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Best Mortgage Brokers in Pittsburgh

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Scoot Mortgage logo
FEATURED
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License Verified:

License: 2110786

Nationwide Multistate Licensing System and Registry

Scoot Mortgage

Pittsburgh, PA
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  • Refinance
  • New Construction

Business Description

Scoot Mortgage serves clients in Pittsburgh and the surrounding areas. It offers wholesale lending options to borrowers, including first-time homebuyers, seasoned investors, and military veterans. Its loan officers help people secure conventional, FHA, VA, and USDA loans. They also assist in obtaining investor and condo loans. Scoot Mortgage is a member of the Association of Independent Mortgage Experts. The company is headed by Certified Financial Planner Brian Sweeney, who has over 15 years of financial and mortgage experience.

License Verified:

License: 2110786

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.
5.0
Responsiveness
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Co/LAB Lending logo
FEATURED
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License Verified:

License: 1219828

Nationwide Multistate Licensing System and Registry

Co/LAB Lending

Pittsburgh, PA
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  • Refinance
  • New Construction

Business Description

Co/LAB Lending addresses the mortgage needs of its clients in Pittsburgh. It assists first-time homebuyers and investors in obtaining their dream properties. The company offers private and broker lending programs, including conventional and government loans. Its team processes fixed-rate, jumbo, condominium, USDA, and FHA loans. It also provides business only, construction, non-recourse, line of credit, working capital, and conduit options. Owner Andres Munar was named one of the Top 40 Most Influential Mortgage Professionals by the National Mortgage Professional Magazine in 2017.

License Verified:

License: 1219828

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
Facebook
4.9 / 5 (173)

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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Advocate Mortgage Services Inc. logo
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License Verified:

License: 100276

Nationwide Multistate Licensing System and Registry

Advocate Mortgage Services Inc.

950 Greentree Road, Pittsburgh, PA 15220
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  • Refinance

Business Description

A financial planning service and a la carte real estate company, Advocate Mortgage Service, Inc. is owned by President and Attorney Keith Eliou, Esp. who holds over 30 years of experience in the real estate industry. A full-service company, they offer services that include mortgage financing, advocate mortgage services, asset protection planning, financial planning, and more. Founded in 2010, they serve the Pittsburgh and surrounding areas.

License Verified:

License: 100276

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.
5.0
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Agave Home Loans logo
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License Verified:

License: 1951574

Nationwide Multistate Licensing System and Registry

Agave Home Loans

Pittsburgh, PA
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  • Refinance

Business Description

Agave Home Loans is a mortgage brokerage firm that serves clients in Pittsburgh and the surrounding communities. It offers a wide range of loan options, including conventional, FHA, Non-QM, and VA loans. Its professionals assist clients throughout the entire loan application process and help them find the right program that fits their needs. Marshall Gottlieb, Agave Home Loans' CEO, worked in the hospitality and restaurant industry for seven years before starting a career in real estate and lending.

License Verified:

License: 1951574

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 (91)

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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AJM Mortgage, Inc. - Pittsburgh PA logo
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License Verified:

License: 129042

Nationwide Multistate Licensing System and Registry

AJM Mortgage, Inc. - Pittsburgh PA

5425 Baum Boulevard, Pittsburgh, PA 15232
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  • Refinance

Business Description

Opened by David Simon and Todd Stainbrook in 2004, AJM Mortgage focuses on helping each client find the proper mortgage for each situation and unique need with the latest financial tools and better rates re-locking if they drop. Serving Pennsylvania and Florida, they hold locations in Pittsburgh, Sewickley, and Wexford. Both David and Todd hold over a decade of experience in the mortgage industry before they opened their own company. The business specializes in handcrafted and customized mortgages. They are accredited by the Better Business Bureau.

License Verified:

License: 129042

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 (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
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Federated Mortgage Corp. logo
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License Verified:

License: 101475

Nationwide Multistate Licensing System and Registry

Federated Mortgage Corp.

