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Best Mortgage Brokers in Hialeah

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AIF Mortgage logo
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License Verified:

License: 1851257

Nationwide Multistate Licensing System and Registry

AIF Mortgage

150 Southeast 2nd Avenue, Miami, FL 33131
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  • Refinance

Business Description

AIF Mortgage assists the loan purchasing and refinancing needs of home buyers and owners in Hialeah. Its team offers a wide range of lending options, from FHA and VA to adjustable-rate loans. Furthermore, the mortgage professionals help clients apply for fixed-rate loans which come in 10-, 15-, 20-, 25-, and 30-year terms. The loan advisors have access to programs from a number of lenders, allowing them to find mortgages that match clients' specific situations. CEO Jason Myers carries over 12 years of mortgage lending experience.

License Verified:

License: 1851257

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (70)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Aurelio Cabrera logo
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License: 1041604

Nationwide Multistate Licensing System and Registry

Aurelio Cabrera

782 Northwest 42nd Avenue, Miami, FL 33126
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  • New Construction
  • Refinance

Business Description

Aurelio Cabrera is a mortgage loan officer for New Home Mortgage Group. He provides services for both English-speaking and Spanish-speaking clients in Hialeah, helping them compare multiple loan programs. He assists them throughout the process of home purchase and home refinancing. He then provides regular updates to keep clients updated with the progress of their mortgage applications. Aurelio has been working in the industry since 2004 and has since become knowledgeable about new home sales, real estate property, and investment properties.

License Verified:

License: 1041604

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)

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

License: 322180

Nationwide Multistate Licensing System and Registry

Capital Trust Mortgage Corp.

7765 Southwest 87th Avenue, Miami, FL 33173
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  • New Construction
  • Commercial Loans

Business Description

Capital Trust Mortgage Corp. has been working with homeowners and investors in Hialeah since 1995. It offers different loan programs to suit every borrower's needs, such as conventional, VA, FHA, and jumbo loans. The firm also handles alternative loan programs for self-employed individuals, as well as foreign national loans and commercial mortgages. Capital Trust Mortgage president and founder Emad Shawwa previously worked for Crossland Mortgage as a loan officer from 1992 to 1995, where he achieved a top producer level.

License Verified:

License: 322180

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 (36)
Facebook
5.0 / 5 (5)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Dream House Mortgage logo
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License: 309448

Nationwide Multistate Licensing System and Registry

Dream House Mortgage

15500 New Barn Road, Miami Lakes, FL 33014
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  • New Construction
  • Refinance

Business Description

Dream House Mortgage is a mortgage company serving clients in Hialeah and the surrounding areas. The company offers a wide selection of programs, including reverse, VA, and FHA loans, in addition to line of credit and home equity loans. It also assists clients in refinancing their existing mortgage. The professionals from the company help clients throughout the process, from pre-qualifying to obtaining their mortgage loans. Additionally, Dream House Mortgage has partnered with several carriers, including SallieMae and FreddieMac.

License Verified:

License: 309448

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 (15)

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Elite Lending logo
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License: 2059938

Nationwide Multistate Licensing System and Registry

Elite Lending

14750 Northwest 77th Court, Miami Lakes, FL 33016
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  • New Construction

Business Description

Elite Lending is a mortgage broker that services Hialeah. It helps both first-time homebuyers and seasoned real estate investors select the lending program that suits their current situation and long-term goals. It offers VA, FHA, USDA, jumbo, and fixed rate mortgages. It also processes loan programs to meet specific requirements of high net worth clients, self-employed borrowers, and vacation home investors. In addition, the company handles refinancing programs that aim to lower monthly payments. CEO Robert Bencomo has closed $75 million in loans to date.

