Expertise.com

Best Mortgage Brokers in Knoxville

Laurels
Laurels

We did the research for you!

Learn more
  • checkboxLicensing
  • checkboxUser Reviews
  • checkboxMystery Shopping Calls

Mortgage Brokers FAQs

Learn more
Chris Burleson logo
Visit WebsiteWebsite

License Verified:

License: 332941

Nationwide Multistate Licensing System and Registry

Chris Burleson

220 South Peters Road, Knoxville, TN 37923
Visit WebsiteWebsite
  • Refinance

Business Description

Chris Burleson works as a mortgage loan originator at Knoxville Mortgage Brokers. He assists clients who want to put their homes in the market, buy or build a new one, and pay off an existing mortgage. Chris provides home purchase loans and refinancing with options such as jumbo, 203k, USDA, VA, and FHA loans. Mortgage programs range from fixed- and adjustable-rate options with 5- to 30-year terms. Chris is a member of the Association of Independent Mortgage Experts.

License Verified:

License: 332941

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.
4.3
Google
4.0 / 5 (4)
Creative Mortgage Solutions logo
Visit WebsiteWebsite

License Verified:

License: 139446

Nationwide Multistate Licensing System and Registry

Creative Mortgage Solutions

726 Clinch Avenue, Clinton, TN 37716
Visit WebsiteWebsite
  • Refinance

Business Description

Creative Mortgage Solutions provides mortgage advice and loan assistance to customers in Knoxville and the surrounding areas. It is a mortgage brokerage firm that assists prospective homebuyers in obtaining conventional loans as well as government-backed loans like VA, FHA, and USDA. Furthermore, the staff also finds financing programs for renovations, constructions, and manufactured homes. Since its foundation in 2000, the Creative Mortgage Solutions team has worked with people with different financial situations and credit scores.

License Verified:

License: 139446

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 (58)

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
David DeWitt logo
Visit WebsiteWebsite

License Verified:

License: 175237

Nationwide Multistate Licensing System and Registry

David DeWitt

9051 Executive Park Drive, Knoxville, TN 37923
Visit WebsiteWebsite
  • Refinance

Business Description

David DeWitt is a Southwest Funding loan professional who serves the lending needs of first-time and seasoned investors within the Knoxville area. Since 1996, he has offered mortgage programs like FHA, VA, USDA, FHLMC, and Jumbo loans. David assists his clients through the entire loan process by giving them advice, answering their queries, and keeping them updated with their loan status. Furthermore, he works with several real estate agents who can help his clients find the property of their preference.

License Verified:

License: 175237

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.
4.2
Google
4.0 / 5 (31)

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
––
First Community Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 987470

Nationwide Multistate Licensing System and Registry

First Community Mortgage

200 Prosperity Drive, Knoxville, TN 37923
Visit WebsiteWebsite
  • Commercial Loans
  • Multi-Family Loans

Business Description

First Community Mortgage helps Knoxville residents with a home purchase and refinancing through a variety of mortgage programs. Serving first-time homebuyers and refinance customers for almost two decades, the firm offers a wide range of loan programs, including conventional, VA, FHA, USDA or rural development, and state bond loans. Its team of professionals also performs underwriting and closing services for mortgage brokers, credit unions, and small banks. First Community Mortgage has loan originators throughout the US and is able to originate loans in 46 states.

License Verified:

License: 987470

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
Facebook
4.0 / 5 (37)
Google
5.0 / 5 (24)

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
––
Foundation Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 1387311

Nationwide Multistate Licensing System and Registry

Foundation Mortgage

123 Center Park Drive, Knoxville, TN 37922
Visit WebsiteWebsite
  • Refinance

Business Description

Foundation Mortgage is a mortgage broker that operates in Knoxville, serving both first-time and experienced homeowners and home buyers. It examines and estimates the cost of various loan programs, from conventional loans to jumbo loans. It can also examine special loan types like FHA and VA plans. The brokerage can help clients process their pre-approvals for both mortgages and refinancing. Its founder and president, Nick Galbraith, has worked in finance since 2000. He and his team can also estimate a house's current market value.

