Expertise.com

2024

Last updated:

Best Mortgage Brokers in Rochester

Our Recommended Top 3

We did the research for you!

  • Licensing
  • User Reviews
  • Mystery Shopping Calls

Our goal is to connect people with the best local professionals. We scored Rochester Mortgage Brokers on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best.

30Reviewed

19Curated

3Top Picks

Learn about our selection process.

Providers

featured provider = Featured Provider

Website
1403 15th Ave NW, Suite A, Austin, MN 55912
  • Refinance
  • New Construction

Why choose this provider?

The Kris Heichel Team is a mortgage broker that serves clients located in the Rochester metro and surrounding areas. Its list of products includes rural and home renovation loan options. It also facilitates 30- and 15-year fixed rate mortgages, as well as adjustable rate mortgages. Its senior mortgage advisors have been in the industry for more than 70 years combined. NMLS-registered, Branch Manager Kris Heichel is also a Certified Mortgage Advisor and Certified Management Accountant.

License Verified:

License: 2289

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 (96)
Zillow
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

Website
2689 Commerce Dr. NW, Rochester, MN 55901
  • Reverse Mortgages

Why choose this provider?

Jason Griggs is a senior mortgage loan officer for Bell Bank Mortgage. He helps clients in and around Rochester get their first homes or purchase their next houses through financing programs, such as MFHA, USDA Rural Development, VA, and FHA mortgages. There is a renovation loan option available for homeowners who want to improve their dwellings, as well as a refinancing program for borrowers who wish to fund their active loans for various purposes. Griggs has been in the industry for over two decades.

License Verified:

License: 355256

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
Zillow
4.9 / 5 (37)
Facebook
5.0 / 5 (21)
Google
5.0 / 5 (19)

Website
2876 Superior Dr NW Suite 102, Rochester, MN 55901
  • Reverse Mortgages

Why choose this provider?

PrimeSource Funding serves clients throughout Rochester. The company has experience guiding aspiring homeowners across the process of obtaining a mortgage loan, from drafting a pre-approval letter to evaluating credit scores. It maintains a website that contains resources—like mortgage calculators—to help clients with their decision-making. The company provides a range of loan options, from VA to USDA. PrimeSource Funding has been featured in the Post-Bulletin newspaper as part of its Best of the Best list in 2021.

License Verified:

License: 2174

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 (796)
Zillow
5.0 / 5 (196)
Facebook
4.8 / 5 (192)

(+1 additional source)

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

FAQs

  • 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.