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Best Mortgage Brokers in Colorado Springs

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Uptown Mortgage- Colorado Springs logo
FEATURED
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License Verified:

License: 167768

Nationwide Multistate Licensing System and Registry

Uptown Mortgage- Colorado Springs

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

Business Description

Uptown Mortgage offers borrowers around Colorado Springs a wide range of lending options customized to meet their financial needs. The brokerage firm works with a variety of investors and aims to provide products for individuals at different risk levels. Its specialists cater to self-employed individuals as well as those with past bankruptcies and low credit scores that are seeking to purchase a single-family home, condo, or multi-unit investment property. Uptown Mortgage also provides downpayment assistance to qualified buyers.

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
4.8 / 5 (78)
Yelp
5.0 / 5 (76)

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
Douglas E. Jensen, Mortgage Consultant logo
FEATURED
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License Verified:

License: 368568

Nationwide Multistate Licensing System and Registry

Douglas E. Jensen, Mortgage Consultant

7350 East Progress Place, Greenwood Village, CO 80111
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  • Refinance
  • Commercial Loans

Business Description

Douglas E. Jensen, Mortgage Consultant, has been providing mortgage-related and financing services to residents in Colorado Springs and its surrounding communities for over 17 years. He specializes in reverse mortgages for senior citizens over 62 years of age. He also offers consultation services regarding jumbo reverse mortgages for first-time homebuyers. Additionally, he assists with various loan products, ranging from conventional mortgages to commercial ones. As a local broker, Jensen understands the market changes and how homeowners can navigate through these.

License Verified:

License: 368568

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)
Google
5.0 / 5 (3)

Professionalism:

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

License: 1062246

Nationwide Multistate Licensing System and Registry

Call for estimate

Affinity Mortgage Brokers

7150 Campus Dr. #290, Colorado Springs, CO 80920
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  • Construction
  • Mortgage Broker
  • FHA and VA mortgages
  • Commercial Mortgage
  • HELOCs
  • Refinance
  • FHA
  • Reverse Loans
  • Investment
  • Down Payment Assistance
  • Home Purchase
  • New Construction and Non-QM Loans
  • First time buyers
  • New Construction Mortgage
  • Mortgages
  • VA Financing
  • Mortgage Lenders
  • VA Loans
  • Education
  • Purchase Loan Officer
  • Multi-Family Homes
  • Purchase
  • New Construction
  • Mortgage Refinance
  • Single-Family Loans
  • Purchase Home Loans
  • USDA
  • Debt Consolidation
  • First Time Home Buyer Financing
  • Mortgage Brokers
  • FHA, VA, & USDA
  • Non-Traditional Documentation home loans
  • Commercial Lending
  • Residential Purchase and Refinance Lending
  • Jumbo Loans
  • VA Home Loans
  • Conventional
  • Residential Mortgages

Business Description

Affinity Mortgage Brokers is a veteran-owned company serving individuals and families in Colorado Springs and throughout the state of Colorado. They work with all kinds of buyers: military members, first-time homebuyers, self-employed buyers, buyers with below-average credit, traditional buyers, and many more. Their team guides clients throughout the mortgage process and offers a wide selection of programs, such as USDA, VA, FHA, jumbo, and conventional loans. They also provide refinancing for clients to change rates and terms or take cash from their equity. President and CEO Dwight Howard has been in the industry for over two decades.

License Verified:

License: 1062246

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 (69)

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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Price: Call for estimate

Heather Kunce logo
FEATURED
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License Verified:

License: 418598

Nationwide Multistate Licensing System and Registry

Heather Kunce

1755 Telstar Drive, Colorado Springs, CO 80920
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  • Refinance

Business Description

Heather Kunce, a loan officer for Movement Mortgage, serves the people of Colorado Springs and the surrounding areas. He helps borrowers explore various options for home purchasing and refinancing loans based on their eligibility. Some of the loan products offered are USDA, FHA, VA, conventional, renovation, and cash-out or streamline refinance mortgages. Kunce guides clients through the entire process of borrowing, from documentation to closing. Clients with existing loans can review their status and make payments using Movement Mortgage's home loan portal app.

License Verified:

License: 418598

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)

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
719 Lending logo
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719 Lending

104 South Cascade Avenue, Colorado Springs, CO 80903
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Business Description

A premier Colorado Springs mortgage broker, 719 Lending Inc. provides lending services in its locality. It offers loans to clients who wish to purchase a home and to homeowners who require mortgage refinancing. 719 Lending Inc. aims to be transparent, friendly, and honest with clients. It has an innovative online system that allows clients to purchase a home using this technology. As a local mortgage broker, the company prioritizes getting to know its clients on a personal level.

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 (115)
Facebook
5.0 / 5 (59)

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
––
Agave Home Loans logo
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License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Agave Home Loans

3230 East Broadway Road Suite B-220, Phoenix, AZ 85040
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  • Refinance

Business Description

Agave Home Loans provides mortgage options to clients in Colorado Springs and the surrounding areas. This mortgage brokerage firm arranges various programs for homebuyers, including conventional, VHA, FHA, and non-qualifying loans. It also works with people seeking refinancing solutions to lower interest rates, switch mortgage payment terms, and obtain cash from equity. CEO Marshall Gottlieb worked as a senior director of mortgage banking for a national lending company. His co-founder, Doug Wang, has seven years of mortgage industry experience.

