Expertise.com

Best Mortgage Brokers in Hartford

Laurels
Laurels

We did the research for you!

Learn more
  • checkboxLicensing
  • checkboxUser Reviews
  • checkboxMystery Shopping Calls

Mortgage Brokers FAQs

Learn more
Americay Mortgage Corp logo
Visit WebsiteWebsite

License Verified:

License: 1155

Nationwide Multistate Licensing System and Registry

Americay Mortgage Corp

154 Talcottville Road, Vernon, CT 06066
Visit WebsiteWebsite
  • Refinance

Business Description

Americay Mortgage Corp. is composed of mortgage brokers offering their services to Hartford and other nearby cities. They counsel new home buyers or seasoned real estate investors on the available loans that meet their financial goals. In addition, they process the clients' financial documents and find the best interest rates and terms available. Their loan programs include conventional, FHA, USDA, and VA loans. They also offer HARP 2.0 loans for those who are having difficulty with their current mortgages. The company was founded in 2000.

License Verified:

License: 1155

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 (67)
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
Burke Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 90746

Nationwide Multistate Licensing System and Registry

Burke Mortgage

15 Pitkin Street, Manchester, CT 06040
Visit WebsiteWebsite
  • Refinance

Business Description

Burke Mortgage provides strategic mortgage solutions to its clients in Hartford and the surrounding communities. The service provider helps businesses, first-time home buyers, and homeowners acquire loan programs in line with their mortgage needs. Its agents offer years of experience in purchasing, refinancing, and reversing mortgages. John Burke, its owner, started his mortgage career in 2002. Three years later, he founded Burke Mortgage to help individuals obtain the right mortgage products available in the marketplace.

License Verified:

License: 90746

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 (58)

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
Carrington Mortgage Services, LLC logo
Visit WebsiteWebsite

License Verified:

License: 2600

Nationwide Multistate Licensing System and Registry

Carrington Mortgage Services, LLC

80 Lamberton Road, Windsor, CT 06095
Visit WebsiteWebsite
  • New Construction
  • Refinance

Business Description

Carrington Mortgage Services, LLC, provides home financing programs for its clients in Hartford and other nearby communities. It offers loan solutions that match the needs of first-time homebuyers, seasoned investors, and veterans. These home loan options include conventional, FHA, USDA, VA, and adjustable-rate mortgages. It also helps homeowners refinance their existing loans. In addition, the company gives back to the community through its non-profit charitable foundation that supports veterans by providing them with adaptive housing and entrepreneurship opportunities.

License Verified:

License: 2600

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.
4.3
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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
CT Liberty Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 6297

Nationwide Multistate Licensing System and Registry

CT Liberty Mortgage

1027 Farmington Avenue, Farmington, CT 06032
Visit WebsiteWebsite
  • Refinance
  • Reverse Mortgages

Business Description

CT Liberty Mortgage is a full-service mortgage company located in Farmington that also serves the nearby cities of Southington, Plainville, and Hartford. Its brokers partner with lending institutions that offer purchase and refinancing loan programs. They work with both parties, verifying paperwork for the completion of a home purchase or refinancing process. Additionally, they evaluate their clients' situations and design loan plans that meet their requirements, which include conventional, reverse, HomePath, VA, USDA, and FHA loans.

License Verified:

License: 6297

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
4.0 / 5 (23)
Google
5.0 / 5 (11)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Elm Tree Funding logo
Visit WebsiteWebsite

License Verified:

License: 110851

Nationwide Multistate Licensing System and Registry

Elm Tree Funding

43 North Main Street, West Hartford, CT 06107
Visit WebsiteWebsite
  • Refinance

Business Description

Elm Tree Funding, LLC, is a full-service mortgage solutions company serving clients in Hartford and nearby areas. The firm assists individuals and families in turning their home ownership goals into actuality with a mortgage loan. As an independent mortgage brokerage, the company has access to a variety of loan programs and guide clients in selecting the best loan for their purchasing, refinancing, and cash-out needs. The agency is licensed to serve clients in all of Connecticut.

