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Best Mortgage Brokers in Oceanside

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Blackstone Financial Inc. logo
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License Verified:

License: 449626

Nationwide Multistate Licensing System and Registry

Blackstone Financial Inc.

2173 Salk Avenue, Carlsbad, CA 92008
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  • Commercial Loans

Business Description

Blackstone Financial Inc. is a Carlsbad residential and commercial real estate financing company that works with clients in and around the local area, including Oceanside. Its staff walks clients through the mortgage process, starting with understanding the client's situation and establishing financial goals. The company can also refinance a client's mortgage by changing its term and rate or through a cash-out refinance. Founder Magdy Badr is a certified commercial investment member, mortgage banker master, and accredited mortgage professional.

License Verified:

License: 449626

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 (2)

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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.
5.0
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Bluefire Mortgage logo
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License Verified:

License: 323026

Nationwide Multistate Licensing System and Registry

Bluefire Mortgage

2121 Palomar Airport Road, Carlsbad, CA 92011
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  • Refinance

Business Description

Bluefire Mortgage is a mortgage lender that offers a variety of loan products for Oceanside borrowers planning to finance their homes. It offers concierge services for lending programs such as FHA, VA, and adjustable-rate mortgage loans. The company additionally has 60 years of professional experience in residential purchase financing. With a mission to promote education, Bluefire Mortgage designates a portion of its profits to fund the schooling of orphaned children in the rural areas of India.

License Verified:

License: 323026

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 (108)
Yelp
4.5 / 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.
4.0
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Boulton Mortgage and Real Estate Service logo
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License Verified:

License: 995056

Nationwide Multistate Licensing System and Registry

Boulton Mortgage and Real Estate Service

110 Civic Center Drive, Vista, CA 92084
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  • New Construction
  • Refinance
  • Reverse Mortgages

Business Description

Boulton Mortgage and Real Estate Service is a mortgage broker located in Vista. Serving clients in and around Oceanside, the company's team is comprised of mortgage loan officers, reverse mortgage specialists, and real estate agents. Among the programs that the team offers include VA home loans, reverse mortgage, and mortgage refinancing. It also works with over 20 lenders to give home buyers a wide range of loan options. Denise Boulton has been in the mortgage and real estate industry for over three decades.

License Verified:

License: 995056

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
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4.0 / 5 (12)
Yelp
5.0 / 5 (3)
Eagle Platinum Mortgage logo
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License Verified:

License: 1018332

Nationwide Multistate Licensing System and Registry

Eagle Platinum Mortgage

26169 Jefferson Avenue, Murrieta, CA 92562
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  • Refinance

Business Description

Eagle Platinum Mortgage offers a range of mortgage loan programs in Oceanside. Whether a client is planning on buying a home or considering refinancing, the company provides personal service and mortgage loan solutions tailored to their specific needs. Its loan products include conventional loans, jumbo mortgages, VA and FHA loan programs, and hard money loans. Its team of mortgage professionals provides assistance throughout the complex loan process, from reviewing a client's credit and income history to finding a lender.

License Verified:

License: 1018332

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (41)
Facebook
4.9 / 5 (8)
Yelp
5.0 / 5 (3)

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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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Fitzpatrick Capital logo
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License Verified:

License: 44992

Nationwide Multistate Licensing System and Registry

Fitzpatrick Capital

1921 Palomar Oaks Way, Carlsbad, CA 92008
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  • Refinance

Business Description

Fitzpatrick Capital is a mortgage company that serves clients in Oceanside. Its team of mortgage loan specialists offers various mortgage loan options for home buyers and homeowners who are planning to refinance their loans, including conventional loans, jumbo loans, VA loans, fixed-rate mortgages, adjustable-rate mortgage loans, and reverse mortgages. The family-owned company was established by the couple Meghan and Jeff Fitzpatrick in 2003. Meghan has more than 19 years of experience in the mortgage industry.

License Verified:

License: 44992

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
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5.0 / 5 (7)
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5.0 / 5 (2)
Google
5.0 / 5 (1)
Gapital Mortgage logo
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License Verified:

License: 1553267

Nationwide Multistate Licensing System and Registry

Gapital Mortgage

27645 Jefferson Avenue, Temecula, CA 92590
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  • Refinance

Business Description

Gapital Mortgage helps the residents of Oceanside understand the mortgage process and achieve their financial goals. As a mortgage broker, the company employs a seamless process and adopts a transparent approach in providing comparative mortgage quotes. Its mortgage specialists offer necessary support in the qualification, application, and closing phases, informing clients of available loan choices, such as conventional, VA, USDA, and FHA loans. Its mother-and-son team, Tacy Nichols and Cody Stevens, established the company to encourage connections and help people.

