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Best Mortgage Brokers in Oakland

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Agave Home Loans logo
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License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Agave Home Loans

Oakland, CA
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  • Refinance

Business Description

Agave Home Loans serves first-time homebuyers in Oakland. It guides clients in choosing loan options suitable to their needs and circumstances like FHA, VA, conventional, and non-qualifying mortgages. It assists individuals in navigating the loan process with hundreds of loan providers. The company's agents deal with the processing of loan documents as they strive to deliver results in a few hours. COO of the firm, Doug Wang, has over seven years of experience in the mortgage industry.

License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (597)
Facebook
5.0 / 5 (91)
Yelp
5.0 / 5 (6)

Professionalism:

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

License: 255449

Nationwide Multistate Licensing System and Registry

Al Sanli

711 Grand Avenue, San Rafael, CA 94901
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  • New Construction
  • Refinance

Business Description

Al Sanli is a mortgage consultant who offers flexible loan programs to meet the individual financial needs of his clients. He leads Advantage Funding, a company that provides mortgage services to the residents of Oakland. Sanli educates his clients about mortgages, strives to return phone calls right away, and answers all his clients' questions. He works with many lenders, which allows him to deal with a variety of rates or renegotiate for a better one for his customers.

License Verified:

License: 255449

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 (24)

Professionalism:

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

License: 243334

Nationwide Multistate Licensing System and Registry

Avenir Mortgage Planners

3480 Buskirk Avenue, Pleasant Hill, CA 94523
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  • Refinance

Business Description

Avenir Mortgage Planners has been serving the residents of Oakland and the rest of the San Francisco Bay Area for more than 18 years. It offers various loan programs, such as fixed-rate and adjustable-rate mortgages, as well as conventional, FHA, VA, and jumbo loans. It also provides asset-based loans and loan programs for foreign nationals. In addition, the company has refinancing solutions for existing mortgages. Owner Greg Lartilleux has received the Five Star Mortgage Professional award for four consecutive years.

License Verified:

License: 243334

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 (130)
Yelp
5.0 / 5 (110)
Facebook
3.8 / 5 (10)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
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Brenda Wyatt logo
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License: 314171

Nationwide Multistate Licensing System and Registry

Brenda Wyatt

1901 Harrison Street, Oakland, CA 94612
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  • Refinance

Business Description

Brenda Wyatt is an Oakland-based loan officer and mortgage advisor with All California Mortgage. Her experience in the industry spans 20 years. She has been a top producer in real estate for eight consecutive years, with an educational background in finance. She assists clients through the mortgage process, including approvals, negotiations with lenders, and evaluating loan programs. Clients praise Wyatt for her responsiveness and ability to navigate the changing market to provide them with competitive rates.

License Verified:

License: 314171

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 (210)
Google
5.0 / 5 (2)

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California Real Estate Finance logo
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License: 247128

Nationwide Multistate Licensing System and Registry

California Real Estate Finance

35 Cork Road, Alameda, CA 94502
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  • Refinance

Business Description

California Real Estate Finance is a locally owned and operated mortgage brokerage that has been serving the Oakland and Alameda areas since 1988. The company originated the "no-cost" loan program and is certified by the Nationwide Mortgage Licensing System. Starting out as a loan processor, Richard Pavao, the company's founder, became a broker aiming to develop a wholesale lending program and expand his network of brokers and lending institutions.

License Verified:

License: 247128

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 (56)

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Chris Freck logo
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License: 01454795

Nationwide Multistate Licensing System and Registry

Chris Freck

2413 Webb Avenue, Alameda, CA 94501
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  • Refinance
  • Reverse Mortgages
  • Purchase

Business Description

Chris Freck is a mortgage broker and the owner of EstaR Mortgage he established in 2016. He caters to clients in Oakland and the surrounding areas. He offers a wide variety of loan options, including adjustable-rate and fixed-rate mortgages, FHA, jumbo, USDA, and VA. In addition, he provides reverse mortgages. Chris holds a Master of Business Administration degree and a Certified Mortgage Planning Specialist designation. Before opening his own firm, he built businesses for various mortgage banks for 14 years.

License Verified:

License: 01454795

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 (145)
Facebook
4.0 / 5 (17)

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 Mason logo
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License Verified:

License: 1220177

Nationwide Multistate Licensing System and Registry

Chris Mason

6500 Fairmount Avenue, El Cerrito, CA 94530
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  • Refinance

Business Description

Chris Mason is an independent mortgage broker that has been serving clients in Oakland, El Cerrito, and the surrounding areas. Mason works closely with banks and lending institutions to offer a variety of loan programs that clients can access. He is also a loan officer at America's Home Loans, where he has built a reputation for helping first-time homebuyers, refinancers, and real estate investors. Mason was a former marine before completing a degree in business administration.