License Verified:

License: 110851

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 (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
Empire Home Loans logo
Visit WebsiteWebsite

License Verified:

License: 113183

Nationwide Multistate Licensing System and Registry

Empire Home Loans

1880 Silas Deane Hwy, Rocky Hill, CT 06067
Visit WebsiteWebsite
  • New Construction
  • Multi-Family Loans

Business Description

Empire Home Loans is a mortgage broker that serves clients from Hartford and the surrounding areas. The company guides clients who want to buy or refinance their residential or commercial property. It offers a wide range of loan options, such as VA, FHA, 203K, and conventional. The firm is owned by Monika Amaral, who is both a loan officer and mortgage industry expert. Empire Home Loans has been operating for more than 12 years.

License Verified:

License: 113183

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 (17)
Yelp
3.0 / 5 (3)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Generation Mortgage, LLC logo
Visit WebsiteWebsite

License Verified:

License: 21779

Nationwide Multistate Licensing System and Registry

Generation Mortgage, LLC

105 East Center Street, Manchester, CT 06040
Visit WebsiteWebsite
  • Refinance

Business Description

Generation Mortgage, LLC, is a family-owned mortgage company that serves clients in Hartford. The company works with 40 different lenders to help clients find the loan that best suits their needs. Its products include conventional, first-time home-buyer, FHA, VA, USDA, and jumbo loans. Non-qualified mortgage loans are also available. The firm was founded in 2005 by Gerald Rothman Jr., who has a background in real estate, construction, and roofing. The company can also serve clients across Connecticut, Massachusetts, and Florida.

License Verified:

License: 21779

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 (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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Global Unity Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 65392

Nationwide Multistate Licensing System and Registry

Global Unity Mortgage

71-1 Wilson Lane, Vernon, CT 06066
Visit WebsiteWebsite
  • Multi-Family Loans
  • Refinance
  • Purchases

Business Description

Located just outside the Hartford area in Vernon, Global Unity Mortgage caters to individuals looking to purchase or refinance their homes in Connecticut. It offers FHA loans, VA loans, and USDA loans, as well as home purchase loans, cash-out home loans, and investor loans. It helps clients via loan rate mortgages that, whether adjustable or fixed, heed budget considerations. Under the guidance of veteran broker Gary Cutler, Global Unity Mortgage's professionals carry out their services prioritizing open communications with clients—which includes making themselves available on weekends for urgent purchase bids and assistance with pre-qualification letters.

License Verified:

License: 65392

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 (11)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Guaranty Federal logo
Visit WebsiteWebsite

License Verified:

License: 2624

Nationwide Multistate Licensing System and Registry

Guaranty Federal

11 Timberwood Road, West Hartford, CT 06117
Visit WebsiteWebsite
  • New Construction
  • Refinance

Business Description

Guaranty Federal is a mortgage firm that has been serving the Hartford area and beyond for more than 30 years. Whether a client needs to buy a residential property for the first time or to refinance an existing mortgage to reduce monthly payments, Guaranty Federal can help in navigating through the entire mortgage process. Included in its services are the provision of an estimate of costs and fees, the review of financing program options, and coordination until the closing of a transaction.

License Verified:

License: 2624

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 (25)
Google
5.0 / 5 (9)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Horizon Home Mortgage LLC logo
Visit WebsiteWebsite

License Verified:

License: 69164

Nationwide Multistate Licensing System and Registry

Horizon Home Mortgage LLC

34 Bloomfield Avenue, Windsor, CT 06095
Visit WebsiteWebsite
  • Refinance

Business Description

Horizon Home Mortgage LLC is a mortgage company that has been serving the residents of Hartford and the surrounding areas for more than 15 years. It offers a wide variety of loan programs, such as conventional, FHA, VA, USDA, and non-QM loans. In addition, it provides foreign national loans, refinance loans, and reverse mortgages. Founder and principal Samir Doshi has been working in the business and finance industry for more than 30 years.

