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Best Mortgage Brokers in Kansas City

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A1 Mortgage - Kansas City logo
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A1 Mortgage - Kansas City

200 NW Executive Way, Lee's Summit, MO 64063
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  • Refinance

Business Description

A1 Mortgage - Kansas City offers various loan products to property buyers in Kansas City. The firm provides conventional options covering single and multi-family structures and with terms lasting up to 30 years. It delivers jumbo loans with fixed and adjustable rates for transactions over larger houses. The team also has refinancing options for streamlining existing arrangements. Among A1 Mortgage's clients are military service personnel and their spouses. Their agents work to close deals in 10 days or less.

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 (347)
Facebook
4.9 / 5 (161)
Yelp
4.5 / 5 (13)

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
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Central Group Mortgage L.L.C. logo
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Central Group Mortgage L.L.C.

8700 Indian Creek Pkwy Suite 150, Overland Park, KS 66210
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  • Non-QM
  • Bilingual Loan Officers
  • New Construction

Business Description

Central Group Mortgage L.L.C. is a lending agency that serves individuals in Kansas City. It offers home loan programs, including conventional, jumbo, VA, and FHA. Its officers work with clients to help them receive suitable loans and turn their dreams of homeownership into reality. They also provide home equity, cashflow investment, and entrepreneurial loans. They are powered by a team of highly experienced and extensively trained home loan advisors, who leverage their multilingual proficiency to help our non-native US clients find a perfect home lending solution. Their mortgage agents have extensive experience in helping self-employed customers, with incomplete papers, complicated tax documents, and low credit scores, buy the house of their dreams. Monica Zhang, who worked in the finance industry for seven years, founded Central Group Mortgage in 2019. She holds a dual bachelor's degree in International Studies and Business Administration.

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 (34)

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.
4.0
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––
Churchill Mortgage - Kansas City, MO logo
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License Verified:

License: 1154629

Nationwide Multistate Licensing System and Registry

Churchill Mortgage - Kansas City, MO

2300 Main Street, Kansas City, MO 64108
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  • Refinance

Business Description

Churchill Mortgage is a privately owned mortgage brokerage firm serving clients in Kansas City and the surrounding areas. It helps its customers find the right loan program that matches their needs and goals. Its loan options include FHA, VA, conventional, and USDA mortgages. The professionals at this company provide complete transparency throughout the whole home buying and home refinancing process. Churchill Mortgage has been in business for nearly 30 years and has been ranked as one of the "Top Workplaces" in Tennessee for four years straight.

License Verified:

License: 1154629

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.
3.8
Google
4.0 / 5 (68)
Facebook
3.5 / 5 (49)
Yelp
5.0 / 5 (3)

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.
4.0
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––
Elite Mortgage Group, LLC logo
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License Verified:

License: 1175236

Nationwide Multistate Licensing System and Registry

Elite Mortgage Group, LLC

7301 Mission Road, Prairie Village, KS 66208
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Business Description

Established in 2014, Elite Mortgage Group, LLC is a mortgage service business in Kansas City. Its team of brokers assists clients with home purchase loans, refinance rates, rate comparisons, fast funding, property evaluations, and cash-out refinance. Additionally, the firm offers various loan options such as FHA loans, VA loans, jumbo and super loans, USDA loans, and 203K loans. The company provides free tools like pre-approval letters, refinance analyses, home value estimates, and home insurance quotes.

License Verified:

License: 1175236

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 (51)

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
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First Fidelis logo
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First Fidelis

656 SE Bayberry Ln Suite 102, Lee’s Summit, MO 64063
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  • Refinance

Business Description

First Fidelis caters to residential and commercial clients in Kansas City and its surrounding areas. It offers FHA, VA, and USDA loans to help clients maximize the opportunities of borrowing money from creditors. Its jumbo loans are appropriate for individuals who want to purchase expensive properties. First-time home buyer loans are available, which help remove some of the clients' financial burdens. Founder and senior loan officer Lance Richards has more than a decade of experience in mortgage loan businesses.

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.
4.3
Facebook
4.5 / 5 (57)

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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
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First Mortgage Direct logo
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First Mortgage Direct

9201 Ward Parkway, Kansas City, MO 64114
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  • Refinance

Business Description

First Mortgage Direct serves the residents of Kansas City and its nearby communities. It helps clients make financial decisions when it comes to buying their first home, or refinancing their current mortgage. It offers consultations and creates tailor-made mortgage solutions for every client. The team also performs pre-qualification checks to make home shopping easier for prospective buyers. As a mortgage lender, it funds loans with the company's money and sells them on the secondary market. First Mortgage Direct has been operating since 2008.

