

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

License: 341153

Nationwide Multistate Licensing System and Registry

Golden Coast Finance

330 North Brand Boulevard, Glendale, CA 91203
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  • New Construction

Business Description

Golden Coast Finance is a mortgage lender that serves clients in Glendale. It provides a wide range of mortgage loan options for homebuyers and homeowners, including adjustable-rate mortgages, fixed-rate mortgages, HARP, conventional mortgages, FHA loans, and traditional refinancing. Its team of loan officers and loan partners includes senior loan officer Mike Pandazos, who has more than 10 years of experience in the mortgage industry, while loan processor, Lori DuBois, has been involved in the mortgage and real estate industries for more than 15 years.

License Verified:

License: 341153

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 (12)
Facebook
4.0 / 5 (10)

Professionalism:

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

License: 1277691

Nationwide Multistate Licensing System and Registry

Insignia Mortgage

9595 Wilshire Boulevard, Beverly Hills, CA 90212
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  • Commercial Loans
  • Multi-Family Loans

Business Description

Insignia Mortgage provides loan solutions to clients in Glendale and the rest of the state. The company has experience working with foreigners seeking to acquire properties in the country and clients with high net worth and fluctuating revenues. It offers various loan types, including no tax return, complex and interest only, and foreign national programs. Other products include conforming, investment property, and bridge loans. Apartment and commercial loans are also available. Insignia Mortgage is a member of the Mortgage Bankers Association.

License Verified:

License: 1277691

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 (32)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Karmen Amadian logo
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License Verified:

License: 343460

Nationwide Multistate Licensing System and Registry

Karmen Amadian

1033 Foothill Boulevard, La Cañada Flintridge, CA 91011
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  • New Construction
  • Refinance

Business Description

Karmen Amadian is a mortgage broker who has been in the industry for more than 25 years. Her knowledge in financing has helped her to understand the importance of homeownership. As a part of Calstar Realty, Inc., she assists individuals who need financial loan services and helps them with their real estate purchases in the Glendale metro. She provides a range of loan programs such as jumbo, conventional, VA, and FHA loans. Amadian can also accommodate Armenian and Persian-speaking clients.

License Verified:

License: 343460

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
4.0 / 5 (6)
Yelp
5.0 / 5 (1)

Professionalism:

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

License: 313381

Nationwide Multistate Licensing System and Registry

KPL Select Mortgage, Inc.

4348 Van Nuys Boulevard, Los Angeles, CA 91403
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  • Refinance
  • Reverse Mortgages

Business Description

KPL Select Mortgage, Inc., provides services to the people in Glendale and the surrounding areas. Its brokers find the most appropriate loan program for its client's needs and capacity. The company also works on reverse mortgages and credit reviews. Its team can present scores of real estate agents to aid clients in the house-hunting process. The company is a member of the National Association of Mortgage Brokers. KPL Select Mortgage has been in the industry for over 25 years.

License Verified:

License: 313381

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
Yelp
4.0 / 5 (28)
Facebook
5.0 / 5 (8)
Google
2.0 / 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
L.A. Valley Realty logo
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License Verified:

License: 236556

Nationwide Multistate Licensing System and Registry

L.A. Valley Realty

5250 Lankershim Boulevard, North Hollywood, CA 91601
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  • New Construction

Business Description

L.A. Valley Realty is a full-service real estate office serving Glendale and surrounding areas since 2008. Aside from finding properties for home buyers and helping homeowners sell their properties, the company also provides financial services for clients looking into purchasing or refinancing a home. The list of loan products it offers includes conventional, FHA, VA, and USDA loans. To obtain any of these, L.A. Valley Realty's loan specialists assist from pre-qualification to choosing the best loan option and loan closeout.

License Verified:

License: 236556

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 (22)
Facebook
5.0 / 5 (5)
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
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Detail
Mass Mortgage logo
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License Verified:

License: 2082959

Nationwide Multistate Licensing System and Registry

Mass Mortgage

2626 Foothill Boulevard, La Crescenta-Montrose, CA 91214
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  • New Construction
  • Refinance

Business Description

Mass Mortgage is an independent mortgage broker that serves the Glendale metro and nearby areas. It guides clients who are looking to buy or refinance a new or current residential or commercial property with the right loan products. Its team of experts has years of experience in handling different mortgage options, such as conventional, jumbo, and hard money. They can also assist clients who prefer short-term bridge, VA, or FHA loans for their new construction or home renovation projects.

License Verified:

License: 2082959

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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Michael Rand & Associates, Inc logo
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License Verified:

License: 01364816 - DRE 01364826

Nationwide Multistate Licensing System and Registry

Michael Rand & Associates, Inc

1124 North Hollywood Way, Burbank, CA 91505
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  • HELOCs
  • Purchases
  • Refinance

Business Description

Since 1985, Michael Rand & Associates Professional Mortgage & Real Estate Services has been helping the Glendale community with its mortgage financing needs. It assists homebuyers and investors in finding the lending program that meets their requirements. The company offers VA, FHA, jumbo, super jumbo, and conventional loans. It guides its clients throughout the whole loan process and provides regular status updates. In addition, to facilitate the closing of a home purchase, the agency also provides professional escrow services.

