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Best Mortgage Brokers in Hollywood

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5 Star Professionals logo
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License Verified:

License: 1785072

Nationwide Multistate Licensing System and Registry

5 Star Professionals

1901 Harrison Street, Hollywood, FL 33020
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  • Refinance

Business Description

Motto Mortgage 5 Star Professionals is an independently owned and operated company that assists clients in Hollywood with mortgage-related matters. It offers a broad range of loan programs, including fixed-rate and adjustable-rate mortgages, FHA and VA loans, balloon and reverse mortgages, and HARP 2.0. Founders John DeMarco and Alex Bruno have more than 13 years of real estate experience. Over the years, they have acquired numerous awards from RE/MAX, including the Diamond agent award and Top 1% producer of RE/MAX agents nationwide.

License Verified:

License: 1785072

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)

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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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Carrero Mortgage Advisors logo
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License Verified:

License: 1734670

Nationwide Multistate Licensing System and Registry

Carrero Mortgage Advisors

3600 Red Road, Miramar, FL 33025
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  • Refinance

Business Description

Carrero Mortgage Advisors LLC is a full-service mortgage broker serving clients in the South Florida area, including Hollywood and Miramar. The company has assisted over 2,000 clients in acquiring loans and mortgages in the over five years of its operation. Its staff work to find mortgage options, from purchase loans and refinancing to construction and land loans, that satisfy the client's specifications. CEO and founder Brandon Carrero is a certified mortgage planning specialist and has been featured on Good Morning Miramar.

License Verified:

License: 1734670

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 (19)
Facebook
5.0 / 5 (7)

Professionalism:

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

License: 1323697

Nationwide Multistate Licensing System and Registry

Executive Mortgage Group of Florida, LLC

9850 Stirling Road, Cooper City, FL 33024
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  • Refinance

Business Description

Executive Mortgage Group of Florida, LLC, is a mortgage brokering firm that serves the residents of Hollywood. It calculates the current home values of available and owned properties in different suburbs. It also calculates a homeowner's existing mortgage rate with interest rates, monthly expenses, and possible alternatives. Moreover, Executive Mortgage Group offers its customers multiple loan options, such as adjustable-rate mortgages, as well as FHA, USDA, and jumbo loans. Its officers also compare loan plans for refinancing to save money or fund renovation projects.

License Verified:

License: 1323697

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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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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EZ Funding Group, Inc. logo
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License Verified:

License: 349022

Nationwide Multistate Licensing System and Registry

EZ Funding Group, Inc.

3350 Southwest 148th Avenue, Miramar, FL 33027
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  • Refinance

Business Description

EZ Funding Group, Inc., is a mortgage company that serves clients in Hollywood. It offers homeowners, homebuyers, and real estate investors a variety of loan programs that include fixed-rate mortgages, adjustable-rate mortgages, hybrid ARMs, HARP 2.0, VA home loans, and reverse mortgages. Owner Jaime Charouf established the company in October 2000. He is CNE and CDPE certified and is fluent in Arabic, Spanish, and English. Jaime has also been helping Realtors close mortgage loans through coaching.

License Verified:

License: 349022

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 (63)
Facebook
5.0 / 5 (4)

Professionalism:

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

License: 284131

Nationwide Multistate Licensing System and Registry

Federated Mortgage Services Inc.

925 Intracoastal Drive, Fort Lauderdale, FL 33304
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  • Reverse Mortgages

Business Description

Federated Mortgage Services Inc. is a brokerage firm that has been offering lending services to residents of Hollywood and the surrounding areas for more than 35 years. It provides a wide variety of loan products and programs, including jumbo, balloon, fixed-rate, and adjustable-rate mortgages. It also offers bridge financing, hard money wholesale lending, and portfolio super jumbo loans. Additionally, Federated Mortgage Services Inc. assists clients looking for refinancing options to get a lower interest rate or pay off their mortgage more quickly.

License Verified:

License: 284131

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 (9)

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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 Southeast Mortgage Corporation logo
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License Verified:

License: 363293

Nationwide Multistate Licensing System and Registry

First Southeast Mortgage Corporation

3837 Hollywood Blvd # A, Hollywood, FL 33021
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  • New Construction
  • Refinance

Business Description

First Southeast Mortgage Corporation serves clients in Hollywood and nearby communities by guiding them through the mortgage application and pre-qualifying process for different mortgage products. These products include USDA, FHA, VA, conventional, and jumbo loans. In addition, the company's agents can assist clients in refinancing their existing mortgages through programs such as cash-out refinancing. Company founder Scott B. Roberts has three decades of experience as a mortgage lender. He also holds a master's degree in Business Administration.

License Verified:

License: 363293

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 (15)
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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Judy Zucker logo
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License Verified:

License: 1035126

Nationwide Multistate Licensing System and Registry

Judy Zucker

4651 Sheridan Street, Hollywood, FL 33021
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  • New Construction
  • Refinance
  • Commercial Loans

Business Description

Judy Zucker has been in the mortgage industry for more than 14 years. She works closely with home buyers and individuals in Hollywood. She provides guidance to clients in choosing loan options that match their needs and capabilities. Zucker and her team from FM Home Loans offer a variety of loan programs, including conventional loans, ARMs, fixed-rate mortgages, pre-approved loans, and FHA loans. They also assist foreign nationals looking to invest in properties in the US.