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
Google
4.8 / 5 (479)
Facebook
4.4 / 5 (57)

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.
4.0
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––
John Stathopoulos logo
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John Stathopoulos

10020 NW Prairie View Rd., Kansas City, MO 64153
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  • Refinance

Business Description

John Stathopoulos is the vice president of the mortgage banking firm LeaderOne Financial Corporation, which serves Kansas City and the neighboring communities. He guides clients through the process of applying for USDA, VA, jumbo, and conventional mortgage programs. John also monitors daily rates and future economic patterns to keep his past and current clients updated on mortgage interest rates. He also helps clients achieve lower payments by extending the loan term, removing mortgage insurance, or consolidating two or more mortgages.

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 (15)

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
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KC Mortgage Duo logo
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KC Mortgage Duo

2 Victory Drive, Suite 250, Liberty, MO 64068
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  • New Construction

Business Description

KC Mortgage Duo works with property owners in Kansas City. Its team helps first-time and veteran buyers with securing loan pre-approval. The company offers conventional, FHA, VA, and USDA mortgages and provides financing for construction and remodeling projects. It also helps clients restructure their mortgages so that they get lower interest rates and smaller monthly payments. KC Mortgage Duo was founded by Mike Verhoff and Mike Corwin, who are good friends and former police officers.

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 (35)

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
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Lusk Mortgage Group logo
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License Verified:

License: 225371

Nationwide Multistate Licensing System and Registry

Lusk Mortgage Group

9229 Ward Parkway, Kansas City, MO 64114
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  • New Construction
  • Refinance

Business Description

Lusk Mortgage Group is a group of mortgage professionals located in Kansas City. It caters to clients looking for a home purchase loan, refinance loan for an existing mortgage, or property investment. From the pre-approval and refinance analysis requests to closeout of loan, the Lusk Mortgage Group loan specialists guide each client through. Various loan options available are conventional loans, FHA loans, VA loans, and jumbo and super jumbo loans. Loans for renovation or new construction are also being offered.

License Verified:

License: 225371

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.
4.7
Google
4.0 / 5 (18)
Facebook
5.0 / 5 (11)

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
Metropolitan Mortgage Corporation - Lawrence logo
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Metropolitan Mortgage Corporation - Lawrence

7280 Northwest 87th Terrace, Kansas City, MO 64153
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Business Description

Metropolitan Mortgage Corporation's Lawrence office provides mortgage lending and refinancing options in Kansas City. Its team of mortgage brokers offers different payment schemes which match the clients' paying capacity. These options include standard mortgage, FHA home loans, and VA home loans. The company also offers fixed-rate loans in either a 15-year or 30-year scheme and consolidation of debts. Metropolitan Mortgage is a multi-year Five Star Award Winner, which is given less than 5% of mortgage professionals in the Kansas City area.

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
5.0 / 5 (28)
Facebook
4.7 / 5 (7)

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.
4.0
Responsiveness
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Helpfulness
Detail
––
National VA Loans logo
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National VA Loans

6505 N. Prospect Ave. Ste. 400, Gladstone, MO 64119
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  • Refinance

Business Description

National VA Loans is a mortgage brokerage serving Kansas City and the surrounding areas. The firm provides sourcing and evaluating home financing and refinancing options for veterans and military service members. It helps clients understand the benefits of home loans, eligibility, occupancy requirements, entitlement, closing costs, and buying process. The company also provides refinancing options such as interest rate reduction and cash-out refinance. It assists in the purchase options of manufactured home loans, renovation loans, and one-time construction loans.

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 (31)
Facebook
5.0 / 5 (14)

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
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Detail
Neighborhood Assistance Corporation of America logo
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Neighborhood Assistance Corporation of America

100 E. 43rd Street, Kansas City, MO 64111
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  • New Construction

Business Description

The Neighborhood Assistance Corporation of America (NACA) offers mortgages to property purchasers in Kansas City and its adjacent areas. The firm targets low- and moderate-income clients and offers products with 15- to 30-year terms. It offers single or multi-family properties across condominiums, co-ops, and mixed-use structures. NACA is a non-profit entity whose advocacy is to provide an alternative to larger institutions such as Wells Fargo. It began operating in 1988 and also provides property renovation options.

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.
4.5
Google
4.5 / 5 (145)
Yelp
1.0 / 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
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Detail
Scott Somerville logo
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Scott Somerville

11460 Tomahawk Creek Pkwy, Suite 320, Leawood, KS 66211
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  • Refinance

Business Description

Scott Somerville is the founder and principal agent of Fairway Independent Mortgage Corporation, which serves clients in and around Kansas City. He offers loan options for first-time homeowners and longtime residents, including primary earners and new movers. Scott compares the mortgage rates of conventional and specialized loans for fixed and adjustable plans. These include jumbo and FHA loans. Scott also advises applicants of refinancing plans for five and 30-year terms. In addition, he helps new customers get pre-qualified for loans and refinancing prior to application.

