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Best Mortgage Brokers in Aurora

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Uptown Mortgage - Aurora logo
FEATURED
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License Verified:

License: 167768

Nationwide Multistate Licensing System and Registry

Uptown Mortgage - Aurora

1350 Lawrence Street, Denver, CO 80204
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  • VA Specialists
  • First Time Homebuyer
  • Purchase
  • New Construction
  • Refinance

Business Description

Uptown Mortgage Main is a team that has been serving clients in Aurora since 2000. They have access to an extensive network of mortgage lenders specializing in a wide range of loan programs, including conventional, USDA, FHA, and VA loans. They also provide down payment assistance and help clients throughout the loan process. The mortgage brokers aim to pair their clients with a loan that fits all their needs and offer products for single-family homes, multi-unit investment properties, lofts, and condos.

License Verified:

License: 167768

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
4.0 / 5 (77)
Yelp
5.0 / 5 (73)
Facebook
5.0 / 5 (19)

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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303 Home Financing logo
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License Verified:

License: 1723913

Nationwide Multistate Licensing System and Registry

303 Home Financing

14201 East 4th Avenue, Aurora, CO 80011
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  • New Construction
  • Refinance

Business Description

303 Home Financing serves clients in Aurora and the surrounding areas. It has years of experience in assisting clients seeking to purchase new homes, improve a current property, consolidate debts, or fund college tuition. The company offers loan options ranging from VA, USDA, and FHA, to investor loans, reverse mortgages, and refinancing loans. Down payment assistance and conventional loans are also available. 303 Home Financing also helps clients with credit score issues and strives to get pre-approvals within the day.

License Verified:

License: 1723913

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 (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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Detail
Agave Home Loans logo
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License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Agave Home Loans

Aurora, CO
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  • Multi-Family Loans

Business Description

Agave Home Loans is an independent mortgage provider that works directly with many lenders. It helps individuals in the Aurora metro with their loan needs. Committed to achieving their clients’ financial objectives, they assist them in applying for loan programs offering the lowest possible interest rates. Some of the options they work on include conventional, VA, FHA, and Non-QM loans. Agave Home Loans’ co-owner, 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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Alliance Mortgage Group, Inc logo
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License Verified:

License: 1423395

Nationwide Multistate Licensing System and Registry

Alliance Mortgage Group, Inc

12625 East Euclid Drive, Centennial, CO 80111
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  • Refinance

Business Description

Alliance Mortgage Group, Inc. is a mortgage brokerage firm serving clients in the Aurora area. It assists clients who are purchasing a new home or looking into refinancing. Home loan programs include conventional, jumbo, VA, FHA, and USDA. The firm also offers loans for manufactured housing, renovations, and new construction. Other offerings include investor loans and down payment assistance. Alliance Mortgage Group, Inc. provides refinancing programs to reduce monthly payments, get cash equity, and switch to a different type of loan.

License Verified:

License: 1423395

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
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Andrew Erb logo
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License Verified:

License: 344467

Nationwide Multistate Licensing System and Registry

Andrew Erb

6105 South Main Street, Aurora, CO 80016
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  • Refinance

Business Description

Andrew Erb is a loan officer who provides services to individuals in the Aurora area. As a part of Fairway Independent Mortgage Corporation, he helps clients acquire homeownership by offering various loan programs suited to their real estate needs. These programs include conventional, jumbo, FHA, VA, and USDA loans. Erb also assists clients in obtaining investment properties and fixed- and adjustable-rate loans, as well as refinancing their properties. He has been in the mortgage lending industry for more than 18 years.

License Verified:

License: 344467

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 (2)
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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Bennett Mortgage Group logo
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License Verified:

License: 1824119

Nationwide Multistate Licensing System and Registry

Bennett Mortgage Group

Castle Rock, CO 80108
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  • Refinance

Business Description

Bennett Mortgage Group is a full-service mortgage brokerage firm that services residents of the Aurora metro as well as its surrounding communities. Its goal is to connect home buyers with their vast network of mortgage lenders to help them select the most suitable loan options for their specific needs and financial status. Some of the loan programs available are fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and balloon mortgages. Bennett Mortgage Group also assists clients who are looking into reverse mortgages.

License Verified:

License: 1824119

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 (4)
Yelp
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Citywide Home Loans - Greenwood Village logo
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License Verified:

License: 67180

Nationwide Multistate Licensing System and Registry

Citywide Home Loans - Greenwood Village

7400 East Orchard Road, Greenwood Village, CO 80111
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  • New Construction

Business Description

For over 23 years, Citywide Home Loans has been offering mortgage brokerage services in Aurora, Greenwood Village, and the surrounding communities. The company also has branches in more than 37 states across the US, including Alabama, Delaware, Kansas, Texas, Virginia, and Wyoming. It offers several loan programs depending on the needs and circumstances of the clients. Some of its services include conventional loans, VA mortgages, construction loans, state bonds, rural housing loans, and down payment assistance programs.