License Verified:

License: 1035126

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
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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Lord Mortgage & Loan logo
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License Verified:

License: 375427

Nationwide Multistate Licensing System and Registry

Lord Mortgage & Loan

1925 Pembroke Road, Hollywood, FL 33020
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  • Refinance

Business Description

Lord Mortgage & Loan is a mortgage brokerage firm that operates in Hollywood. For first-time homeowners and lifelong residents, it provides various loan and refinancing options, such as VA and FHA loans. The firm can also provide cash-out loans when banks are unavailable. Its loan officers offer to examine the loan applications of its clients and underwrite them for pre-qualification. Lord Mortgage & Loan is a member of the Greater Palm Bay Chamber of Commerce and the Florida Association of Mortgage Professionals.

License Verified:

License: 375427

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
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Michael Zuckerman logo
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License Verified:

License: 203905

Nationwide Multistate Licensing System and Registry

Michael Zuckerman

1398 Southwest 160th Avenue, Sunrise, FL 33326
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  • New Construction
  • Refinance

Business Description

Michael Zuckerman has 20 years of experience helping home buyers and homeowners in Hollywood. He is a loan office at Element Funding, using his knowledge to provide assistance to first-time buyers, refinancing, or investing in a property. The products he offers include jumbo loans, VA loans, FHA loans, USDA loans, and conventional loans. It has also a calculator to check the details of the loan. Zuckerman is a native Floridian, who was born in Miami Beach.

License Verified:

License: 203905

Nationwide Multistate Licensing System and Registry

Professionalism:

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

License: 330508

Nationwide Multistate Licensing System and Registry

Mortgage Masters Inc.

2699 Stirling Road, Fort Lauderdale, FL 33312
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  • New Construction
  • Refinance

Business Description

Mortgage Masters Inc. is a brokerage that serves the residents of Hollywood and other nearby areas. Serving the community for more than 25 years, the company provides loan program options that include FHA loans, VA loans, jumbo loans, conventional loans, and reverse mortgages. The company also has several lock-in periods for refinancing that clients can choose from. Its agents assist borrowers in qualifying and applying for mortgage loans through their automated tools. Mortgage Masters also allows its clients to acquire loan quotations through its website.

License Verified:

License: 330508

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 (106)
Facebook
5.0 / 5 (8)
Yelp
4.0 / 5 (6)

Professionalism:

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

License: 1967971

Nationwide Multistate Licensing System and Registry

New Century Financial Mortgage

1124 North 13th Terrace, Hollywood, FL 33019
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  • Reverse Mortgages

Business Description

New Century Financial Mortgage is a mortgage broker based in Hollywood. The company's services include brokering commercial, first, second, and reverse mortgages, modifying mortgage loans, and providing short sale assistance. It has online resources for mortgage education and connects clients with a range of loan programs, including FHA, conventional, jumbo, and USDA loans. New Century Financial Mortgage provides solutions that are tailored to individual credit profiles and maintains online tools for streamlined applications. It also specializes in foreign investor mortgages.

License Verified:

License: 1967971

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
Premier Lending Corp logo
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License Verified:

License: 1156346

Nationwide Multistate Licensing System and Registry

Premier Lending Corp

12399 Southwest 53rd Street, Cooper City, FL 33330
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  • Reverse Mortgages

Business Description

Premier Lending Corp. is a mortgage financing company that has been serving Hollywood, Fort Lauderdale, and the surrounding areas. Its mortgage brokers work on finding loan programs that match their clients' needs and capabilities and guide them through the pre-qualification and application process. The company also specializes in a variety of residential and commercial loan options, such as FHA, jumbo, VA, hard money, conventional, and USDA. Premier Lending Corp has experience assisting foreign nationals looking to invest in real estate in Florida as well.

License Verified:

License: 1156346

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 (257)
Facebook
5.0 / 5 (31)
Yelp
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
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RBI Mortgages logo
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License Verified:

License: 1473501

Nationwide Multistate Licensing System and Registry

RBI Mortgages

1920 East Hallandale Beach Boulevard, Hallandale Beach, FL 33009
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  • Refinance
  • Purchase Transactions

Business Description

RBI Mortgages is a private lending company providing residential and commercial loans to clients in Hollywood and its neighboring areas since 2015. The company caters to homebuyers and real estate investors who are looking to purchase, refinance, or cash out properties. In addition, the company offers loan options to business properties such as apartments, hotels, restaurants, and warehouses. The company also assists lenders who have no credit history, started a new business, or are foreign nationals.

