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Best Mortgage Brokers in Columbus

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Scoot Mortgage logo
FEATURED
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License Verified:

License: 2110786

Nationwide Multistate Licensing System and Registry

Scoot Mortgage

1177 W. 3rd, Columbus, OH 43212
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  • Refinance

Business Description

Scoot Mortgage provides wholesale lending options to borrowers in Columbus and the surrounding areas. The firm works with clients ranging from first-time homebuyers and seasoned investors to military veterans. It offers a variety of loan options, including conventional, FHA, VA, and USDA. The mortgage brokers also arrange investor and condo loans. Scoot Mortgage is a member of the Association of Independent Mortgage Experts. Its president, Brian Sweeney, carries the Certified Financial Planner designation and has over 15 years of industry experience.

License Verified:

License: 2110786

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.
4.9

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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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1st Monarch Mortgage logo
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License: 242370

Nationwide Multistate Licensing System and Registry

1st Monarch Mortgage

1000 North Maple Street, Marysville, OH 43040
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  • New Construction

Business Description

1st Monarch Mortgage is a mortgage broker that focuses on the residential market. Serving Columbus and its surrounding communities, the company seeks to understand its clients' needs and assists them in securing the most appropriate mortgage products. These options include non-conforming loans, FHA fixed-rate loans, adjustable-rate mortgages, and 30-year fixed-rate mortgages. 1st Monarch Mortgage has two loan officers who walk borrowers through the pre-qualification, application, and approval processes. Moreover, it has an online platform for loan applications.

License Verified:

License: 242370

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 (2)

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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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Covita Lending logo
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Covita Lending

1299 Virginia Ave, Columbus, OH 43212
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  • Refinance

Business Description

Covita Lending is a mortgage solutions company that serves Columbus and its neighboring communities. It assists real estate investors, homeowners, and property buyers in securing loans, from pre-approval to closing. It offers jumbo, conventional, FHA, VA, and USDA loan programs. Its representatives also provide refinancing options to help clients reduce their loan term and consolidate their debt. Covita Lending processes commercial-type loan applications for clients who are investing in warehouses, self-storage units, and retail properties.

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 (38)
Facebook
5.0 / 5 (19)

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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FirstCap US Mortgage logo
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License Verified:

License: 1639281

Nationwide Multistate Licensing System and Registry

FirstCap US Mortgage

875 North High Street, Columbus, OH 43215
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  • Refinance

Business Description

FirstCap US Mortgage, LLC, is a company that offers mortgage services to residents in Columbus and throughout Ohio. It is an independent company that serves both residential and commercial types of mortgages. Utilizing a digital approach to assist its clients, FirstCap US Mortgage provides loan options such as 30-year fixed, 30-year FHA, 20-year fixed, and 15-year fixed interest rates. The company also offers refinancing options. Cory Freilich founded the company and now serves as the president and CEO.

License Verified:

License: 1639281

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 (4)
Yelp
5.0 / 5 (3)
Facebook
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.
4.0
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Home Mortgage Solutions logo
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License Verified:

License: 243567

Nationwide Multistate Licensing System and Registry

Home Mortgage Solutions

2600 Oakstone Drive, Columbus, OH 43231
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  • New Construction

Business Description

Home Mortgage Solutions is a full-service mortgage consultancy firm that serves residential and commercial clients in Columbus and its surrounding areas. It offers a comprehensive suite of mortgage products and services, including FHA, VA, USDA, conventional, and 203(k) rehab loans. The firm employs a team of experienced mortgage specialists who can negotiate with banks and direct lenders to find the best loan for the client's situation. Home Mortgage Solutions also offers interest and bank statement options for self-employed individuals.

License Verified:

License: 243567

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 (49)

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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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Keller Mortgage logo
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License Verified:

License: 140234

Nationwide Multistate Licensing System and Registry

Keller Mortgage

4725 Lakehurst Court, Dublin, OH 43016
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  • New Construction

Business Description

Keller Mortgage is a brokerage firm that serves Columbus and the surrounding areas. It offers several loan products such as conventional loans for primary homes or investment properties and jumbo loans for amounts greater than the usual loan limits. It also offers loans backed by the federal government, such as FHA, VA, and USDA loans. Its loan officers have over 9 years of experience in the industry and close an average of 20 deals in a month. Keller Mortgage has an exclusive partnership with Keller Williams.

License Verified:

License: 140234

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.
4.0
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Liberty Capital Services LLC logo
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Liberty Capital Services LLC

438 E Wilson Bridge Rd #106, Columbus, OH 43085
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  • Refinance

Business Description

Liberty Capital has been providing home loan solutions in Columbus for more than two decades. Its team helps clients select from a variety of loan options, including conventional and jumbo mortgages. The loan specialists also assist clients in applying for USDA, FHA, and VA loans. In addition, they provide home refinance loans for clients looking to switch from an adjustable-rate to fixed-rate loan or lower loan terms. Liberty Capital is a National Association of Mortgage Brokers Certified Veterans Loan Specialist.

