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Best Mortgage Brokers in Rockford

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Envoy Mortgage, Ltd. - Rockford, IL logo

Envoy Mortgage, Ltd. - Rockford, IL

6876 Spring Creek Road, Rockford, IL 61114
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  • Refinance

Envoy Mortgage, Ltd., is a mortgage firm founded in 1997. It caters to clients in Rockford who are seeking to purchase a home or refinance a mortgage. The company offers FHA, VA, USDA, renovation, non-agency, and construction loans. Refinance loan programs include rate and term refinance and cash-out refinance. Borrowers can also use the company's online platform, EnGen, to apply for a loan. CEO Ron Millard has more than 25 years of experience in investment and management.

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Key Mortgage logo

Key Mortgage

7210 East State Street, Rockford, IL 61108
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  • Purchase Transactions
  • Refinance

Key Mortgage is a family-owned independent business providing a full range of financial products to help Rockford homebuyers in closing negotiations and saving money. Since opening its doors in 1988, its team of professionals has been utilizing its in-house underwriting capabilities to help customers in finding the right loan based on their needs and preferences. The local company offers a wide range of mortgage solutions for veterans, refinancing, independent professionals, first-time home buying, and building a new home.

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Mariner Finance logo

Mariner Finance

617 Highgrove Place, Rockford, IL 61108
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  • Refinance

Mariner Finance offers mortgage services for clients in Rockford. Its brokers assist clients and provide them with information on closing costs, interest rates, and relevant mortgage details. In addition, Mariner Finance works with several lenders, allowing its brokers to access and compare numerous loan programs. The company also offers MoneySKILL access that provides clients with financial education through tutorials and blog access that provides clients with financial tips from Mariner Finance and its affiliate company, Personal Finance Company.

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Quantum Mortgage Group logo

Quantum Mortgage Group

2215 Perrygreen Way, Rockford, IL 61107
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  • Refinance

Quantum Mortgage Group is a locally owned and independent brokerage that serves clients in Rockford. It offers a variety of mortgage options for homebuyers and homeowners, including VA and home equity loans. The broker also works with wholesale lenders, which gives it access to multiple loan programs that suit the homeownership objectives and financial goals of its clients. In addition, Quantum Mortgage Group has adopted a paperless processing system. It also accommodates applications online 24/7.

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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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