License Verified:

License: 67180

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.0 / 5 (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
––
Colorado Real Estate Finance Group logo
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License Verified:

License: 290176

Nationwide Multistate Licensing System and Registry

Colorado Real Estate Finance Group

6075 South Quebec Street, Greenwood Village, CO 80111
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  • New Construction

Business Description

The Colorado Real Estate Finance Group is a complete product finance firm offering services ranging from residential mortgages to large scale development project financing and everything in-between since 2005. It is their mission to provide comprehensive debt and equity solutions for consumers, realtors, real estate investors, business owners, real estate developers, and builders. They regard it as a privilege to serve their clients. Their primary priority is to ensure the satisfaction of their clients’ needs. Professionalism and quality is paramount in everything they accomplish.

License Verified:

License: 290176

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
Facebook
5.0 / 5 (74)
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
Friendliness
Helpfulness
Detail
Elizabeth Turra logo
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License Verified:

License: 333588

Nationwide Multistate Licensing System and Registry

Elizabeth Turra

5680 Greenwood Plaza Boulevard, Greenwood Village, CO 80111
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  • New Construction

Business Description

Elizabeth Turra is a mortgage loan officer from Universal Lending Home Loans, a company in Greenwood Village serving the community of Aurora and nearby areas. Elizabeth has extensive experience in the residential financing industry and has been helping people realize their goals of homeownership since 2004. As a residential mortgage loan originator, she helps both realtors and homebuyers with their mortgage needs and provides them with all the information they need about the loan process.

License Verified:

License: 333588

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
Facebook
5.0 / 5 (43)
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
Friendliness
Helpfulness
Detail
Gavin Ekstrom logo
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License Verified:

License: 220170

Nationwide Multistate Licensing System and Registry

Gavin Ekstrom

4610 South Ulster Street, Denver, CO 80237
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  • Refinance

Business Description

Gavin Ekstrom is a division vice president and loan officer at CrossCountry Mortgage. He leads Team Gavin, which offers a range of financial solutions to individuals and businesses in Aurora and surrounding areas. Team Gavin has more than 27 years of experience in the industry, focused on providing various home loans, including FHA, VA, jumbo, and conventional loan programs. Gavin has specialized in providing assistance for rural housing, construction projects, home renovations, and down payments. Additionally, he handles ARMs and reverse mortgages.

License Verified:

License: 220170

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.
4.1
Google
4.0 / 5 (328)
Facebook
5.0 / 5 (35)

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
Karen Gustin logo
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License Verified:

License: 270781

Nationwide Multistate Licensing System and Registry

Karen Gustin

4600 South Syracuse Street, Denver, CO 80237
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  • New Construction
  • Refinance

Business Description

She is a mortgage consultant and loan specialist who is licensed by the state of Colorado as well as by the National Mortgage Licensing System (NMLS). Located in Denver, she offers mortgage advice to Aurora homeowners and homebuyers such as fixed-rate and adjustable-rate mortgages and assists them with loans such as Federal Housing Assistance (FHA) loans, Veterans' (VA) loans, and jumbo mortgage loans. In addition, Karen also provides consultation services for refinancing.

License Verified:

License: 270781

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)

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
KC Mortgage logo
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License Verified:

License: 374307

Nationwide Multistate Licensing System and Registry

KC Mortgage

504 Perry Street Unit B, Castle Rock, CO 80104
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  • Refinance

Business Description

KC Mortgage LLC is a mortgage broker that serves clients in Aurora. The company assists homebuyers, homeowners, veterans, and seniors with their home purchases, mortgage refinancing, and reverse mortgage loans. It is owned by Kay Cleland, who strives to maintain a reputation for her professionalism and initiative to educate clients about credit scores and budgets. As an independent broker, Kay strives to help her clients find the loan programs that suit their needs and financial capabilities.

License Verified:

License: 374307

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.
4.1
Facebook
4.0 / 5 (32)
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
Responsiveness
Friendliness
Helpfulness
Detail
Lending Maven Mortgage logo
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License Verified:

License: 891463

Nationwide Multistate Licensing System and Registry

Lending Maven Mortgage

2703 Kenton Street, Denver, CO 80238
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  • Commercial Loans
  • Multi-Family Loans

Business Description

Lending Maven Mortgage has been exploring mortgage loan options on behalf of its clients for over 18 years. The service provider helps Aurora residents finance their dream homes and manage the entire mortgage process. The company allows online loan application, approval, and closing. It also represents hundreds of lenders that offer deals for various types of loans, such as conventional, jumbo, investment home, FHA, VA, and refinance. Additionally, the officers at this company facilitate adjustable-rate, fixed-rate, and low down payment loans.

License Verified:

License: 891463

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 (90)

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
Metrolink Mortgage logo
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License Verified:

License: 1469898

Nationwide Multistate Licensing System and Registry

Metrolink Mortgage

7853 East Arapahoe Court, Centennial, CO 80112
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  • Refinance

Business Description

Metrolink Mortgage offers mortgage solutions to local borrowers throughout the Aurora community and its surrounding areas. Its team consists of experienced mortgage specialists that help clients in every step of the home loan process, whether they are looking to fund a new purchase or refinance their current mortgage. They work with customers to determine a loan program designed to achieve their specific goals. Metrolink Mortgage has offerings of jumbo and conventional loans, as well as FHA and VA loans.