License Verified:

License: 1473501

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 (30)

Professionalism:

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

License: 159836

Nationwide Multistate Licensing System and Registry

Residential Savings Mortgage

2801 North University Drive, Coral Springs, FL 33065
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  • New Construction
  • Refinance

Business Description

Residential Savings Mortgage is a team of mortgage professionals serving clients in Hollywood. The company holds a connection with an extensive network of lenders to help borrowers find a loan with the best rates and terms that fit their needs. Its professionals work with clients purchasing or refinancing their homes, helping them better understand various loan programs. They strive to listen to the client's questions and concerns and walk them through the process to ensure a smooth transaction closing.

License Verified:

License: 159836

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 (13)
Google
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
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Detail
––
RK Mortgage Group logo
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License Verified:

License: 1284789

Nationwide Multistate Licensing System and Registry

RK Mortgage Group

800 Southeast 4th Avenue, Miami, FL 33009
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  • Purchase Transactions

Business Description

RK Mortgage Group is a brokerage firm that serves Hollywood and the surrounding areas. It offers a number of loan programs, including jumbo and FHA loans, and specialized programs. These include self-employed mortgages, investment property programs, non-prime mortgages, and no-income verification loans. The company also offers refinancing assistance to clients looking to change the terms of their original mortgages, such as lowering monthly payments, getting better interest rates, or simply cashing out on their home's equity.

License Verified:

License: 1284789

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 (129)

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
Southeast American Financial Group, Inc. logo
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License Verified:

License: 371388

Nationwide Multistate Licensing System and Registry

Southeast American Financial Group, Inc.

1745 North University Drive, Pembroke Pines, FL 33024
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  • Reverse Mortgages

Business Description

Southeast American Financial Group, Inc., is a Pembroke Pines-based mortgage firm that caters to clients in Hollywood and the surrounding areas. It provides several loan programs, such as Fannie Mae, Freddie Mac, FHA, VA, USDA, commercial, and jumbo loans. It also offers fixed-rate, adjustable-rate, interest-only, and graduated-payment mortgage options. In addition, Southeast American Financial Group handles refinancing options that help clients to reduce the interest rate, lower monthly payments, shorten the loan term, and consolidate debts.

License Verified:

License: 371388

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 (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
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The Lending Group logo
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License Verified:

License: 1148626

Nationwide Multistate Licensing System and Registry

The Lending Group

1946 Tyler Street, Hollywood, FL 33020
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  • Refinance

Business Description

The Lending Group is a full-service direct mortgage lender that caters to individuals and businesses in Hollywood and its surrounding areas. It provides loan options and assistance in getting low down payments, and high loan-to-value cashouts to its customers. Moreover, it offers different home loan and refinancing options, such as FHA refinance, conventional, fixed-rate, USDA, and VA home loans. The company was founded in 2013, and its team has over 60 years of combined experience in the industry.

License Verified:

License: 1148626

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 (10)
Google
4.0 / 5 (6)

Professionalism:

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

License: 1739929

Nationwide Multistate Licensing System and Registry

The Vanguard Mortgage

1200 North Federal Hwy, Hollywood, FL 33020
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  • New Construction
  • Refinance

Business Description

The Vanguard Mortgage is a direct lender that assists individuals and families in buying and refinancing homes in Hollywood. Some of the mortgage loans available are FHA, no income verification, and jumbo. As a direct underwriter, it streamlines the process and can close loans without delays. The company simplifies the mortgage application by delivering the service online, with the option to communicate with a loan originator on the same platform. Its loan professionals strive to innovate solutions that result in faster processing time.

License Verified:

License: 1739929

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 (25)

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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Top Class Mortgage, Inc. logo
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License Verified:

License: 1707029

Nationwide Multistate Licensing System and Registry

Top Class Mortgage, Inc.

2419 Hollywood Boulevard, Hollywood, FL 33020
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  • Refinance

Business Description

Top Class Mortgage, Inc., in Hollywood handles residential mortgages. The loans it offers include construction, home equity, conventional fixed- and adjustable-rate, non-conforming, FHA, and VA loans. Refinancing options are also available for those who wish to save money on their mortgages. For senior homeowners, it handles reverse mortgages as well. With 10 years of experience in real estate and as a borrower himself, mortgage broker Max Bellomo is determined to provide quality service for English and Spanish speakers.

License Verified:

License: 1707029

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)

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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Total Mortgage - Pembroke Pines, FL logo
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License Verified:

License: 2764

Nationwide Multistate Licensing System and Registry

Total Mortgage - Pembroke Pines, FL

1000 North Hiatus Road, Pembroke Pines, FL 33026
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  • Refinance

Business Description

Total Mortgage is a business located in Pembroke Pines and serves diverse clients from Hollywood, including first-time homebuyers and foreign investors. This firm offers a large array of mortgage products for home purchase and refinancing needs. These loan options include home equity credit line loans, HomeStyle renovation loans, 15-year fixed-rate loans, 30-year fixed-rate loans, jumbo loans, and VA loans. Its website has mortgage calculators and an option for clients to download in-depth guides for home buying and refinancing.

License Verified:

License: 2764

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
5.0 / 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.
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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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