License Verified:

License: 1553267

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 (7)

Professionalism:

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

License: 316730

Nationwide Multistate Licensing System and Registry

Jason Colburn

1921 Palomar Oaks Way, Oceanside, CA 92008
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  • New Construction
  • Refinance
  • Commercial Loans

Business Description

Jason Colburn is a senior loan officer at Fitzpatrick Capital, serving clients in the Oceanside area. Colburn assists clients throughout the process and educating them using his extensive knowledge of various loan programs. He has helped clients purchasing and refinancing properties, striving to provide prompt and efficient services. Despite having a team of professionals, Colburn remains personally involved in every client's transaction. Before working with Fitzpatrick Capital, Colburn worked as a senior mortgage banker for several companies.

License Verified:

License: 316730

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 (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.
5.0
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Josh Jelsing logo
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License Verified:

License: 296707

Nationwide Multistate Licensing System and Registry

Josh Jelsing

1635 South Rancho Santa Fe Road, San Marcos, CA 92078
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  • Refinance

Business Description

Josh Jelsing is the owner and CEO of PGS Home Loans, with over 20 years of experience in the mortgage industry. His years of experience working in different areas of the home buying business allow him to provide a different perspective in dealing with clients. He handles different types of residential mortgage programs, including portfolio Alt-A, Freddie Mac, Fannie Mae, FHA, VA, and hard money loans. Clients described him as knowledgeable and responsive to their queries. Jelsing caters to clients in Oceanside.

License Verified:

License: 296707

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 (14)
Google
5.0 / 5 (2)
Facebook
4.0 / 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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Lisa Toscano My Mortgage Girl logo
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License Verified:

License: 01741157

Nationwide Multistate Licensing System and Registry

Lisa Toscano My Mortgage Girl

26395 Jefferson Avenue, Murrieta, CA 92562
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  • New Construction
  • Refinance

Business Description

Lisa Toscano My Mortgage Girl helps clients navigate through a variety of home loans and mortgage options available in the market. Mortgage broker Lisa services conventional and non-traditional loans. She handles foreign national, FHA, non-QM, VA, and USDA loan options, as well as refinance and reverse mortgages. Lisa is a state-licensed broker and is a member of the National Association of Mortgage Brokers (NAMB). Her services are available to residents in and around Oceanside.

License Verified:

License: 01741157

Nationwide Multistate Licensing System and Registry

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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Modern Lending logo
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License Verified:

License: 319790

Nationwide Multistate Licensing System and Registry

Modern Lending

30070 Temecula Parkway, Temecula, CA 92592
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  • New Construction
  • Refinance

Business Description

Located in Temecula and serving the area of Oceanside, Modern Lending is a firm composed of mortgage brokers with over 30 years of combined experience. The team dedicates itself to providing a range of programs to its clients, including self-employed individuals and first-time homebuyers. They offer conventional, FHA, VA, USDA, and jumbo loans. They work under the leadership of president and CEO Brian Decker, who has been working in the sector for around 15 years.

License Verified:

License: 319790

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 (215)
Facebook
5.0 / 5 (150)

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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Mountain West Financial, Inc logo
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License Verified:

License: 164497

Nationwide Multistate Licensing System and Registry

Mountain West Financial, Inc

210 East Fig Street, Fallbrook, CA 92028
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  • Refinance

Business Description

Mountain West Financial, Inc., is a Redlands-based mortgage specialist that serves Oceanside residents. Whether clients need assistance in purchasing or refinancing, it offers a number of options such as conventional, renovation, combo HELOC, VA, and FHA loan programs. Furthermore, the company also provides energy-efficient mortgages that allow VA and FHA borrowers to fund energy preservation developments into their loans. Mountain West Financial has been helping home loan purchasers and refinancers for more than 30 years.

License Verified:

License: 164497

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 (38)
Yelp
2.5 / 5 (34)

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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––
North Coast Financial, Inc. logo
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License Verified:

License: 323044

Nationwide Multistate Licensing System and Registry

North Coast Financial, Inc.

2424 Vista Way, Oceanside, CA 92054
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  • Refinance
  • Reverse Mortgages

Business Description

North Coast Financial, Inc., is a hard money lending business with more than 40 years of experience. It has been serving loans to real estate investors and property owners in Oceanside and surrounding areas since 1981. Don Hensel is a managing broker and the president of the business. He is a member of the California Mortgage Association and is personally involved in the loans provided to customers. The loans offered by the business include investment and rental property, probate and estate, and owner-occupied hard money loans.

License Verified:

License: 323044

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 (50)
Yelp
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 Coast Home Mortgage logo
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License Verified:

License: 237888

Nationwide Multistate Licensing System and Registry

Pacific Coast Home Mortgage

2424 Vista Way, Oceanside, CA 92054
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  • Commercial Loans
  • Reverse Mortgages

Business Description

Pacific Coast Home Mortgage is a mortgage brokerage serving clients in Oceanside. Its loan programs include conventional, construction, reverse, FHA, and VA loans. The company is managed by Mark O'Toole, who has over a decade of experience in loan origination and has funded more than 600 mortgage transactions. O'Toole aims to stay updated on the latest program guidelines to ensure a smooth mortgage transaction. Moreover, the company's website has a wide selection of calculators and tools, including amortization, qualification, and pre-payment calculator.

