Expertise.com

Best Mortgage Brokers in Rochester

2024

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Mortgage Brokers FAQs 〉

Providers

Last updated:

Website
1674 Empire Blvd suite 200, Webster, NY 14580
  • Reverse Mortgages

Why choose this provider?

Preferred Mortgage Corporation of New York is a mortgage broker that has been serving clients in Rochester and the surrounding areas since 1992. The mortgage loan programs it offers include conventional, commitment letter first, FHA, jumbo, and high-balance conventional. In addition, it provides mortgage refinancing, reverse mortgages, and USDA and VA loans. Preferred Mortgage Corporation of New York is staffed by loan advisors who offer more than 50 years of combined experience in the mortgage industry.

License Verified:

License: 44812

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
4.5 / 5 (16)
Facebook
5.0 / 5 (12)

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
16 West Main Street, Rochester, NY 14614
  • Refinance

Why choose this provider?

Established in 2004, Oxford Capital is a mortgage brokerage firm based in Rochester serving residential and commercial clients with their real estate financing needs. Its mortgage specialists are equipped to handle conforming conventional loans, such as Fannie Mae and Freddie Mac, as well as non-conforming conventional loans, which are funded by lenders. Other areas of specialization include FHA, USDA, VA, investor, and commercial loans. Oxford Capital also provides mortgage loans to practicing physicians and residents.

License Verified:

License: 19883

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.
3.9
Google
4.0 / 5 (48)
Facebook
5.0 / 5 (3)
Yelp
1.0 / 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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail

Website
115 Liberty Pole Way, Rochester, NY 14604
  • Refinance

Why choose this provider?

Tompkins Lending offers loan programs for borrowers and builders in Rochester. In particular, its mortgage solutions involve land development loans, foreclosure bailouts, and gap financing. It also helps inexperienced house investors in obtaining fix-and-flip loans. Its owner, Tim Tompkins, has been working as a mortgage broker and direct private lender since 1986. He has also served as a leader and volunteer for multiple non-profit organizations, such as Empire State Pride Agenda and Community Health Network.

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 (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.
3.8
Responsiveness
Friendliness
Helpfulness
Detail
––

Website
502 Audubon Trail, Rochester, NY 14622
  • Refinance

Why choose this provider?

Moneyline New York, LLC, has been helping clients achieve homeownership through mortgage solutions for nearly two decades. With a network of over 20 lenders, it offers a variety of loan programs tailored to each customer's specific situation. These options include FRMs and ARMs, as well as interest-only mortgages, balloon mortgages, VA, and FHA loans. Clients can apply through the website and receive pre-qualifications on the same day. Moneyline New York is located in Rochester and offers mortgage loans for customers throughout the entire state.

License Verified:

License: 35662

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.
4.0
Google
4.0 / 5 (8)

Website
1120 Crosspointe Lane, Webster, NY 14580
  • Refinance
  • Purchase Transactions

Why choose this provider?

Established in 2007, Tier One Mortgage, LLC, is a mortgage brokerage firm that caters to clients in Rochester and the surrounding communities. It assists first-time homebuyers in purchasing a new home. It also handles mortgage refinance for clients who want to reduce the interest rates or lower their monthly payments. Cash-out refinance programs, which can be used for home remodeling or debt consolidation, are also available. Its president, Michael Catalino, has been in the mortgage industry for over 26 years.

License Verified:

License: 37972

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 (20)

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
180 Office Park Way, Pittsford, NY 14534
  • New Construction
  • Refinance

Why choose this provider?

Rochester Home Equity, Inc., is a residential mortgage firm that serves the Rochester community. It offers an array of loan options for various purposes including home purchasing, mortgage refinancing, and home equity cash-out. Its loan officers guide clients through the pre-qualifying process and help them make an informed decision on the type of mortgage program that suits their needs. Its website also has mortgage calculators that clients can use to determine the mortgage amount that they will be able to afford.

License Verified:

License: 20517

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.
3.8
Responsiveness
Friendliness
Helpfulness
Detail
––

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.