Best Mortgage Brokers in Elgin

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Acclaim Mortgage logo

Acclaim Mortgage

2815 Forbs Ave Suite 107-#59, Hoffman Estates, IL 60192
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  • Refinance

Acclaim Mortgage is a lending company providing financing options to Elgin homebuyers. It offers various home purchase and refinancing solutions, including fixed, adjustable-rate, conventional, government-backed, and mortgage replacement loans. Its Home Affordable Refinance Program 2.0 helps restructure terms and interest rates without needing appraisal or underwriting. Acclaim Mortgage has a Loanzify mobile app that simplifies the application process by connecting future homeowners to loan officers and Realtors. Senior loan officer Andre Lenartowski works to find personalized loan arrangements relevant to a client’s unique situation.

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Barclay Butler Financial Incorporated logo

Barclay Butler Financial Incorporated

1051 E Main St. Suite 219, East Dundee, IL 60118
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  • Refinance

Barclay Butler Financial Incorporated has been providing services to home buyers and first-time owners in Elgin and nearby areas since 1991. It assists clients in identifying which types of mortgage and refinancing options suit their requirements and needs. It offers FHA, VA, conventional, jumbo, and Fannie Mae and Freddie Mac HARP loans. It lends to foreign nationals looking to fund loans and acquire apartment buildings and commercial spaces. Barclay Butler Financial also caters to clients in Florida, Georgia, and North Carolina.

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Direct Mortgage Corporation logo

Direct Mortgage Corporation

460 Briargate Dr #200, South Elgin, IL 60177
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  • Refinance
  • New Construction

Direct Mortgage Corporation provides Elgin residents with lending options and services backed by over 20 years of industry experience. Its staff helps clients find and apply for FHA, VA, and USDA loans, alongside lending options like reverse mortgages. The business also helps current mortgagors refinance their existing lending solutions, lowering their monthly payments or consolidating their debts. Direct Mortgage Corporation has served over 5000 clients since starting operations, with its eight team members closing over 100 loans in 2018 alone.

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Don Elbert logo

Don Elbert

875 Feinberg Ct. #103, Cary, IL 60013
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  • Refinance

Don Elbert is the President of Peace Mortgage, Inc., which helps Elgin clients buy homes or refinance their current loans to get a better rate or some cash out of their properties. He assists first-time buyers, moving up and second home buyers, refinancing homeowners, investment buyers, and seniors looking for reverse mortgages. Don works to make mortgage applications easy by helping clients find the right program for them and following the application so that it closes on time.

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LifeStone Mortgage Corporation logo

LifeStone Mortgage Corporation

2401 W US Highway 20, Suite 206, Pingree Grove, IL 60140
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  • Refinance
  • New Construction

LifeStone Mortgage Corporation serves individuals throughout the Elgin community and the surrounding areas. It offers various loan options, such as FHA, VA, and jumbo, to help clients purchase homes within their budget and financial goals. It also guides individuals in applying for 203k loan programs to repair or renovate an old or damaged home. Its other loan options include adjustable and fixed rates. Reserve mortgage services are available for individuals aged 62 years old and above.

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Resonate Mortgage logo

Resonate Mortgage

140 N Barrington Rd #5, Streamwood, IL 60107
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  • Refinance
  • New Construction

Resonate Mortgage provides services to clients in Elgin and the neighboring cities. It helps individuals apply for mortgage loan programs to purchase their first, second, or investment residential properties, including condominium units, single- and multi-family homes, townhouses, and manufactured homes. Its team also guides them in choosing loan options suitable for their needs, such as FHA, USDA, VA, and conventional. The company is available for mortgage refinancing services. Its team offers 22 years of combined industry experience.

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Two Roads Lending logo

Two Roads Lending

1118 E. Main St. Ste. 1B St., Charles, IL 60174
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  • Refinance

Two Roads Lending attends to the mortgage needs of residents in and around Elgin. Its team assists first-time homebuyers throughout the loan process, which involves a consultation that may be held via phone, video, or in person. The mortgage brokers also guide clients through the pre-approval procedure up until closing. In addition, they assist investors looking to purchase properties and homeowners seeking help with refinancing. Being independent gives Two Roads Lending access to mortgage rates from various lending institutions, allowing them to provide clients with more options.

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Frequently Asked Questions

Q: Do mortgage brokers need to be licensed?

A: 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.

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

A: 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.

Q: What is a surety bond for mortgage brokers?

A: 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.

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