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 (106)
Facebook
4.8 / 5 (29)
Yelp
5.0 / 5 (5)

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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Mark Yerke logo
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Mark Yerke

9050 Mediterra Place, Dublin, OH 43016
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  • Refinance

Business Description

Mark Yerke is a loan specialist at Reverse Mortgage Funding LLC, serving clients in Columbus and the surrounding localities. Yerke focuses on providing Home Equity Conversion Mortgage (HECM) plans to homebuyers and homeowners age 62 years and older. His team offers assistance on improving monthly cash flow, lower monthly mortgage payments, consolidate debt, fund extensive purchases, and obtain payment flexibility. He also delivers FHA-insured loan options. Yerke is a certified Equal Housing Lender. He is also a member of the NRMLA.

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 (9)

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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Mortgage Lending Solutions logo
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Mortgage Lending Solutions

Columbus, OH 43082
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  • Refinance

Business Description

Mortgage Lending Solutions caters to homebuyers in Columbus and the surrounding areas. It offers refinancing programs to help lower interest rates and maximize mortgage advantages. Its offerings include FHA loans, which allow for low down payment requirements and qualifications and are appropriate for customers looking to buy their first home. VA loans are also available, which help veterans and active members of the military buy houses without private mortgage insurance. Mortgage Lending Solutions has been operating since 2000.

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

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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Ohio Capital Mortgage logo
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License Verified:

License: 293676

Nationwide Multistate Licensing System and Registry

Ohio Capital Mortgage

2531 Tiller Lane, Columbus, OH 43231
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  • Refinance

Business Description

Ohio Capital Mortgage is a locally owned and operated mortgage company in Columbus with a team of licensed loan officers devoted to providing personalized service from the beginning of the loan application process to the final closing. Satisfied clients reported “had a new mortgage and a refinance both through Ohio Capital Mortgage and I couldn’t have been happier,” “their knowledge, experience, and honesty are why we are now in our new home happy and stress free“ and “recommended them to many of my friends and coworkers, all...have been happy with their work.” Ohio Capital Mortgage holds to the core values of relationship, communication, and service.

License Verified:

License: 293676

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
4.5 / 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
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Omniscient Real Estate Finance logo
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License Verified:

License: 796590

Nationwide Multistate Licensing System and Registry

Omniscient Real Estate Finance

2602 Oakstone Drive, Columbus, OH 43231
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  • New Construction

Business Description

Omniscient Real Estate Finance is a team of mortgage brokers in Columbus that guides homeowners and prospective homeowners through housing loans. It is partnered with a variety of lenders and offers different loan options, such as VA loans, USDA loans, FHA loans, and conventional loans. The company is led by its president, Atiba Thompson, who has over 20 years of experience in the mortgage industry and was awarded the 2015 Martin Luther King Jr. Economic Opportunity Award.

License Verified:

License: 796590

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.
4.8
Google
4.8 / 5 (35)
Facebook
5.0 / 5 (10)

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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Optist Inc. logo
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Optist Inc.

4200 Regent St Ste 200, Columbus, OH 43219
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  • Refinance

Business Description

Optist Inc. is a full-service mortgage company serving clients in Columbus. The firm offers various home purchase loans for first-time and experienced home buyers. Some of the company's mortgage plans include FHA, Jumbo, VA, USDA, and 203K. Its independent brokers also offer mortgage refinancing programs to borrowers looking to reduce their monthly payments and long-term interest rates. Optist is a certified Equal Housing Opportunity Lender and a member of the Association of Independent Mortgage Experts.

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 (17)

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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Paramount Residential Mortgage Group Grandview-Columbus logo
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Paramount Residential Mortgage Group Grandview-Columbus

1145 Goodale Blvd, Grandview, OH 43212
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  • Multi-Family Loans

Business Description

Paramount Residential Mortgage Group (PRMG), which is located in Grandview, Columbus, has been assisting borrowers for over 10 years. It offers a wide range of loan products, including Freddie Mac and Fannie Mae. With underwriting and processing fulfilled in-house, its team also helps clients obtain government loans. Additionally, the mortgage professionals offer loans for borrowers 62 years and older and homeowners looking to start renovation projects. PRMG started as a three-person team and has grown to a company with 1,700 employees.

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 (89)
Facebook
3.7 / 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
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Detail
Polaris logo
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Polaris

224 E Broadway, Granville, OH 43023
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  • Refinance

Business Description

Polaris is a mortgage lending and advising firm serving clients in Columbus and nearby areas. It offers a variety of loan options for those looking to purchase or refinance a home. Its products include USDA, FHA, 103K rehab, VA, Harp, and conventional. The company also provides credit restoration services to assist clients in getting good credit scores. One of Polaris' mortgage agents, Matthew Day, has over 17 years of experience as a loan officer and operations manager.