License Verified:

License: 2059938

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 (6)

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Essex Loans Corp logo
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License Verified:

License: 373755

Nationwide Multistate Licensing System and Registry

Essex Loans Corp

8200 Northwest 41st Street, Doral, FL 33166
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  • Refinance
  • Reverse Mortgages

Business Description

Essex Loans Corp is a mortgage broker company that offers real estate and mortgage services for the communities in Hialeah and other cities in Florida. The company has been in the business for 20 years. Essex Loans Corp strives to make refinancing programs easier for clients. It offers a wide variety of loan programs such as USDA, VA, and FHA. Giovanni Orrego, its senior loan originator, has processed more than 5,000 mortgages throughout his years in the industry.

License Verified:

License: 373755

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 (25)
Facebook
5.0 / 5 (4)

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

License: 1125655

Nationwide Multistate Licensing System and Registry

First Origin Mortgage Lenders

14100 Palmetto Frontage Road, Miami Lakes, FL 33016
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  • Refinance

Business Description

First Origin Mortgage Lenders is a lending company that attends to clients in Hialeah. It provides alternative financing and tailored loans for first-time homebuyers and customers with no credit history. Its loan products include HARP programs, FHA streamline options, and reverse mortgages. In 2019, First Origin Mortgage was recognized as a top professional services company during the annual Best of Miami Lakes Awards. Ray Palacios, the company's president, has been serving the banking industry for 20 years.

License Verified:

License: 1125655

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 (76)
Facebook
5.0 / 5 (16)
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.
4.0
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Florida United Lending logo
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License: 984209

Nationwide Multistate Licensing System and Registry

Florida United Lending

2332 Galiano Street, 2nd Floor, Coral Gables, FL 33134
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  • New Construction
  • Refinance

Business Description

Florida United Lending is a mortgage lender that serves clients in Hialeah. It specializes in providing a variety of mortgage loan options for home buyers and homeowners, including fixed-rate, adjustable-rate, interest-only, FHA, and VA loans. Additionally, it also offers several specialized programs, such as Fannie Mae HomeStyle Renovation Mortgage and USDA Single Family Housing Guaranteed Loan Program. Company president Julio E. Martinez, Jr., leads a financial services firm that is committing to fulfilling the homeownership needs of its clients.

License Verified:

License: 984209

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 (12)
Yelp
5.0 / 5 (4)

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

License: 314305

Nationwide Multistate Licensing System and Registry

Great Florida Lending

2828 Coral Way, Coral Gables, FL 33145
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  • Reverse Mortgages

Business Description

Serving clients in and around Hialeah, Great Florida Lending is a mortgage company headquartered in Miami. This company specializes in reverse mortgages and offers financial solutions to clients in their retirement years. The company provides home equity conversion mortgages, assisting clients who are looking to buy their dream home, consolidate their debt, or refinance their outstanding loans. Its team is comprised of loan officers with extensive knowledge of the various rates and fees in the area.

License Verified:

License: 314305

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 (26)
Facebook
5.0 / 5 (4)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
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––
Home Financing Center logo
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License: 378507

Nationwide Multistate Licensing System and Registry

Home Financing Center

400 University Drive, Coral Gables, FL 33134
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  • Refinance

Business Description

Home Financing Center is an independently owned mortgage broker serving the Hialeah metro. It provides individuals and families with residential mortgage purchasing and refinancing and procures personalized loan programs that match individual needs. It covers a range of loan options, including conventional and non-conventional loans, foreign national loans, fixed and adjustable-rate loans, jumbo loans, as well as options for first-time homebuyers. With over 30 years of experience, the company has closed billions in mortgages through its network of mortgage agencies.

License Verified:

License: 378507

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.
4.4
Google
4.0 / 5 (94)
Facebook
3.0 / 5 (28)

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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MaraiD Lending Group logo
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License Verified:

License: 1782813

Nationwide Multistate Licensing System and Registry

MaraiD Lending Group

7900 Oak Lane, Miami Lakes, FL 33016
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  • Refinance
  • Reverse Mortgages

Business Description

MaraiD Lending Group is a full-service mortgage lending company serving clients in Hialeah and the surrounding localities. The firm assists individuals and families in realizing their homeownership dreams by acquiring a residential purchase loan. Its advisors specialize in a variety of mortgage loans, such as conventional, FHA, VA, jumbo, and USDA. The company also offers mortgage refinancing programs, including FHA streamline, VA streamline, and investment property refinancing. Headquartered in Miami Lakes, the company serves clients throughout South Florida.

