Expertise.com

Best Mortgage Brokers in Peoria

Laurels
Laurels

We did the research for you!

Learn more
  • checkboxLicensing
  • checkboxUser Reviews
  • checkboxMystery Shopping Calls

Mortgage Brokers FAQs

Learn more
EZ Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 2190506

Nationwide Multistate Licensing System and Registry

EZ Mortgage

100 N. Main St., Ste. L102, East Peoria, IL 61611
Visit WebsiteWebsite
  • Refinance

Business Description

EZ Mortgage is a broker that strives to make getting a mortgage easier for clients in Peoria and the surrounding areas. It has a team of brokers that helps in home purchase loans, rate comparisons, refinance rates, and property evaluation. It also offers fast funding and cash-out refinances. EZ Mortgage president and CEO, Matt Wilkerson, holds nearly 20 years of experience. He founded the company to help clients through the home loan process.

License Verified:

License: 2190506

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
Facebook
4.9 / 5 (60)

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
Flat Branch Home Loans Peoria logo
Visit WebsiteWebsite

License Verified:

License: 224149

Nationwide Multistate Licensing System and Registry

Flat Branch Home Loans Peoria

3408 W. Willow Knolls Dr., Peoria, IL 61614
Visit WebsiteWebsite
  • Home Loans

Business Description

Flat Branch Home Loans Peoria is a full-service mortgage firm that serves the needs of homebuyers in and around the area. The firm helps first-time buyers and investors seeking to purchase residential properties such as single or multi-family homes, condominiums, townhouses, or manufactured homes. With over 1000 years of combined experience in home lending, mortgage officers of the firm offer various loan program options such as FHA, VA, conventional, and USDA loans. Other loan options include Indian Home Loan Guarantee Program, HomeReady Loans, and Bridge Loans.

License Verified:

License: 224149

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
4.8 / 5 (200)
Google
4.9 / 5 (26)

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
Home Mortgage Specialists, Inc. logo
Visit WebsiteWebsite

License Verified:

License: 695728

Nationwide Multistate Licensing System and Registry

Home Mortgage Specialists, Inc.

6808 N. Knoxville Ave. Suite C, Peoria, IL 61614
Visit WebsiteWebsite
  • Refinancing

Business Description

Home Mortgage Specialists, Inc. is a mortgage brokerage firm that serves the residents of Peoria and the surrounding areas. It assists clients with the home purchase loan process, which includes advising them on different types of loan products. It also offers mortgage refinancing solutions. President Nathan Durst has been working in the industry for more than two decades. Home Mortgage Specialists, Inc. has handled over 25 million in market volume over nearly 200 yearly loans.

License Verified:

License: 695728

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
4.9 / 5 (95)
Facebook
4.8 / 5 (41)
Yelp
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
Jarrod Doty logo
Visit WebsiteWebsite

License Verified:

License: 260398

Nationwide Multistate Licensing System and Registry

Jarrod Doty

410 Jubilee Suite D, Metamora, IL 61548
Visit WebsiteWebsite
  • New Construction

Business Description

Jarrod Doty is a Leader One Financial Corporation branch manager and loan officer serving individuals and families in Peoria and the surrounding communities. Doty guides clients in getting approved for home loans for purchases and provides them with appropriate advice regarding loan programs. He helps clients stay on schedule with documents and responsibilities necessary for the home purchase. Handling requests for mortgage refinancing, he educates his clients on the value of their properties and the changes in the market.

License Verified:

License: 260398

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

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
Mutual of Omaha Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 292363

Nationwide Multistate Licensing System and Registry

Mutual of Omaha Mortgage

809 W. Detweiller Drive, Suite 810, Peoria, IL 61615
Visit WebsiteWebsite
  • New Construction

Business Description

Mutual of Omaha Mortgage is a company that caters to the needs of residents in Peoria and its neighboring communities. It offers a wide array of home loan options, including conforming, jumbo, VA, FHA, and USDA. The establishment's team of professionals also handles fixed-rate and adjustable-rate mortgage types. Mutual of Omaha Mortgage was established in 2016. It is affiliated with Mutual of Omaha Insurance Company, a business with more than a century’s worth of history.

License Verified:

License: 292363

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
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