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 (21)

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.
4.0
Responsiveness
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Detail
––
Shawn Parker logo
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License Verified:

License: 327268

Nationwide Multistate Licensing System and Registry

Shawn Parker

401 Southeast 3rd Street, Lee's Summit, MO 64063
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  • Refinance

Business Description

Shawn Parker is a mortgage broker under Premier Mortgage Resources LLC. He primarily serves Kansas City and the nearby areas. He offers his services to first-time buyers and to people looking to refinance. Some of the programs he offers his clients are fixed-rate mortgages (FRMs), FHA loans, USDA loans, VA loans, and conventional mortgages. Shawn can also offer his clients PMR's exclusive FastTrac Approval System, where clients can get underwriting approval within 48 hours.

License Verified:

License: 327268

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
Facebook
5.0 / 5 (32)
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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Signature Mortgage Group logo
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Signature Mortgage Group

3100 Broadway Blvd Ste 313, Kansas City, MO 64111
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  • Purchase and Refinance
  • New Construction

Business Description

Signature Mortgage Group is a locally owned and operated lender that has been serving clients in Kansas City and nearby areas for more than 16 years. It offers a variety of mortgage loan programs for first-time homebuyers, homeowners, and investors, including conventional, fixed-rate, jumbo, USDA, and FHA loans. Its loan consultants have more than 60 years of combined industry experience. Scott O'Connor and Jason Draut, the company's owners, have been in the mortgage industry since 1998 and 2001, respectively.

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 (150)
Facebook
5.0 / 5 (71)
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
Smart Home Lending logo
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Smart Home Lending

5440 W 110th St Ste 300, Overland Park, KS 66212
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  • Refinance

Business Description

Smart Home Lending caters to clients in Kansas City who are looking to refinance their mortgages or purchase a home. Its brokers provide a wide portfolio of loan options, including conventional, renovation, USDA, FHA, and VA loans. Clients are counseled throughout the loan application process, to better determine their distinct circumstances and to identify the program that best fits their needs. Its brokers provide them with industry knowledge and resources to qualify for the loan. They also offer adjustable- and fixed-rate mortgages.

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
Facebook
4.7 / 5 (13)
Yelp
5.0 / 5 (4)

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
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Summit Lending - Missouri logo
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License Verified:

License: 164545

Nationwide Multistate Licensing System and Registry

Summit Lending - Missouri

4967 NE Goodview Cir, Lee's Summit, MO 64064
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  • Refinance

Business Description

Summit Lending is a mortgage company that caters to home buyers and sellers in the Kansas City metro. Its loan programs include conventional, VA, USDA, and FHA mortgage loans. For more than 15 years, the company has been helping clients in refinancing their properties and obtaining homeownership. It is committed to providing services that will address the mortgage needs of its clients. Owner Darren Copeland has been in the mortgage industry for more than a decade.

License Verified:

License: 164545

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 (147)
Facebook
5.0 / 5 (4)

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
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The Rick Herrera Group logo
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License Verified:

License: 16442

Nationwide Multistate Licensing System and Registry

The Rick Herrera Group

8321 Wornall Road, Kansas City, MO 64114
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  • New Construction
  • Refinance

Business Description

The Rick Herrera Group is a brokerage based in Kansas City. Included in its mortgage options are home purchases, refinancing, VA and USDA home loans, FNMA and Freddie Mac loans, conventional home loans, and reverse mortgages. The company also helps its clients find the right financing package that suits their financial situation by coordinating with its broad network of national lenders. Led by Rick Herrera, the company is one of the branches operating under Northern Mortgage.

License Verified:

License: 16442

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.
4.4
Google
4.0 / 5 (4)

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
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Trusted Lending Center logo
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Trusted Lending Center

435 Nichols Road, Kansas City, MO 64112
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  • New Construction
  • Refinance

Business Description

Trusted Lending Center is a full-service mortgage company meeting clients' mortgage needs in Kansas City. Its team offers a variety of products, like ARM, Non-QM, jumbo, OTC construction, FHA, and USDA loans based on the financial needs of its clients. The company is owned by a husband-and-wife tandem and works with experienced loan officers to practice a client-focused approach. Trusted Lending Center extends its services to customers in Arizona, Missouri, and California.

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
Facebook
5.0 / 5 (21)
Google
5.0 / 5 (2)

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
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Zillow Home Loans logo
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Zillow Home Loans

10975 El Monte St., Overland Park, KS 66211
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  • Refinance

Business Description

Zillow Home Loans serves clients in Kansas City and the surrounding areas. The company handles a variety of products, such as conventional, FHA, and VA loans. The company works with clients who want to buy or refinance a property, including first-time home buyers. Zillow Home Loans offers loan terms of 15, 20, and 30 years. Clients can utilize the refinance, affordability, and mortgage calculators on the company's website to obtain information for their loans.

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.
3.9
Facebook
4.2 / 5 (241)
Google
3.7 / 5 (115)

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
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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