License Verified:

License: 1387311

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
4.0 / 5 (77)
Facebook
5.0 / 5 (20)
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
Responsiveness
Friendliness
Helpfulness
Detail
Fountain City Finance Company logo
Visit WebsiteWebsite

License Verified:

License: 607765

Nationwide Multistate Licensing System and Registry

Fountain City Finance Company

5319 North Broadway Street, Knoxville, TN 37918
Visit WebsiteWebsite
  • Refinance

Business Description

Fountain City Finance Company is a locally owned and operated mortgage brokerage firm that serves clients in Knoxville. The company offers a wide range of loan options for homebuyers and homeowners, including conventional loans, rural development loans, reverse mortgages, FHA loans, and VA home loans. Since its establishment in 1991, it has been providing financial services to East Tennessee residents. Its sister company, Fountain City Funding, Inc., serves as its mortgage banker division, which provides residential mortgage products.

License Verified:

License: 607765

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.
4.6
Google
3.0 / 5 (34)
Facebook
4.0 / 5 (26)
Yelp
2.0 / 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
iDirect Home Loans logo
Visit WebsiteWebsite

License Verified:

License: 2914

Nationwide Multistate Licensing System and Registry

iDirect Home Loans

Riverview Tower 900 South Gay Street, Knoxville, TN 37902
Visit WebsiteWebsite
  • Commercial Loans
  • Multi-Family Loans

Business Description

iDirect Home Loans is a multi-state mortgage brokerage that serves clients in the Knoxville area. It works with a range of lenders to help customers find the right plans for their refinancing and mortgage needs. Its loan programs include jumbo, VA, FHA, and conventional. The agency has been in the industry since 2004. Chris Hooker, its executive vice president, started his career in the field in 1989. He then opened his first agency eight years later.

License Verified:

License: 2914

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
3.0 / 5 (7)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
John Fleming, Jr. logo
Visit WebsiteWebsite

License Verified:

License: 1850409

Nationwide Multistate Licensing System and Registry

John Fleming, Jr.

8351 East Walker Springs Lane, Knoxville, TN 37923
Visit WebsiteWebsite
  • Refinance
  • Purchase Transactions

Business Description

John Fleming, Jr., is a Peoples Home Equity residential mortgage loan originator serving clients throughout the Greater Knoxville area. He assists customers with their home purchase and refinancing needs. Originally from Sugar Grove, he moved to Knoxville in 2019, where he started working for Peoples Home Equity. He offers a wide range of loan options, including a 30-year fixed mortgage, 15-year fixed mortgage, FHA, VA, jumbo, and USDA loans. John also provides notary services.

License Verified:

License: 1850409

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 (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
Jon Powers logo
Visit WebsiteWebsite

License Verified:

License: 336782

Nationwide Multistate Licensing System and Registry

Jon Powers

608 Mabry Hood Road, Knoxville, TN 37932
Visit WebsiteWebsite
  • New Construction
  • Refinance

Business Description

Jon Powers is a mortgage loan originator and vice president of the OneTrust Home Loans (NMLS# 46375) office in Knoxville. He started living in the area in 1992 and entered the mortgage business in 1998. Since then he has helped hundreds of clients in the community. He offers conventional, construction, FHA, USDA, and VA loan options and matches these with the clients' homeownership goals. In addition, Jon continues his educational pursuit, focusing more on mortgage planning, debt management, and total cost analysis.

License Verified:

License: 336782

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
Facebook
4.0 / 5 (107)

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
––
Keystone Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 153790

Nationwide Multistate Licensing System and Registry

Keystone Mortgage

1508 Coleman Road, Knoxville, TN 37909
Visit WebsiteWebsite
  • Refinance

Business Description

Established in 2006, Keystone Mortgage in Knoxville helps clients pre-qualify and apply for various loan and mortgage products. These products include VA, USDA, FHA, conventional, and jumbo loans. It also has first-time homebuyer programs. Its mortgage professionals cooperate with clients to establish their financial goals and find a mortgage program suited to their needs. One client recounts how the staff at Keystone Mortgage handled most of the paperwork involved in the mortgage process and kept them updated on the status of their mortgage.

License Verified:

License: 153790

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 (51)
Google
4.0 / 5 (22)

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
Loren Riddick logo
Visit WebsiteWebsite

License Verified:

License: 179298

Nationwide Multistate Licensing System and Registry

Loren Riddick

219 Gill Street, Alcoa, TN 37701
Visit WebsiteWebsite
  • New Construction
  • Reverse Mortgages

Business Description

Loren Riddick is a mortgage specialist serving customers across Knoxville and the surrounding communities. With a career in the mortgage industry spanning over two decades, Loren has originated more than $300 million in loan volume. He is a certified reverse mortgage professional who currently serves as the national director of Thrive Mortgage's reverse lending division. He helps clients, particularly seniors, explore the benefits of getting a reverse mortgage and aids them throughout the whole application process.

