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. <br>

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. <br>

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. <br>

5 Best Savannah Mortgage Brokers

American Financial Services Group, Inc.

7712 Waters Avenue, Savannah, GA 31406

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Refinance

American Financial Services Group, Inc., is a loan company that has been operating in Savannah since 1956. It assists individuals in applying for loans for different types of needs such as vehicle repair, home improvement, honeymoon trips, tuition, and emergencies. Different types of mortgage options are available including USDA, VA, FHA, and conventional. The company's website contains a variety of information about the loan application process, requirements, and a brief description of the loan programs available.

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Coastal Custom Mortgage Inc.

340 Eisenhower Drive, Savannah, GA 31406

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New Construction

Coastal Custom Mortgage, Inc., provides personalized financing solutions from its Savannah location. Serving both first-time and seasoned homebuyers, its team of home loan professionals helps clients select from various types of programs, including condominium, jumbo, and conventional loans along with government-supported mortgages such as VA and FHA loans. The company is headed by Padraic Robertson, who has a background in real estate, banking, and economics. He is part of the Savannah Mortgage Bankers Association and the National Association of Mortgage Brokers.

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Harbor Mortgage Company

785 King George Boulevard, Savannah, GA 31419

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New Construction
Refinance

Founded in 2001, Harbor Mortgage Company offers a variety of mortgage loan solutions to clients in Savannah and the surrounding areas. It provides conventional loan options, such as piggyback, fixed-rate, and adjustable-rate mortgages. It also assists clients aged 62 and above in obtaining reverse mortgages. In addition, its team helps clients secure VA, FHA, mortgage refinance, and cashout refinance loans. Harbor Mortgage Company was established by David Soderlind, who has been in the finance industry since 1992.

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Moon River Mortgage

239 Stephenson Avenue, Savannah, GA 31405

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Refinance

Moon River Mortgage is a mortgage lender in the Savannah area. It provides loan products for clients who want to purchase or refinance properties, such as single- and multi-family homes, condominiums, manufactured homes, or investment properties. Its loan professionals can assist with conventional, FHA, VA, and USDA loan programs. Clients can choose from adjustable and fixed rates for their mortgage plans. The company's website has different online calculators to help clients assess their mortgages and loan values.

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Tracey Burdette

532 Stephenson Avenue, Savannah, GA 31405

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Multi-Family Loans

Tracey Burdette is a mortgage production manager serving Savannah and the surrounding areas. She assists clients who want to purchase or build their homes by offering a wide variety of mortgage loan options. These include FHA for first-time buyers, VA for veteran clients, and jumbo mortgages for individuals looking for large loan amounts. Additionally, she is also available for refinancing, adjustable-rate, and fixed-rate mortgage services. Burdette has years of experience in the real estate financing industry.

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Best Mortgage Brokers in Savannah

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Mortgage Brokers FAQs

American Financial Services Group, Inc.

Coastal Custom Mortgage Inc.

Harbor Mortgage Company

Moon River Mortgage

Tracey Burdette

Frequently Asked Questions

Q: Do mortgage brokers need to be licensed?

Q: Is it difficult to pass the mortgage brokers’ test?

Q: What is a surety bond for mortgage brokers?

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