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 (591)

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
Brett D. Shaw logo
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License Verified:

License: 12007

Nationwide Multistate Licensing System and Registry

Brett D. Shaw

5525 North Union Boulevard, Colorado Springs, CO 80918
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  • Refinance

Business Description

Brett D. Shaw is a senior mortgage banker that serves families and individuals in Colorado Springs, Overland Park, and the surrounding areas. He works with LeaderOne Financial Corporation, a mortgage banking firm that was founded in 1992. Shaw guides his clients in navigating the loan process for a variety of loan programs. He has extensive experience in handling FHA, VA, USDA, jumbo, and conventional loans. He also works closely with real estate agents in assisting homebuyers with the mortgage process.

License Verified:

License: 12007

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)
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
Churchill Mortgage - Colorado Springs logo
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Churchill Mortgage - Colorado Springs

104 South Cascade Avenue, Colorado Springs, CO 80903
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Business Description

A Colorado Springs-based company, Churchill Mortgages provides mortgage brokering services in its locality. Established in 1992, the company offers mortgage assistance to first-time home buyers and mortgage refinancing assistance to homeowners with an existing mortgage. Churchhill Mortgages places quality service and personal interaction at the forefront of its business dealings with clients. The company has a team of professional home loan specialists who are ready to help clients secure their first home and assist homeowners with their refinancing needs.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
3.9
Google
4.0 / 5 (68)
Facebook
3.7 / 5 (48)

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
––
Diversified Lending of Colorado logo
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License Verified:

License: 394261

Nationwide Multistate Licensing System and Registry

Diversified Lending of Colorado

5350 North Academy Boulevard, Colorado Springs, CO 80918
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  • Refinance

Business Description

Diversified Lending of Colorado is a mortgage broker in Colorado Springs that services homebuyers and homeowners in the metro. The company was founded in 2005 by Jerry Volk, a licensed NMLS broker with extensive experience in real estate finance and mortgage lending. The firm is tied up with a variety of lending firms that helps client get diverse options for their home financing, such as conventional loans, VA loans, FHA loans, and mortgage refinancing options.

License Verified:

License: 394261

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 (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
Friendliness
Helpfulness
Detail
Fidelity Mortgage Solutions logo
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License Verified:

License: 476792

Nationwide Multistate Licensing System and Registry

Fidelity Mortgage Solutions

15455 Gleneagle Drive, Colorado Springs, CO 80921
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  • Refinance

Business Description

Fidelity Mortgage Solutions is a mortgage broker company that provides professional buying or refinancing home options in the Colorado Springs area. The business is a locally owned company that works directly with its clients on VA loans, FHA loans, jumbo loans, refinancing, and home construction loans. Their professional mortgage staff aims to ensure that their clients are well-informed of the process and help expedite the loan transaction, including mortgage preapprovals, processing, and underwriting to loan closing and funding.

License Verified:

License: 476792

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Integrity Mortgage & Financial Inc. logo
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Integrity Mortgage & Financial Inc.

5528 Library Lane, Colorado Springs, CO 80918
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Business Description

Integrity Mortgage & Financial Inc. is a privately-owned company founded in 2002 by Russell Rowe. Servicing Colorado Springs and its nearby communities, it offers a wide variety of loan services for clients looking for refinancing or interested in purchasing a new home. It offers conventional mortgages such as FHA, VA, and USDA. Its team of loan officers is trained to provide sound financial counseling to find the right mortgage that will fit the client's financial situation.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (354)
Yelp
4.0 / 5 (4)

Professionalism:

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

License: 394433

Nationwide Multistate Licensing System and Registry

Peakview Mortgage Professionals

729 Main Street, Cañon City, CO 81212
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  • New Construction

Business Description

Peakview Mortgage Professionals is a firm that has been delivering residential mortgage loans in Colorado Springs since 2003. It offers a wide range of products, such as jumbo, conventional, USDA rural housing, VA, FHA, and construction loans. Its team of loan officers, led by owner Charles Workman, has decades of combined experience in mortgage, banking, insurance, and real estate. Peakview Mortgage Professionals strives to simplify the process of securing mortgage options to fit every client's home and financial requirements.

License Verified:

License: 394433

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)
Yelp
5.0 / 5 (1)
Primary Residential Mortgage, Inc. - Colorado Springs logo
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License Verified:

License: 237406

Nationwide Multistate Licensing System and Registry

Primary Residential Mortgage, Inc. - Colorado Springs

3225 Austin Bluffs Pkwy 202, Colorado Springs, CO 80918
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  • New Construction

Business Description

Primary Residential Mortgage, Inc. is a mortgage refinance and lending company serving the entire Colorado Springs and nearby areas. The company offers first-time buyers and homeowners commonly utilized loan programs like VA, FHA, USDA, JUMBO, and conventional loans. It offers mortgage refinancing, which effectively replaces a homeowner's current home loan with an updated mortgage with better interest rates or lower monthly payments. The company features a refinance calculator that helps clients minimize guesswork and find the best mortgage option.