1301 Grandview Avenue, Pittsburgh, PA 15211
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  • Refinance
  • Reverse Mortgages

Business Description

Federated Mortgage Corp. is a mortgage broker that services clients in Pittsburgh. The company helps individuals in selecting the right mortgage loans with the best interest rates. It offers a wide range of loan options such as reverse, jumbo, adjustable-rate, and 15 or 30-year mortgage. Condo financing is also available. Clients can use the calculator and analyzing tools on Federated Mortgage's website for comparative purposes. One of its leading brokers is Brett Ewing, who has been in the industry for more than 20 years.

License Verified:

License: 101475

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
Google
4.5 / 5 (182)
Facebook
4.5 / 5 (57)
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.
4.0
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––
Golden Oak Lending Pittsburgh logo
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License Verified:

License: 114937

Nationwide Multistate Licensing System and Registry

Golden Oak Lending Pittsburgh

2009 MacKenzie Way, Suite 320, Cranberry Township, PA 16066
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  • New Construction

Business Description

Golden Oak Lending Pittsburgh helps clients in the local metro and the neighboring communities take advantage of lower interest rates, pay off their debts, and decrease their monthly mortgage payments. Its jumbo loan option is available for clients purchasing larger homes by offering low-interest rates and financial goal management. In addition, its USDA loans help homeowners secure finances by assisting with rural and agricultural market work. The firm has been offering mortgage solutions since 2001.

License Verified:

License: 114937

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
4.9 / 5 (337)
Facebook
3.8 / 5 (21)
Yelp
1.0 / 5 (3)
KASH Mortgage Group - Wexford logo
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License Verified:

License: 135952

Nationwide Multistate Licensing System and Registry

KASH Mortgage Group - Wexford

3000 Stonewood Drive, Wexford, PA 15090
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  • New Construction

Business Description

Locally operated since 1998, KASH Mortgage Group holds the goal of maintaining a transparent, professional, and fully compliant customized residential home mortgage business. They focus on offering low rates, comprehensive choices, and clear solutions and options for clients and corporations. Based in Zelienople, they serve Butler County, Crawford County, the Greater Pittsburgh market, and the state of Pennsylvania. The company provides services that include home equity, home loans, new home construction loans, mortgages, home refinancing, and more. They are licensed by the Pennsylvania Department of Banking.

License Verified:

License: 135952

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
Google
4.4 / 5 (7)
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
Responsiveness
Friendliness
Helpfulness
Detail
MABC Mortgage logo
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License Verified:

License: 119413

Nationwide Multistate Licensing System and Registry

MABC Mortgage

2001 Kinvara Drive, Pittsburgh, PA 15237
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  • Refinance

Business Description

Owner Colleen Anthony opened MABC Mortgage in 2004 and focuses on providing excellent customer service, low-rate mortgages, and high-quality home loans for the state of Pennsylvania while building a long-lasting relationship with each client. Based in Pittsburgh, they help clients achieve their dream of owning a home. They offer services that include refinancing, loans, cash out home loans, home equity loans, home buying services, and more. They are licensed by the Pennsylvania Department of Banking.

License Verified:

License: 119413

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

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
Monticello Mortgage Corp. logo
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License Verified:

License: 50651

Nationwide Multistate Licensing System and Registry

Monticello Mortgage Corp.

2921 Leechburg Road, New Kensington, PA 15068
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  • Refinance

Business Description

Monticello Mortgage Corp. is a mortgage broker that serves clients in Pittsburgh. The company provides a wide range of mortgage loan options for homebuyers and homeowners, including home equity loans, USDA mortgage loans, FHA loans, VA loans, and commercial mortgages. It is committed to educating clients about mortgages and credit to help them find the mortgage product that suits their needs. Monticello Mortgage was founded by Eileen Monti and Angelo DiCello in 1997. They have more than 75 years of combined experience in the industry.