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
Facebook
4.9 / 5 (53)

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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Detail
Polaris Home Funding Corporation logo
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License Verified:

License: 38072

Nationwide Multistate Licensing System and Registry

Polaris Home Funding Corporation

302 East Main Street, Lancaster, OH 43130
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  • Refinance

Business Description

Polaris Home Funding Corporation is a company of mortgage brokers that serves the residents of the Columbus metro through home loan programs and mortgage refinancing solutions. The firm is focused on providing straightforward processes in securing residential financing. Its team of NMLS certified loan professionals helps clients apply for and close loan programs such as conventional loans, VA loans, FHA loans, jumbo loans, and reverse mortgages. It also offers solutions for debt consolidation and real estate listings.

License Verified:

License: 38072

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 (76)
Facebook
5.0 / 5 (7)
Yelp
1.0 / 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.
4.0
Responsiveness
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Detail
––
Pro Link Home Lending LLC logo
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Pro Link Home Lending LLC

4449 Easton Way , Ste 2045, Columbus, OH 43219
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  • Refinance

Business Description

Pro Link Home Lending LLC is a locally owned and operated wholesale mortgage brokerage that serves individuals and families from Columbus and the surrounding areas. It provides a variety of home loan programs, including conforming, FHA, VA, and USDA loans. It also offers refinancing solutions for clients seeking to reduce their interest rates or monthly payments. Owner Joel Hopkins has been working in the industry for almost a decade. He is a member of the Tri-County Realtors Association.

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 (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
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Sauk Mortgage Group LTD logo
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License Verified:

License: 1879972

Nationwide Multistate Licensing System and Registry

Sauk Mortgage Group LTD

1880 Mackenzie Drive, Columbus, OH 43220
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  • New Construction
  • Refinance

Business Description

Sauk Mortgage Group LTD is a full-service brokerage that serves Columbus and the surrounding locations. Its team of mortgage advisors assists homebuyers throughout the entire process, from the pre-qualification stage until closing. They offer several programs such as jumbo, conventional, FHA, and USDA loans, allowing homebuyers to select financing options that suit their preferred interest rates and terms. Sauk Mortgage Group is headed by Joseph Sauk, assisting clients' financing and refinancing needs since 1993.

License Verified:

License: 1879972

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 (16)

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 Armstrong Mortgage Company logo
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License Verified:

License: 1508609

Nationwide Multistate Licensing System and Registry

The Armstrong Mortgage Company

1225 Dublin Road, Columbus, OH 43215
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  • New Construction
  • Refinance

Business Description

The Armstrong Mortgage Company is a mortgage banking firm that serves clients in Columbus and nearby localities. The company provides commercial real estate financing for a variety of property types, including multi-family condominiums, retail shops and offices, warehousing facilities, and healthcare construction projects. The firm also provides FHA, new construction, substantial rehabilitation, and mortgage refinancing programs for individuals, families, elderly couples, and veterans. The company carries more than four decades of experience in commercial lending.

License Verified:

License: 1508609

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.
4.0
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––
Total Choice Mortage - Columbus logo
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License Verified:

License: 1630399

Nationwide Multistate Licensing System and Registry

Total Choice Mortage - Columbus

555 South Front Street, Columbus, OH 43215
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  • Refinance

Business Description

Total Choice Mortage, Inc., is a mortgage brokerage firm that serves clients in Columbus. The company offers a wide range of loan programs for homeowners and homebuyers, including conventional mortgage loans, VA home loans, USDA mortgage loans, and FHA mortgage loans. The mortgage lender combines technological innovation and conventional customer service to deliver mortgage financing that suits the needs of clients. The mortgage firm is a division of Hometown Lenders, Inc., which was founded by CEO William Taylor in Huntsville in 2000.

License Verified:

License: 1630399

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 (31)
Facebook
5.0 / 5 (5)

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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Union Home Mortgage - Westerville logo
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License Verified:

License: 4131047

Nationwide Multistate Licensing System and Registry

Union Home Mortgage - Westerville

735 Ceramic Place, Westerville, OH 43081
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  • Refinance

Business Description

Union Home Mortgage is a mortgage lender serving the Greater Columbus area. It provides fixed and adjustable-rate conventional mortgages, FHA, VA, and USDA loans, and Ohio Finance Agency loans designed for the development, rehabilitation, and financing of low- to moderate-income housing. Other loan options are available for renovations, commercial financing, and reverse mortgages. The professionals at this firm keep clients informed about every detail of their loan and aim to make the process of obtaining homeownership easy and simple for homebuyers.

License Verified:

License: 4131047

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

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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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