License Verified:

License: 237406

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
Google
4.0 / 5 (32)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Ryan M Nash Home Loans logo
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License Verified:

License: 1493480

Nationwide Multistate Licensing System and Registry

Ryan M Nash Home Loans

7150 Campus Drive, Colorado Springs, CO 80920
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  • Refinance

Business Description

Ryan M. Nash Home Loans is a mortgage broker that serves clients from Colorado Springs. The company guides customers in choosing the right products from them and in all the processes that come with it. Led by Ryan Nash, the company strives to ensure that buyers of property, whether it be a residential or commercial one, can find a wide selection of options that fit their needs. He is well-versed in various loan options such as the conventional, VA, and FHA types.

License Verified:

License: 1493480

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

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
Sandy Lisenbee logo
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License Verified:

License: 1418941

Nationwide Multistate Licensing System and Registry

Sandy Lisenbee

1755 Telstar Drive, Colorado Springs, CO 80920
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  • New Construction

Business Description

Serving the community of Colorado Springs, Sandy Lisenbee serves as a mortgage loan originator at PenTrust Mortgage Group, LLC. Sandy and her in-house processing and underwriting team have more than 100 years of combined experience in the mortgage financing industry. With a commitment to giving back to the community, she and her group hosted a fundraising activity for the Pancreatic Cancer Action Network. PenTrust specializes in the Front Range markets and assists borrowers to achieve their long-term homeownership goals.

License Verified:

License: 1418941

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 (39)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
South Park Mortgage, LLP logo
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License Verified:

License: 380548

Nationwide Multistate Licensing System and Registry

South Park Mortgage, LLP

1240 3rd Street, Colorado Springs, CO 70615
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  • Refinance

Business Description

South Park Mortgage, LLP, is a mortgage broker serving Colorado Springs. It assists current and prospective homeowners in processing different loan options such as VA, FHA, and USDA. Owner Patti Rawson has been helping clients since 1999 with her experience in being a wholesale broker to get the best interest rates for any mortgage needs. She was awarded the Five Star Professional Mortgage Broker in 2014, 2015, 2016, 2018, 2019, 2020, 2021, 2022 and was featured in 5280 Magazine several times.

License Verified:

License: 380548

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 (20)

Professionalism:

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

License: 398267

Nationwide Multistate Licensing System and Registry

Strong Tower Mortgage

5350 North Academy Boulevard, Colorado Springs, CO 80918
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  • New Construction
  • Refinance

Business Description

Strong Tower Mortgage is a mortgage broker that serves clients in Colorado Springs. It offers various loan options for homebuyers and homeowners, such as VA, FHA, jumbo, USDA, fixed-rate mortgage, and an adjustable-rate mortgage. Dan and Laura Bathje established Strong Tower in 2004. Dan has an accounting and business degree and a background in tax preparation, which he uses to help clients get the mortgage loans that suit their needs.

License Verified:

License: 398267

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

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 Mortgage Doctor logo
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License Verified:

License: 229020

Nationwide Multistate Licensing System and Registry

The Mortgage Doctor

6025 Erin Park Drive, Colorado Springs, CO 80918
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  • Refinance

Business Description

The Mortgage Doctor refers to 719 Mortgage broker Steve Haney who serves clients in Colorado Springs. Steve offers a wide range of mortgage loan options to homeowners and homebuyers, including reverse mortgage, adjustable-rate mortgage, conventional loans, FHA home loans, and VA loans. He has 30 years of experience in the lending industry. Steve also earned a reputation for providing educational mortgage information through his radio shows on KHOW, KBCR 96.9 FM, and iHeart radio.

License Verified:

License: 229020

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 (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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Total Lending Concepts - Colorado Springs Mortgages logo
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Total Lending Concepts - Colorado Springs Mortgages

5333 North Union Boulevard, Colorado Springs, CO 80918
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Business Description

Total Lending Concepts - Colorado Springs Mortgages is a local company servicing the Colorado Springs metro and nearby areas. It offers a variety of loan programs for the different needs and preferences of homebuyers and investors. Its team handles the process of providing conventional, FHA, VA, USDA, and jumbo loans. The company's website features complete details about what the clients would need to acquire the loan programs. It also assists clients in calculating their mortgage online, through a home loan calculator tool.

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 (291)

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
United Home Mortgage Network logo
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License Verified:

License: 1984776

Nationwide Multistate Licensing System and Registry

United Home Mortgage Network

3650 Rebecca Lane, Colorado Springs, CO 80917
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  • Refinance

Business Description

United Home Mortgage Network is home to professional mortgage brokers in Colorado Springs. Whether a client needs a new home purchase or wants lower rates with a home refinance loan, its team of mortgage professionals guides each client through the buying process and the customization of the loan. The mortgage products offered are conventional, jumbo, VA, and FHA loans for purchase loans and complete mortgage refinance, FHA streamline refinance, and Home Equity Line of Credit for refinancing loans.

License Verified:

License: 1984776

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 (8)
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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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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