License Verified:

License: 1469898

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 (47)
Facebook
5.0 / 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
Friendliness
Helpfulness
Detail
Popish Mortgage Group logo
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License Verified:

License: 2996

Nationwide Multistate Licensing System and Registry

Popish Mortgage Group

6775 East Evans Avenue, Denver, CO 80224
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  • New Construction
  • Refinance

Business Description

Popish Mortgage Group is a team of loan specialists that serves the Aurora area. They guide clients through the mortgage process, whether they are looking into applying for conventional, jumbo, or renovation loans, as well as government-backed programs like VA and FHA loans. Furthermore, they also offer down payment assistance programs through the Douglas County Housing Partnership and the Colorado Housing Assistance Corporation. Lianne Popish is Popish Mortgage Group's senior loan processor, who has over two decades of lending experience.

License Verified:

License: 2996

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
5.0 / 5 (58)
Facebook
4.0 / 5 (28)
Professional Mortgage Source LLC logo
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License Verified:

License: 169609

Nationwide Multistate Licensing System and Registry

Professional Mortgage Source LLC

6021 South Syracuse Way, Greenwood Village, CO 80111
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  • Refinance

Business Description

The Professional Mortgage Source LLC is a full-service mortgage brokerage company that attends to the financial needs of Aurora clients. The independent firm helps homebuyers, owners, and property investors obtain the right home loan akin to their needs. Its mortgage brokers deliver various home loan products from multiple lenders, including conventional, fixed-rate, conforming, FHA, VA, and Jumbo loans. The group also handles state and local housing programs, as well as mortgage refinancing. The company's staff carries over 100 years of combined experience in mortgage brokerage.

License Verified:

License: 169609

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 (74)
Yelp
5.0 / 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
Responsiveness
Friendliness
Helpfulness
Detail
SCL Mortgage logo
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License Verified:

License: 1200716

Nationwide Multistate Licensing System and Registry

SCL Mortgage

10375 Park Meadows Drive, Lone Tree, CO 80124
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  • Refinance

Business Description

SCL Mortgage is a mortgage financing company that aims to provide a one-stop-shop for residential loan services in Aurora. The locally founded and locally operated business assists individuals and real estate investors in finding appropriate mortgage solutions for their needs. Its mortgage advisors deliver a variety of home loan options for homebuyers, such as conventional, FHA, VA, Jumbo, and reverse mortgage plans. The group also assists financially distressed individuals to refinance their current mortgages. The company has been operating since 2014.

License Verified:

License: 1200716

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
Facebook
4.0 / 5 (30)

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
Synergy Mortgage Solutions logo
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License Verified:

License: 1735274

Nationwide Multistate Licensing System and Registry

Synergy Mortgage Solutions

7186 South Ukraine Street, Aurora, CO 80016
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  • Multi-Family Loans

Business Description

Synergy Mortgage Solutions offers personalized mortgage options to its clients in Aurora and the surrounding areas. The business processes various loan programs such as 30-year or 15-year fixed mortgage, adjustable-rate, FHA, jumbo, and VA. Aside from assistance given by its loan officers, the company also helps clients with its online mortgage tools like payment calculator, home value estimate, and refinance analysis. Owner Beau Solano established the brokerage 20 years ago to help clients enjoy a smooth and fast mortgage process.

License Verified:

License: 1735274

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 (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
Responsiveness
Friendliness
Helpfulness
Detail
The Becker Team logo
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License Verified:

License: 794730

Nationwide Multistate Licensing System and Registry

The Becker Team

201 Columbine Street, Denver, CO 80206
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  • Refinance
  • Purchase Transactions

Business Description

The Becker Team provides mortgage and home loan services in Aurora and the surrounding areas. The company also handles payments of high-interest debts and cash-out equities, offers uninsured mortgages, manages refinancing without appraisals, and addresses the loan needs of military veterans and active-duty soldiers. Kim Lyons, regional operations manager, has over 18 years of experience working with different mortgage and title businesses. He has been with the company for four years.

License Verified:

License: 794730

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 (214)
Facebook
4.4 / 5 (7)
Yelp
3.0 / 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
Responsiveness
Friendliness
Helpfulness
Detail
Zenith Home Loans logo
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License Verified:

License: 1818094

Nationwide Multistate Licensing System and Registry

Zenith Home Loans

7400 East Crestline Circle, Greenwood Village, CO 80111
Visit WebsiteWebsite
  • Multi-Family Loans

Business Description

Zenith Home Loans in Greenwood Village is a mortgage brokerage that provides home financing options to clients in Aurora. The firm is committed to sourcing and applying for mortgage options and loan programs for first-time homebuyers and current homeowners. Some of its products include jumbo loans, government loans (USDA, FHA, and VA), as well as fixed and adjustable-rate mortgages. It also counsels clients seeking help in home valuations, credit repair, and home insurance coverage.

License Verified:

License: 1818094

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 (131)

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
––
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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