License Verified:

License: 237888

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 (45)
Yelp
5.0 / 5 (35)
Platinum Mortgage Group logo
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License Verified:

License: 01894457

Nationwide Multistate Licensing System and Registry

Platinum Mortgage Group

1902 Wright Place, Carlsbad, CA 92008
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  • New Construction
  • Refinance

Business Description

Platinum Mortgage Group provides a variety of home purchasing and refinancing loan options to clients in Oceanside. This company offers comprehensive loan products and programs, including FHA, VA, and jumbo loans; down payment assistance; and reverse mortgages. Alexis Roper, the company's residential mortgage loan originator, started her career in the industry in 2001 as a loan consultant. Roper strives to work closely with her clients throughout the process of residential and investment loans and helps them make informed decisions.

License Verified:

License: 01894457

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 (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
Point Mortgage Corporation - Menifee logo
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License Verified:

License: 231073

Nationwide Multistate Licensing System and Registry

Point Mortgage Corporation - Menifee

29737 New Hub Drive, Menifee, CA 92586
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  • Refinance

Business Description

Point Mortgage Corporation - Menifee is a mortgage banking company that delivers lending services for builders, real estate agents, and homebuyers in Oceanside. It provides loan products, such as home purchase, refinance, equity, and reverse mortgages. In addition, the application process, including viewing loan alternatives, is available online. Point Mortgage Corporation - Menifee has access to a wide range of mortgage solutions that helps them fulfill its goal of assisting families in finding the right choice for their homeownership goals.

License Verified:

License: 231073

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 (5)
Yelp
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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Protea Mortgage logo
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License Verified:

License: 990062

Nationwide Multistate Licensing System and Registry

Protea Mortgage

4332 Los Vecinos, Fallbrook, CA 92028
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  • Reverse Mortgages

Business Description

Protea Mortgage is a brokerage company that serves Oceanside and the surrounding communities. Mark and Jacob Fleigler found it as a branch of i3 Landing, Inc., a provider of mortgage services in the US. The company specializes in reverse mortgages, purchase loans, and refinances. It assists clients throughout the entire process — from pre-approval to closing. Because Protea's network of lenders can work with borrowers with a wide range of credit profiles. Clients' circumstances are thoroughly reviewed to offer a solution that is fit for their needs.

License Verified:

License: 990062

Nationwide Multistate Licensing System and Registry

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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Shaffer Realty And Mortgage logo
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License Verified:

License: 352982

Nationwide Multistate Licensing System and Registry

Shaffer Realty And Mortgage

244 Flores Lane, Vista, CA 92083
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  • New Construction

Business Description

Shaffer Realty and Mortgage has been attending to the financial needs of Oceanside for 20 years. The company is focused on homeowners and home sellers in providing advice, negotiating skills, marketing knowledge, and closing of a transaction. Its team is also adept in dealing with conventional loans, jumbo loans, FHA loans, VA loans, and reverse mortgages. Shaffer Realty and Mortgage provides real estate options such as buyer rebate program, home buying, and plan of action listing.

License Verified:

License: 352982

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
Yelp
4.0 / 5 (10)
Google
5.0 / 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.
5.0
Responsiveness
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Strategic Equities logo
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License Verified:

License: 237415

Nationwide Multistate Licensing System and Registry

Strategic Equities

701 Palomar Airport Road, Carlsbad, CA 92011
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  • New Construction
  • Refinance

Business Description

Strategic Equities is a mortgage broker that serves residential and commercial clients in Oceanside. The company offers a variety of loan programs, which include fixed-rate mortgage loans, conventional home loans, jumbo loans, VA home loans, and home equity lines of credit. It also accommodates borrowers whose situations call for full documentation loans, no-document mortgage loans, non-owner-occupied, and multifamily loans. Strategic Equities works with more than 55 investors and private lenders.

License Verified:

License: 237415

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 (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.
5.0
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The Marelly Group logo
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License Verified:

License: 249620

Nationwide Multistate Licensing System and Registry

The Marelly Group

5256 South Mission Road, Bonsall, CA 92003
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  • New Construction

Business Description

The Marelly Group is a real estate company that serves the Oceanside community and the rest of North San Diego County. Aside from helping clients buy or sell their homes, it also helps homebuyers finance their dream properties. Having access to sponsoring lenders, its team of local financing experts guides each client through the process of obtaining a suitable loan program. The loan program options available are conventional, FHA, VA, and adjustable and fixed-rate mortgages.

License Verified:

License: 249620

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
4.8 / 5 (18)
Facebook
4.3 / 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
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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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