License Verified:

License: 1782813

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 (14)
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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Millenium Home Mortgage logo
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License Verified:

License: 359028

Nationwide Multistate Licensing System and Registry

Millenium Home Mortgage

8550 West Flagler Street, Miami, FL 33144
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  • Reverse Mortgages

Business Description

Millenium Home Mortgage is a mortgage company that serves clients in Hialeah and its surrounding areas. This company offers a wide range of mortgage loans for clients looking to purchase their new home, senior clients looking to boost their retirement, as well as first-time home buyers. Among the loan products that it offers include reverse mortgage, conventional loan, FHA loan, VA loan, and fresh start loan. Founded in 1998, the Millenium Home Mortgage team holds over three decades of mortgage industry experience.

License Verified:

License: 359028

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 (7)

Professionalism:

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

License: 1821442

Nationwide Multistate Licensing System and Registry

Mister Loans

3323 Northeast 163rd Street, North Miami Beach, FL 33160
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  • Refinance

Business Description

Mister Loans is a mortgage broker company that offers services to the residents of Hialeah and its surrounding areas. The company's team includes technological, financial, and real estate specialists who have more than 10 years of experience in the industry. The company provides loan options for home purchasing such as FHA, conventional mortgage, and VA loans. It also specializes in refinancing and helps its clients from switching their loan program to a fixed-rate mortgage.

License Verified:

License: 1821442

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 (52)

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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Paramount Residential Mortgage Group, Inc. logo
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License Verified:

License: 75243

Nationwide Multistate Licensing System and Registry

Paramount Residential Mortgage Group, Inc.

8333 Northwest 53rd Street, Doral, FL 33166
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  • Refinance

Business Description

Paramount Residential Mortgage Group, Inc. is a technology-based mortgage brokerage that serves clients in the Hialeah area. It works with direct lenders, such as Fannie Mae & Freddie Mac and Ginnie Mae, to help customers find the loan policies that meet their mortgage and refinancing needs. Its loan packages include USDA, VA, FHA, and jumbo. The company has been in the industry for over 10 years. It established PRMG Cares, a nonprofit organization, to give back to the local community.

License Verified:

License: 75243

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 (900)

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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Property Express Realtors, Inc logo
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Property Express Realtors, Inc

6175 Northwest 167th Street, Miami Lakes, FL 33014
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  • Refinance

Business Description

Property Express Realtors, Inc., is a full-service real estate company offering home purchasing and mortgage lending services to residential and commercial property owners in Hialeah. It offers competitive mortgage loans such as home equity loans, conforming loans, non-conforming loans, foreign national loans, and refinancing loans. Its team of mortgage professionals strives to educate borrowers on financial capacity and credit qualifications from a lender's point of view. It is affiliated with the Miami Association of Realtors.

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
3.0 / 5 (104)
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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R&J Mortgage & Loan Brokers Miami logo
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License: 183264

Nationwide Multistate Licensing System and Registry

R&J Mortgage & Loan Brokers Miami

201 South Biscayne Boulevard, Miami, FL 33131
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  • New Construction
  • Refinance

Business Description

R&J Mortgage & Loan Brokers Miami is a mortgage broker that provides services to residents of the Hialeah metro and other neighboring areas. It provides several loan options, such as home refinancing, FHA loans, no income loans, and bad credit loans. It allows customers the option to purchase different property types, such as manufactured homes, condominiums, townhouses, single, and multi-family houses. R&J Mortgage & Loan Brokers Miami utilizes different tools and technology to make loan applications easier for its clients.