License Verified:

License: 50651

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 (3)
Google
5.0 / 5 (2)
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
Northern States Mortgage, LLC logo
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License Verified:

License: 21193

Nationwide Multistate Licensing System and Registry

Northern States Mortgage, LLC

322 South Main Street, Zelienople, PA 16063
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  • New Construction
  • Refinance

Business Description

Northern States Mortgage, LLC, is a company that caters to individuals in Pittsburgh and its surrounding areas. The business serves various clients, including those who are looking to purchase homes or refinance their mortgages. It offers a wide range of loan options, such as FHA, USDA, and VA programs. Scott Rodgers, a managing partner of Northern States Mortgage, has been in the mortgage and real estate industry since 1979. He focuses on creating long-standing relationships with clients through consistent customer service.

License Verified:

License: 21193

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
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
Princeton Financial - Carnegie logo
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License Verified:

License: 127923

Nationwide Multistate Licensing System and Registry

Princeton Financial - Carnegie

243 East Main Street, Carnegie, PA 15106
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  • Refinance
  • Multi-Family Loans

Business Description

Princeton Financial - Carnegie is a full-service mortgage company serving Realtors, builders, and individual homebuyers throughout Pittsburgh for more than 20 years. It offers a variety of mortgage products such as conventional loans, FHA loans, VA loans, USDA loans, construction loans, and reverse mortgages. Additionally, it is also an independent insurance agency providing life, auto, home, and commercial insurance coverage. Princeton Financial's team of mortgage consultants assists customers with home purchasing and refinancing, with discussions conducted face-to-face or electronically through the company website.

License Verified:

License: 127923

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
Facebook
4.0 / 5 (11)
Google
5.0 / 5 (1)
Red Tree Mortgage logo
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Red Tree Mortgage

4 Penn Center Boulevard, Pittsburgh, PA 15276
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Business Description

Red Tree Mortgage is a customer-focused mortgage company staffed with mortgage loan processors and licensed loan officers. They provide personalized services by recommending loan options that suit the client's financial history and objectives. They offer mortgage refinancing and cash-out refinance. They also have loan programs for homebuyers, such as FHA loans, VA loans, and a fixed-rate mortgage. Additionally, clients can opt for an adjustable or fixed rate with the jumbo home loan. The Pittsburgh-based company is licensed in seven other states.

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 (134)
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
Responsiveness
Friendliness
Helpfulness
Detail
Reliance First Capital, L.L.C. logo
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License Verified:

License: 58775

Nationwide Multistate Licensing System and Registry

Reliance First Capital, L.L.C.

681 Andersen Drive Bldg 6 Suite 500, Pittsburgh, PA 15220
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  • Refinance

Business Description

Reliance First Capital, L.L.C., provides mortgage solutions to homeowners and prospective buyers in Pittsburgh and nearby areas. It gives clients the information they need to identify the home loan programs that match their financial goals. The options include a variety of customizable programs, including FHA, VA, conventional, and jumbo loans. Its team of professionals also helps clients refinance their existing mortgages. Reliance First Capital is an approved VA, FHA, Fannie Mae, and Freddie Mac direct lender.

License Verified:

License: 58775

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.
4.1
Facebook
3.7 / 5 (29)
Google
4.5 / 5 (26)
Yelp
3.0 / 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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Sail Mortgage - Wexford logo
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License Verified:

License: 97809

Nationwide Multistate Licensing System and Registry

Sail Mortgage - Wexford

11269 Perry Highway, Wexford, PA 15090
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  • Refinance

Business Description

Sail Mortgage focuses on offering high-quality customer service and low mortgage rates for each client in the state of Pennsylvania while building long-lasting relationship. Based in the northern suburb of Pittsburgh and Wexford, they opened in 1989 as S.I.M Corp. and was bought by Lisa Siranovich in 2008 when their name changed to Sail Mortgage. The company provides services that include new construction loans, refinancing, fixed rates, mortgage loans, homebuyer services, and more.