License Verified:

License: 1220177

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.
4.5
Yelp
4.5 / 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
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Christian Carr logo
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License: 1466899

Nationwide Multistate Licensing System and Registry

Christian Carr

6201 Antioch Street, Oakland, CA 94611
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  • New Construction
  • Refinance
  • Purchase

Business Description

Christian Carr is a loan officer who assists Oakland borrowers throughout the process, from preparing paperwork to finding financing options suitable for their specific needs, whether purchasing or refinancing. He also helps clients who require jumbo loans by brokering mortgages from niche lenders. Chris continuously studies the mortgage bond market and shares what he learns with his clients to help them make informed decisions. For almost two decades, he worked in the fields of marketing, communications, and finance.

License Verified:

License: 1466899

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 (13)

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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Fishman Financial Group, Inc logo
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License Verified:

License: 345573

Nationwide Multistate Licensing System and Registry

Fishman Financial Group, Inc

1604 Solano Avenue, Albany, CA 94707
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  • Refinance

Business Description

Fishman Financial Group, Inc. is a mortgage company providing services to individuals in Oakland and the surrounding areas. It offers loan programs such as 15-year and 30-year fixed-rate mortgages, fixed-rate with temporary buydown, fixed-rate balloons, interest-only mortgages, and adjustable-rate mortgages. The company also handles mortgage refinancing services, available to all types of mortgage programs. Fishman Financial Group has been providing real estate financing for investments, commercial properties, and residential properties throughout California since 1990.

License Verified:

License: 345573

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)
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
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JVM Lending - Walnut Creek, CA logo
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License Verified:

License: 1850

Nationwide Multistate Licensing System and Registry

JVM Lending - Walnut Creek, CA

1850 Mount Diablo Boulevard, Walnut Creek, CA 94596
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  • New Construction
  • Refinance

Business Description

JVM Lending is a company of mortgage brokers serving clients in Oakland. It was founded in 2006 by Jay Voorhees and Heejin Kim who both wanted to do things differently in the mortgage world. Its mortgage analysts and closing specialists use new software systems that make JVM Lending one of the most efficient and technologically advanced mortgage lending platforms in the industry. This also allows JVM Lending to provide better customer experiences and low rates.

License Verified:

License: 1850

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 (541)
Yelp
5.0 / 5 (364)
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.
4.0
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––
Made Mortgage logo
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License Verified:

License: 1894493

Nationwide Multistate Licensing System and Registry

Made Mortgage

1209 34th Street, Oakland, CA 94608
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  • New Construction
  • Refinance

Business Description

Made Mortgage is a mortgage broker serving homeowners in Oakland and the surrounding areas. Scott Nguyen, who has more than a decade of experience in the industry, established the company and leads its team of brokers. The company offers an online loan application form to help with the application process for either a loan or refinancing. Customized rate quotes can also be acquired on the company website. Products offered by the company include 30-year and 15-year fixed mortgages, FHA loans, and VA loans.

License Verified:

License: 1894493

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 (32)
Google
5.0 / 5 (28)
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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Mel Paul Riccardi Financial logo
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License Verified:

License: 326126

Nationwide Multistate Licensing System and Registry

Mel Paul Riccardi Financial

Oakland, CA
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  • Refinance

Business Description

Mel Paul Riccardi Financial is a family-owned mortgage brokerage firm serving Oakland and neighboring areas since 1980. With strong connections with several financial institutions, MPR Financial provides a broad range of mortgage financing products. Its team of brokers and loan officers helps home buyers determine the loan option that best fits their needs. Their mortgage products cover conventional financing with fixed or adjusted mortgage rates, construction loan, jumbo loan, and FHA loan.

License Verified:

License: 326126

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.
4.5
Yelp
4.5 / 5 (158)

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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Mike Koran logo
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License Verified:

License: 87656

Nationwide Multistate Licensing System and Registry

Mike Koran

1746 18th Street, San Francisco, CA 94107
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  • Refinance
  • Purchase Transactions

Business Description

Mike Koran is a mortgage broker who serves Oakland. Koran helps individuals who want to buy or refinance a residential property select loan options based on their needs. He specializes in jumbo, reverse, FHA, and VA mortgage options. The agent has been in the industry for 18 years. He has funded up to $1 billion in real estate loans. Koran is the president of Primary Residential Mortgage, a firm that he co-founded in 2008.

License Verified:

License: 87656

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 (80)
Yelp
5.0 / 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
Friendliness
Helpfulness
Detail
Mike Trejo logo
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License Verified:

License: 339128

Nationwide Multistate Licensing System and Registry

Mike Trejo

3478 Buskirk Avenue, Pleasant Hill, CA 94523
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  • Refinance

Business Description

Mike Trejo is a mortgage broker and the owner of Bridgepoint Funding, serving customers in the Oakland metro. He offers a wide array of home loan options, including fixed-rate mortgage, FHA, first-time homebuyer, jumbo, and rehab. Moreover, he provides reverse mortgages and USDA and VA loans. Mike holds a Certified Mortgage Planning Specialist designation. He and his team have more than 20 years of experience in the mortgage industry, focusing on helping clients find the right mortgage product that matches their necessities.