License Verified:

License: 01364816 - DRE 01364826

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)

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
My Loan Underwriters logo
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License Verified:

License: 328255

Nationwide Multistate Licensing System and Registry

My Loan Underwriters

17609 Ventura Boulevard, Encino, CA 91316
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  • Refinance

Business Description

My Loan Underwriters is a mortgage brokerage that has been serving Glendale and the rest of Southern California for more than a decade. It provides real estate loans for residential, commercial, and income properties. The loan programs that it handles include conventional, FHA, and VA loans, as well as reverse mortgages. My Loan Underwriters also works with more than 30 mortgage lenders. It is a member of the California Association of Mortgage Professionals and the San Fernando Valley Chamber of Commerce.

License Verified:

License: 328255

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 (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
Responsiveness
Friendliness
Helpfulness
Detail
––
Option One Lending logo
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License Verified:

License: 1101290

Nationwide Multistate Licensing System and Registry

Option One Lending

14724 Ventura Boulevard, Los Angeles, CA 91403
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  • Refinance

Business Description

Option One Lending is a full-service mortgage lender that serves clients in Glendale. The company specializes in offering various loan options for borrowers, including conventional mortgage loans, jumbo loans, FHA home loans, VA home loans, specialty home loans, and mortgage refinancing. In collaboration with agents from Keller Williams, Pinnacle Estate Properties, Century 21, and RE/Max, it strives to deliver loan options that meet the goals and needs of clients. Its loan specialists speak Spanish, Armenian, Farsi, German, Hebrew, and Norwegian.

License Verified:

License: 1101290

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 (100)
Yelp
5.0 / 5 (62)
Facebook
4.0 / 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
Friendliness
Helpfulness
Detail
Prominent Financial Group logo
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License Verified:

License: 395682

Nationwide Multistate Licensing System and Registry

Prominent Financial Group

330 North Brand Boulevard, Glendale, CA 91203
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  • Refinance
  • Reverse Mortgages

Business Description

Prominent Financial Group is a mortgage firm that serves clients in Glendale. The company offers a selection of loan options for home buyers, homeowners, and real estate investors that include FHA loans, reverse mortgage loans, VA home loans, HARP 2.0, and home equity lines of credit. Its loan officers work with more than 20 lenders, which provide clients more options compared to local banks. Prominent Financial Group has more than 20 years of experience in the lending and real estate industries.

License Verified:

License: 395682

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 (16)
Yelp
5.0 / 5 (15)
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
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Helpfulness
Detail
Raffi Bekmezian logo
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License Verified:

License: 572239

Nationwide Multistate Licensing System and Registry

Raffi Bekmezian

145 South Artsakh Avenue, Glendale, CA 91205
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  • New Construction
  • Refinance

Business Description

Raffi Bekmezian, branch manager of Cardinal Financial Company in Glendale, is a mortgage broker advising local residents when buying or selling a home, refinancing an existing loan, or consolidating debts. Raffi and his team of mortgage professionals strive to provide financial solutions tailored specifically to the client's financing needs, as they ensure a simple and straightforward process. Raffi is a native of Glendale, giving him extensive knowledge about the community's real estate market conditions.

License Verified:

License: 572239

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
Yelp
4.0 / 5 (8)

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
SMPL Mortgage logo
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License Verified:

License: 135622

Nationwide Multistate Licensing System and Registry

SMPL Mortgage

99 South Lake Avenue, Pasadena, CA 91101
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  • Reverse Mortgages

Business Description

SMPL Mortgage is a mortgage broker that specializes in generational lending and serves clients in Glendale. It offers a variety of mortgage loan options for homeowners and homebuyers, including conventional, jumbo, FHA, VA, and reverse mortgages. Its mortgage team has more than 70 years of combined industry experience. SMPL Mortgage also works with more than 100 wholesale lenders and has more than 1,000 loan originators located in several U.S. states. The Mortgage Executive magazine has recognized it as a major mortgage broker from 2018-2020.

License Verified:

License: 135622

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 (23)

Professionalism:

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

License: 331706

Nationwide Multistate Licensing System and Registry

Source One Finance

2441 Honolulu Avenue, Montrose, CA 91020
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  • New Construction
  • Refinance

Business Description

Source One Finance is a team of mortgage specialists that offers mortgage and loan products to residents of the Glendale metro. The firm focuses on simplifying the mortgage application process and is committed to sourcing out the best financing option based on the clients' needs. Source One Finance was founded in 2000 with the goal of providing mortgage services with efficient customer service. It works with over 50 financial investors in offering loan programs such as FHA loans, interest-only loans, and reverse mortgages.

License Verified:

License: 331706

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 (9)
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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Standard Home Lending Inc logo
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License Verified:

License: 234141

Nationwide Multistate Licensing System and Registry

Standard Home Lending Inc

13223 Ventura Boulevard, Los Angeles, CA 91604
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  • New Construction
  • Refinance

Business Description

Standard Home Lending Inc. is a mortgage firm that serves clients in the Glendale area and neighboring communities. It proffers a wide range of mortgage programs, including FHA loans, Fixed Rate Mortgage, HARP, and jumbo mortgage loans. It also provides clients with reverse mortgages and refinancing home loans. In addition, the company works with investors and offers in-house underwriting and document preparation services. Standard Home Lending has more than 20 years of experience in the real estate industry

License Verified:

License: 234141

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.
4.6
Yelp
4.5 / 5 (12)
Google
5.0 / 5 (3)

Professionalism:

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