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Best Mortgage Brokers
2022

The Best Mortgage Brokers
Here Are The Top Mortgage Brokers
Flamingo Credit Inc.

Flamingo Credit Inc.

Flamingo Credit Inc. is a mortgage firm that has helped New York City clients in residential and commercial loans since 2008. The firm was established by Yan Genkin, a mortgage professional with over 16 years of experience in real estate financing. It offers mortgages for people who have a bad or limited credit history, self-employed borrowers, foreigners, and individuals who have filed bankruptcy or foreclosure. The company also offers cash-out refinancing as well as jumbo and super jumbo mortgages.

Staten Island, NY 10305

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MLB Residential Lending, LLC

MLB Residential Lending, LLC

MLB Residential Lending, LLC is a mortgage lending agency located in New York City that provides lending solutions. It caters to the needs of homebuyers, homeowners, real estate professionals, and builders. The leader and CEO, Samuel P. Lamparello, assumes and plays an integral and essential role in The Community Home Lenders Association. The programs they offer include FHA loans, VA loans, jumbo loans, FHA 203k renovation mortgages, and conventional loans.

Springfield, NJ 07081

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Summit Funding

Summit Funding

Summit Funding has been serving home buyers in New York City since 1987. The founder, Dave Steinberg, aims to make mortgage financing easy for clients with his relationship-based approach. His team of licensed professionals is experienced in providing professional counsel and individualized solutions that meet client preferences. They coordinate with clients throughout the process, from assessing financial risks to offering mortgage loan options. Summit Funding is also licensed to serve New Jersey, Connecticut, and Florida.

Queens, NY 11367

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Canyon Mortgage Corp - Corporate

Canyon Mortgage Corp - Corporate

Canyon Mortgage Corp. is a full-service brokerage firm in New York City. It has been assisting clients with purchase loans, refinancing, home equity loans, and debt consolidation since 2007. The mortgage consultants and loan officers offer a variety of loan programs, such as conventional, VA, and jumbo loans, as well as fixed-rate and reverse mortgages. They help simplify the lending process for clients by guiding them in selecting a suitable loan option. It is also licensed in California, Pennsylvania, Connecticut, Georgia, Florida, New Jersey, and Virginia.

Lake Success, NY 11042

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Grayton Mortgage - Brooklyn

Grayton Mortgage - Brooklyn

Established in 2013, Grayton Mortgage assists clients in New York City. Its mortgage brokers offer personalized customer service and mortgage products to meet the needs of customers who are underserved by large financial institutions. They are also dedicated to helping their clients through the entire mortgage process. In addition, Grayton Mortgage specializes in dealing with Florida, New Jersey, and California mortgage loan options. It also has offices located in North Carolina.

Brooklyn, NY 11222

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Mortgage Depot

Mortgage Depot

MortgageDepot is a mortgage brokerage firm based in New York City that was founded in 2000. It specializes in FHA, residential, commercial, and no-income loans. Its team helps clients obtain a home purchase and renovation loan, conventional loan, condo purchase mortgage, and cash-out refinance. Commercial programs include construction, bridge, mixed-use, farm, and rehabilitation loans. Some of the company's loan officers speak Chinese, Russian, Hebrew, Spanish, Korean, and Bengali. They also assist foreign nationals and self-employed borrowers.

Kew Gardens, NY 11415

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GuardHill Financial Corp.

GuardHill Financial Corp.

GuardHill Financial Corp. is a mortgage company that serves clients in New York City. The business helps individuals in choosing the right mortgage loans with the best interest rates. Its team of professional brokers handles a wide range of loan options such as FHA, purchase, refinance, commercial, construction, and reverse mortgage. Clients can use the calculator tool on the company's website for comparative purposes. The company has been providing its services to the community for 29 years.

New York, NY 10017

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Block Financial Resources

Block Financial Resources

Block Financial Resources is a mortgage broker that serves clients in New York City. It helps people to get pre-qualified and pre-approved by lenders so they can purchase a residential property. The company offers a variety of loan products, such as bank statement loans, coops, construction loans, downpayment assistance programs, and first-time homebuyer and jumbo mortgages. Block Financial Resources strives to educate its clients about their options to help them make informed decisions.

Cedarhurst, NY 11516

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Circle Mortgage Corporation

Circle Mortgage Corporation

Circle Mortgage Corporation is a mortgage brokerage company that offers personalized financial services to clients in New York City and the surrounding areas. The company's owner, Dale Siegel, is committed to making the loan process simple but still adhering to the industry's standards. Siegel and her team of mortgage professionals provide creative real estate borrowing solutions for individuals and families. They strive to educate clients on the different mortgage products available. Common loan products are adjustable-rate, fixed-rate, FNMA-expanded approval, and bank statement only loans.

Harrison, NY 10528

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Select Commercial Funding LLC

Select Commercial Funding LLC

Select Commercial Funding LLC is a commercial mortgage broker serving New York City. Its mortgage consultants help clients find the best possible financing solutions by offering a range of loan packages, including investment property, apartment building, and business real estate loans. Stephen A. Sobin, its founder and president, carries over three decades of experience in commercial real estate loan origination. He established State-Wide Capital Corp. in 1981, a home equity loan provider, which he later sold to Superior Bank FSB in 1995.

Atlantic Beach, NY 11509

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Expert Answers To Common Questions:

  1. Introduction
  2. Can mortgage brokers work across state lines?
  3. How do mortgage brokers find lenders?
  4. What credit score do mortgage brokers use?
  5. Do mortgage brokers help with refinancing?
  6. Can you work with two mortgage brokers?
  7. Do mortgage brokers get better deals?
  8. How do mortgage brokers get paid?
  9. What makes mortgage brokers different from loan officers?
  10. What is the difference between a commercial mortgage broker and a home loan broker?
  11. How much do mortgage brokers make?
  12. How do mortgage brokers get paid?
  13. How much do mortgage brokers make per loan?
  14. Can mortgage brokers work across state lines?
  15. What is a surety bond for mortgage brokers?
  16. Is it difficult to pass the mortgage brokers’ test?
  17. Do mortgage brokers need to be licensed?
Q: Introduction
A:
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.
Q: Can mortgage brokers work across state lines?
A:
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.
Q: How do mortgage brokers find lenders?
A:
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.  
Q: What credit score do mortgage brokers use?
A:
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
Q: Do mortgage brokers help with refinancing?
A:
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.
Q: Can you work with two mortgage brokers?
A:
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.
Q: Do mortgage brokers get better deals?
A:
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.
Q: How do mortgage brokers get paid?
A:
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.
Q: What makes mortgage brokers different from loan officers?
A:
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.

Q: What is the difference between a commercial mortgage broker and a home loan broker?
A:
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.
Q: How much do mortgage brokers make?
A:
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.
Q: How do mortgage brokers get paid?
A:
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.
Q: How much do mortgage brokers make per loan?
A:
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. 
Q: Can mortgage brokers work across state lines?
A:
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.
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.
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: 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.