License Verified:

License: 339128

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 (145)
Yelp
5.0 / 5 (91)
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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Oak Leaf Funding logo
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License Verified:

License: 346446

Nationwide Multistate Licensing System and Registry

Oak Leaf Funding

1580 Solano Avenue, Albany, CA 94707
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  • New Construction

Business Description

Established in 2005, Oak Leaf Funding is an owner-operated mortgage brokerage firm serving clients in Oakland and the nearby areas. Its loan options include a 30-year fixed mortgage, 15-year fixed mortgage, jumbo, USDA, and FHA loans. The team of professionals at this company has the skills and tools necessary to make the loan process easier for its customers and helps them find the loan program that fits their needs. Owners Charles Gianfrate and Wahid Afzal carry more than 20 years of experience in the industry.

License Verified:

License: 346446

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 (4)
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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Pacific Western Mortgage Group logo
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License Verified:

License: 332538

Nationwide Multistate Licensing System and Registry

Pacific Western Mortgage Group

2354 Powell Street, Emeryville, CA 94608
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  • New Construction
  • Refinance

Business Description

Pacific Western Mortgage Group is an Emeryville-based mortgage firm serving clients in Oakland. Its team of mortgage professionals helps clients to choose an appropriate loan, learn the application process, prepare financial information, file applications with lenders, underwrite for pre-approval, and compare quotes from lenders. They handle home purchase, loan refinance, equity cash-out, and investment planning. Pacific Western Mortgage Group is headed by Christiana Tran, who has been in the mortgage business for more than 17 years.

License Verified:

License: 332538

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 (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
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Peter Holmes logo
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License Verified:

License: 250031

Nationwide Multistate Licensing System and Registry

Peter Holmes

885 Island Drive, Alameda, CA 94502
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  • New Construction
  • Refinance

Business Description

Peter Holmes is a financial counselor at Welcome Home Funding in Oakland. He specializes in all-new purchase and refinance mortgage needs. Some of the loan programs he offers include conventional loans, FHA loans, 203k renovation loans, and Fannie Mae home-ready. Peter also advises on cash-out refinance, which has benefits such as access to home equity for immediate expenses while having a lower interest rate and monthly payment. According to testimonials, he easily explains the terms and provides guidance through the complicated mortgage application process.

License Verified:

License: 250031

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 (31)
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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PhinanceUS logo
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License Verified:

License: 1854440

Nationwide Multistate Licensing System and Registry

PhinanceUS

1999 Harrison Street, Oakland, CA 94612
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  • New Construction
  • Refinance

Business Description

PhinanceUS is an Equal Housing Lender providing multiple mortgage options and online loan application assistance to Oakland residents. In addition to helping homebuyers achieve their dream home, the brokerage offers refinancing aid and helps clients turn their home's equity into cash. PhinanceUS provides customized real-time rate quotes and extensive comparisons with other lenders to help clients choose appropriate loan programs. The brokerage notifies clients immediately of any market rate movements.

License Verified:

License: 1854440

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 (5)
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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Sergio Szyrko logo
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License Verified:

License: 276534

Nationwide Multistate Licensing System and Registry

Sergio Szyrko

2950 Merced Street, San Leandro, CA 94577
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  • Refinance
  • Purchase Transactions

Business Description

Sergio Szyrko is a mortgage specialist affiliated with Fairway Independent Mortgage Corporation, a home loan company established in 1996. Whether clients are purchasing first homes, luxury residences, or investment properties, he helps them secure financing through different programs like jumbo, conventional, USDA, and FHA loans. Sergio also offers financing assistance for eligible veterans, regardless if they are purchasing or refinancing homes. Former clients shared how he and his team provided guidance in the entire loan process.

License Verified:

License: 276534

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 (85)
Facebook
5.0 / 5 (14)

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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Vic Joshi logo
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License Verified:

License: 244388

Nationwide Multistate Licensing System and Registry

Vic Joshi

4811 Telegraph Avenue, Oakland, CA 94609
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  • New Construction
  • Refinance

Business Description

Vic Joshi is an independent mortgage consultant affiliated with C2 Financial Corp. Operating in and around Oakland, Vic has over 20 years of experience assisting clients in choosing loan products suited to their needs. He also works to educate clients on how the loan process works through the information available on his website. Being affiliated with C2 Financial Corp., Vic can connect clients with over 100 lenders partnered with the company. Vic Joshi is a NAMB-certified veterans lending specialist.

License Verified:

License: 244388

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 (70)
Yelp
5.0 / 5 (27)
Facebook
5.0 / 5 (11)

Professionalism:

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