License Verified:

License: 183264

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
Facebook
4.0 / 5 (74)
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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Ready Mortgage Lenders logo
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License Verified:

License: 1100518

Nationwide Multistate Licensing System and Registry

Ready Mortgage Lenders

1000 Northwest 57th Court, Miami, FL 33126
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  • Refinance

Business Description

Ready Mortgage Lenders provides Hialeah residents with mortgage solutions. Its team of brokers creates personalized purchasing and refinancing programs and gives clients access to a broad range of loan options. They offer FHA loans, USDA loans, VA loans, as well as 15-year and 30-year fixed mortgages and reverse mortgages. They have over 70 years of combined experience in the mortgage lending industry, helping clients find loans they qualify for and simplifying the application and approval process.

License Verified:

License: 1100518

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 (115)

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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Simple Home Loans logo
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License: 1913205

Nationwide Multistate Licensing System and Registry

Simple Home Loans

5801 Northwest 151st Street, Miami Lakes, FL 33014
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  • Refinance

Business Description

Simple Home Loans is a company of mortgage brokers in Miami Lakes that provides service to clients in Hialeah. It offers different loan options to match the specific financial needs of every client in buying their dream house. Its mortgage officers believe that doing their job responsibly will result in their former clients referring new clients. Their website offers tools that help a potential client or a first-time borrower to help make the right decisions.

License Verified:

License: 1913205

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 (23)
Facebook
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
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Swiftlend.com Mortgage logo
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License: 402985

Nationwide Multistate Licensing System and Registry

Swiftlend.com Mortgage

771 Northeast 82nd Street, Miami, FL 33138
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  • Refinance

Business Description

Swiftlend.com Mortgage is a mortgage company that has been operating since 2006. It assists individuals in Hialeah with the home purchase and refinancing process by presenting them with mortgage solutions based on the client criteria. It also provides loan programs, such as FHA, USDA, and VA loans. Other loan options include the bank statement, conventional, doctors, foreign national, and private loans. In addition, the company handles different loan types, which cover SBA, ITIN, investor, and commercial loans.

License Verified:

License: 402985

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)
Facebook
5.0 / 5 (5)

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

License: 156080

Nationwide Multistate Licensing System and Registry

US Mortgage Lenders

2700 North 29th Avenue, Hollywood, FL 33020
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  • Refinance

Business Description

US Mortgage Lenders provides financial services to clients in Hialeah and the entire state of Florida. Its services include FHA mortgages, VA mortgages, USDA loans, conventional loans, home equity loans, and jumbo. The team works directly with clients to create tailored financial solutions for their home purchases, outstanding student loans, or debt consolidation needs. Its team of mortgage professionals offers help clients find the right loan programs. They are led by Thomas Wesley Martin, an experienced mortgage lender.

License Verified:

License: 156080

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 (135)

Professionalism:

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

Frequently Asked Questions

Introduction

It’s the American dream to buy property, and almost everyone who purchases a home does so with the help of a mortgage broker. It can be intimidating when you don’t know where to begin, what information is necessary, and how to receive a loan. A mortgage broker acts as an intermediary between the applicant and the financial institution.


The mortgage broker’s role includes comparing loan terms across lenders to find applicants the best options, collecting paperwork the financial institution needs to analyze the application, and guiding the buyer through the underwriting and closing processes. Mortgage brokers can significantly simplify the home buying process.

Can mortgage brokers work across state lines?

Yes, mortgage brokers can work across state lines. However, each state has different licensing requirements for mortgage brokers. Customers should ensure their broker can legally work in another state before going across state lines. Lastly, don’t forget the mortgage process is often time-sensitive, so being in different time zones can be problematic.

How do mortgage brokers find lenders?

Mortgage brokers work independently and act as a bridge between the client and the lender. They reach out to several lenders to form a network and build professional relationships with those they work with often. They use lenders who best meet a client's rates and terms, and some lenders only do business through mortgage brokers.  

What credit score do mortgage brokers use?