License Verified:

License: 69164

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
5.0 / 5 (10)
Google
4.0 / 5 (9)

Professionalism:

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

License Verified:

License: 2576

McCue Mortgage

1 Liberty Square, New Britain, CT 06051
Visit WebsiteWebsite
  • Refinance

Business Description

McCue Mortgage is a Connecticut-based residential loan servicing company serving homeowners in Hartford since 1949. The mortgage lender serves clients' home buying needs at every level of the financing spectrum, from first-time homebuyers to those refinancing their mortgages. From its early years providing homeownership opportunities to helping World War II veterans obtain and stay in their homes, the company has grown along with the needs of all homebuyers, providing escrow, taxes, insurance, and mortgage services, and now represents a portfolio of $1 billion.

License Verified:

License: 2576

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
––
Mortgage Assistance Company, LLC logo
Visit WebsiteWebsite

License Verified:

License: 2754

Nationwide Multistate Licensing System and Registry

Mortgage Assistance Company, LLC

175 New Britain Avenue, Plainville, CT 06062
Visit WebsiteWebsite
  • Refinance

Business Description

Mortgage Assistance Company, LLC, has been serving families in Hartford and surrounding areas for over 20 years. Its staff helps clients purchase and refinance residential properties, whether it's a single-family home, multi-family residence, condominium, townhouse, or manufactured home. With decades of experience in the mortgage industry, the firm's loan officers assist in obtaining FHA, VA, USDA, and jumbo loans. Borrowers can visit their website for secure loan applications, loan pre-qualifications, or financing option evaluations using interactive mortgage calculators.

License Verified:

License: 2754

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 (56)
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
New England Home Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 112216

Nationwide Multistate Licensing System and Registry

New England Home Mortgage

37 West Center Street, Southington, CT 06489
Visit WebsiteWebsite
  • New Construction
  • Refinance

Business Description

New England Home Mortgage is a firm that offers home purchase loans in Hartford. Its brokers assess every client's financial status to provide the mortgage solution that fits their home buying requirements. The different programs available are reverse and FHA mortgages, CHFA financing, and conventional, USDA, and VA loans. New England Home Mortgage has over 50 years of experience in the industry. It strives to provide stress-free services by assisting in every aspect of the process, from pre-qualification to closing.

License Verified:

License: 112216

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.0 / 5 (66)
Facebook
5.0 / 5 (42)

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
––
New England Residential Finance, LLC logo
Visit WebsiteWebsite

License Verified:

License: 815059

Nationwide Multistate Licensing System and Registry

New England Residential Finance, LLC

415 Wolcott Road, Wolcott, CT 06716
Visit WebsiteWebsite
  • New Construction

Business Description

New England Residential Finance, LLC, is a mortgage brokerage that serves clients in Hartford. It offers a variety of loan options for homebuyers, homeowners, and real estate professionals, including conventional fixed-rate mortgage, FHA, VA home, and USDA loans. Having access to mortgage sources, its loan specialists strive to find programs that suit the needs of its clients. Its team of mortgage consultants includes managing director Michael Rousseau, who has been working in the industry for over two decades.

License Verified:

License: 815059

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.0 / 5 (26)
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
Norcom Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 71655

Nationwide Multistate Licensing System and Registry

Norcom Mortgage

2640 Main Street, Glastonbury, CT 06033
Visit WebsiteWebsite
  • Refinance
  • Reverse Mortgages

Business Description

Norcom Mortgage is a mortgage company addressing different kinds of mortgage needs in Hartford. The company serves clients through various financing solutions such as mortgage refinancing, reverse mortgages, and USDA loans. Its mortgage professionals work to educate clients throughout the application process through consultations and educational resources available on its website. Norcom Mortgage maintains a local community outreach division called Norcom Cares that hosts charity fundraisers and participates in volunteer work.