License Verified:

License: 97809

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 (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
––
Shannon Williams logo
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License Verified:

License: 363175

Nationwide Multistate Licensing System and Registry

Shannon Williams

6021 Wallace Road Ext, Ste 203, Wexford, PA 15090
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  • Refinance
  • Reverse Mortgages

Business Description

Shannon Williams is a loan officer with Equity Resources, Inc., serving Pittsburgh and its surrounding communities. She guides clients in applying for different kinds of loan programs, such as VA, FHA, USDA, and conventional. With more than 20 years of industry experience, she has taken up various roles and tasks like an underwriter, mortgage processor, and closing documents specialist. Past clients have praised Shannon for being readily available to educate them about the loan process and providing the tools and resources they need.

License Verified:

License: 363175

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 (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
Stonebridge Home Mortgage LLC logo
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License Verified:

License: 2084881

Nationwide Multistate Licensing System and Registry

Stonebridge Home Mortgage LLC

100 Cobblestone Court, Oakdale, PA 15071
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  • New Construction
  • Refinance

Business Description

Stonebridge Home Mortgage LLC caters to clients in Pittsburgh and its surrounding areas. It offers different loan programs for residential property investors and buyers such as adjustable-rate, conventional fixed-rate, jumbo, reverse, FHA, and VA. The firm also provides lending options to clients who want to build new homes and commercial establishments. Additionally, it handles home refinancing matters and home equity loans. The firm's website features calculators for amortization, simple mortgage, debt consolidation, and interest rate.

License Verified:

License: 2084881

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 (14)
Facebook
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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
The David Fiedler Team logo
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The David Fiedler Team

300 Cedar Boulevard, Suite B-5, Pittsburgh, PA 15228
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  • Refinance

Business Description

The David Fiedler Team under CrossCountry Mortgage assists homeowners and homebuyers in and around the Pittsburgh area. It offers a wide variety of home purchase programs such as FHA 203(k), VA, jumbo, conventional, and fixed-rate loans. It also helps clients apply for home renovation loans, which cater to individuals looking to add rooms and have basic home repairs made. Additionally, the mortgage company provides refinance loans, including FHA streamline and USDA rural streamline programs. Branch manager David Fiedler has over three decades of industry experience.

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
Yelp
5.0 / 5 (16)
Facebook
4.7 / 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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Veritas Mortgage Services logo
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License Verified:

License: 133364

Nationwide Multistate Licensing System and Registry

Veritas Mortgage Services

1384 Old Freeport Road, Pittsburgh, PA 15238
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  • New Construction
  • Refinance

Business Description

Veritas Mortgage Services is a mortgage broker based in Pittsburgh founded in 2005. The company provides services that include residential mortgages, refinancing, loan programs, and foreclosures. It has a variety of loan options, such as conventional, jumbo, VA, USDA, home improvement, and adjustable-rate. Veritas Mortgage Services is licensed by the Pennsylvania Department of Banking and was given the Five Star Award for Overall Satisfaction by Mortgage Professional from 2011 to 2017.

License Verified:

License: 133364

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.
4.5
Google
4.4 / 5 (7)
Yelp
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
Friendliness
Helpfulness
Detail
Victorian Finance logo
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License Verified:

License: 50635

Nationwide Multistate Licensing System and Registry

Victorian Finance

2570 Boyce Plaza Road, Pittsburgh, PA 15241
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  • Refinance

Business Description

Victorian Finance offers mortgage solutions to homebuyers in Pittsburgh and the surrounding areas. It strives to understand the circumstances and needs of clients and provide suitable loan products like fixed- or adjustable-rate mortgages. The firm also has VA, FHA, USDA, and renovation loans. In addition, refinancing options are available. Chairman and president Sonny Bringol founded the company from his home after he was inspired by what he learned from a mortgage book he bought on a whim.

License Verified:

License: 50635

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
4.9 / 5 (468)
Yelp
3.5 / 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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
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