There are two credit scoring models in the United States: FICO and VantageScore. Mortgage lenders typically prefer to use FICO. However, each credit bureau uses a different version of the FICO score:

  • Experian uses FICO Score 2
  • Equifax uses FICO Score 5
  • TransUnion uses FICO Score 4

Do mortgage brokers help with refinancing?

Yes, mortgage brokers can help with refinancing. Individuals who have a solid credit score will typically go to their bank to refinance their mortgage. However, if you don't have excellent credit, a mortgage broker may be able to secure you a better interest rate than you could get on your own.

You pay a fee to the mortgage broker, so you'll want to consider this fee versus your savings in your cost-benefit analysis.

Can you work with two mortgage brokers?

You can definitely work with two mortgage brokers. The advantage of using multiple brokers is that you'll have two people reaching out to several lenders to secure the best rate possible. However, you must ensure you provide matching information to all your brokers. If two brokers provide mismatched information about your application to the same lender, it can send off red flags and delay your approval process.

Do mortgage brokers get better deals?

Yes, a mortgage broker should be able to get you a better deal. Mortgage brokers go to several lenders on your behalf and find the one with the best terms and interest rates. However, note that some mortgage brokers have preferred lenders. A broker may bring you their preferred lender's offer, even if it's not the best one; however, this isn't a regular practice.

How do mortgage brokers get paid?

The customer or the lender pays the mortgage broker. By law, it's illegal for a mortgage broker to accept payment from both parties. Additionally, thanks to the Dodd-Frank Act, a mortgage broker cannot have hidden fees or base their commission on their customer's interest rate.

What makes mortgage brokers different from loan officers?

Loan officers are employees of a single lender. For example, if you go to a bank for a mortgage, you'll deal with their loan officer. They’re paid a set salary and receive bonuses; however, they can only offer loans from their bank.

A mortgage broker works independently or for a firm, and they’re paid by the client or lender. Mortgage brokers can approach several lenders, giving individuals many more options.

What is the difference between a commercial mortgage broker and a home loan broker?

A commercial mortgage broker deals with real estate loans for businesses. The loan for the commercial property is given to the company, not the individual. As a result, the approval process reviews the financial health of the business. In comparison, a home loan broker helps individuals gain a real estate loan for their property.

How much do mortgage brokers make?

According to Salary.com, the average salary for a mortgage broker in the U.S. ranges between $75,344 and $99,498. However, this can significantly vary depending on the state you work in, bonuses, and other factors.

How do mortgage brokers get paid?

How a mortgage broker gets paid entirely depends on who they work for. If they’re an independent contractor, all of their income comes from their clients or lenders. If the person works for a brokerage, they may be paid a combination of a base salary and bonuses from closed deals.

How much do mortgage brokers make per loan?

Mortgage brokers typically make between 1% and 2% of the total loan amount on each deal closed. The client or the lender will pay this fee. The mortgage broker does not receive their payment until the loan is approved and finalized. 

Can mortgage brokers work across state lines?

Yes, mortgage brokers can work across state lines. However, each state has different licensing requirements for its mortgage brokers. To legally close a transaction, you must be certified in the state of the transaction. Additionally, it's helpful to know the state's closing process, as this can change from state to state.

What is a surety bond for mortgage brokers?

A surety bond is a legal contract that binds three parties — the obligee, the principal, and the surety. Surety bonds are typically required to receive a license for operating as a mortgage broker. When a mortgage broker gets a surety bond, it's a legal guarantee they'll perform their obligations to their customers as required by law.

Is it difficult to pass the mortgage brokers’ test?

Upon completion of educational requirements, you must pass the mortgage broker test to receive your license. It's a two-part test called the Safe Mortgage Loan Originator Exam, and it can be a bit challenging. Out of almost 87,600 national test-takers, 57% passed on their first attempt. The test includes both a state and national portion and requires a minimum score of 75% to pass.

Do mortgage brokers need to be licensed?

Yes, all mortgage brokers need to be licensed. Individuals need to complete a 20-hour class that goes over state and federal laws for mortgages and other important information. Next, individuals take the official test with the National Mortgage Licensure System.

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