License Verified:

License: 71655

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
Facebook
4.0 / 5 (169)
Google
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
––
Northeast Financial logo
Visit WebsiteWebsite

License Verified:

License: 117273

Nationwide Multistate Licensing System and Registry

Northeast Financial

48 Meriden Road, Middlefield, CT 06455
Visit WebsiteWebsite
  • Reverse Mortgages

Business Description

Founded in 2008, Northeast Financial is a local mortgage brokerage firm that serves clients in Hartford and the surrounding areas. Its team has over 50 years of combined industry experience and offers a variety of residential and commercial mortgages. In addition to residential mortgages—including conventional, VA, USDA, reverse, jumbo, and rehab—the firm handles commercial financing for new construction and renovation and asset-based rental property loans. Northeast Financial employs its local knowledge in the community, which helps in personalizing loans according to need.

License Verified:

License: 117273

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.0 / 5 (59)
Facebook
5.0 / 5 (18)

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
Residential Mortgage Services logo
Visit WebsiteWebsite

License Verified:

License: 1876798

Nationwide Multistate Licensing System and Registry

Residential Mortgage Services

68 South Main Street, West Hartford, CT 06107
Visit WebsiteWebsite
  • Refinance

Business Description

Residential Mortgage Services is an independent, privately held mortgage company that has been providing personalized loan processing, underwriting, and direct lending services to homeowners in Hartford since 1991. Its loan officers are dedicated to helping clients with their home financing needs by offering a variety of loan products such as conventional, jumbo, first-time homebuyers, VA, FHA, and USDA-RD loans. They also provide renovation, first, second, fixed-rate, and adjustable-rate mortgages. Other services include investment property and state housing loan programs.

License Verified:

License: 1876798

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
Facebook
4.0 / 5 (93)
Google
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Sanborn Mortgage Corporation logo
Visit WebsiteWebsite

License Verified:

License: 2589

Nationwide Multistate Licensing System and Registry

Sanborn Mortgage Corporation

35 North Main Street, West Hartford, CT 06107
Visit WebsiteWebsite
  • Refinance

Business Description

Sanborn Mortgage Corporation was established in 1981 and has since provided residential lending services to Hartford and other surrounding metros. It guides home buyers through the whole mortgage process and helps them choose the best loan programs that meet their needs. Fixed-rate and adjustable-rate mortgages are the types of conventional loans that it offers to warrantable condos, single-family homes, primary residences, second homes, and investment properties. In addition, it also offers refinancing to homeowners seeking a lower rate mortgage.

License Verified:

License: 2589

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 (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
Helpfulness
Detail
Sojourn Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 25932

Nationwide Multistate Licensing System and Registry

Sojourn Mortgage

15 Lewis Street, Hartford, CT 06103
Visit WebsiteWebsite
  • Reverse Mortgages

Business Description

Located in Hartford, Sojourn Mortgage assists clients with their lending needs. It offers mortgage advice, debt-to-income analysis, order appraisals and inspections, and financial documentation collection. It also provides conventional loans, reverse mortgages, jumbo, and non-QM lending products. Its owner, Paula Mercier, is a mortgage planning specialist and a member of the Greater Newton Charitable Society. She has 25 years of industry experience. Mercier was also featured in the Connecticut Magazine for winning the Five-Star Professional's annual award 12 years in a row.

License Verified:

License: 25932

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)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Welcome Home Mortgage, LLC logo
Visit WebsiteWebsite

License Verified:

License: 2744

Nationwide Multistate Licensing System and Registry

Welcome Home Mortgage, LLC

1331 Silas Deane Highway, Wethersfield, CT 06109
Visit WebsiteWebsite
  • New Construction

Business Description

Welcome Home Mortgage, LLC, has been helping clients around Hartford with matching their specific needs to the loan services available in the company. They offer a variety of loans such as FHA, VA, Hybrid ARMs, and HARP 2.0. The other mortgage programs include fixed-rate and adjustable-rate mortgages, interest-only, and reverse mortgages. The team at Welcome Home Mortgage is composed of mortgage brokers who have had extensive practice and experience in the industry.

License Verified:

License: 2744

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.
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.

Read all FAQs