License Verified:

License: 179298

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 (12)
Facebook
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
Responsiveness
Friendliness
Helpfulness
Detail
Mike Raines Mortgage Advisor logo
Visit WebsiteWebsite

License Verified:

License: 184816

Nationwide Multistate Licensing System and Registry

Mike Raines Mortgage Advisor

150 North Seven Oaks Drive, Knoxville, TN 37922
Visit WebsiteWebsite
  • Reverse Mortgages

Business Description

Mike Raines Mortgage Advisor is a firm that provides solutions for Knoxville clients looking for loan assistance in securing a property or renovating a home. Its owner, Mike Raines, assists clients from different walks of life in securing a loan that's right for their needs. He checks the suitability of various loan options that include VA, FHA, USDA, conventional, and reverse mortgage. Raines was awarded a Kentucky Colonel Appointment in October 2017.

License Verified:

License: 184816

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 (24)
Facebook
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
Responsiveness
Friendliness
Helpfulness
Detail
Mortgages Unlimited - Tennessee logo
Visit WebsiteWebsite

License Verified:

License: 134637

Nationwide Multistate Licensing System and Registry

Mortgages Unlimited - Tennessee

424 Maryville Highway, Seymour, TN 37865
Visit WebsiteWebsite
  • Refinance
  • Reverse Mortgages

Business Description

Mortgages Unlimited is a Knoxville-based mortgage broker company offering loan programs for home purchasing and refinancing. This women-led company was founded over 20 years ago on the belief that "everyone deserves a home". The company assess and evaluates each clients' situation, and offer mortgage loan options that meet their requirement. Its loan officers guide clients throughout the loan application process from initial inquiry to loan approval. It partners with wholesale lenders to provide FHA, VA, USDA, and conventional home loans.

License Verified:

License: 134637

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
Friendliness
Helpfulness
Detail
Paramount Residential Mortgage Group, Inc. logo
Visit WebsiteWebsite

License Verified:

License: 915856

Nationwide Multistate Licensing System and Registry

Paramount Residential Mortgage Group, Inc.

303 Rocktown Road, Jefferson City, TN 37760
Visit WebsiteWebsite
  • Refinance

Business Description

Paramount Residential Mortgage Group, Inc., is a team of home loan specialists that serves Knoxville homebuyers. They help clients select from various financing options, including Freddie Mac, Fannie Mae, and reverse mortgages. Furthermore, the lending specialists, who perform loan processing and underwriting in-house, also offer government-supported programs like VA and FHA loans. Paramount Residential Mortgage Group started out as a team of three and has now grown to over 1,500 employees in more than 150 branches across the country.

License Verified:

License: 915856

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 (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.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Peoples Home Equity Mortgage Lending logo
Visit WebsiteWebsite

License Verified:

License: 184740

Nationwide Multistate Licensing System and Registry

Peoples Home Equity Mortgage Lending

8351 East Walker Springs Lane, Knoxville, TN 37923
Visit WebsiteWebsite
  • Refinance

Business Description

Peoples Home Equity Mortgage Lending is a mortgage broker that services residents of Knoxville and nearby areas. The company guides clients, especially first-time buyers, who are set to buy or refinance residential properties with its personalized loan programs. It offers FHA, VA, and conventional loans, as well as investment property financing and rural development lending. The business is led by Margo Krogulski and Marissa French who have been providing their expertise to the community since 2001.

License Verified:

License: 184740

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
4.0 / 5 (33)

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
Real Estate Finance Group logo
Visit WebsiteWebsite

License Verified:

License: 176976

Nationwide Multistate Licensing System and Registry

Real Estate Finance Group

4707 Papermill Drive Northwest, Knoxville, TN 37909
Visit WebsiteWebsite
  • Commercial Loans
  • Multi-Family Loans

Business Description

Real Estate Finance Group is a local mortgage provider in the metro of Knoxville. Its team of over 10 mortgage consultants is credit trained with immediate decision-making authority. With more than 20 years in the industry, it combines its extensive financing options with its concierge-level service. Its home financing programs include conventional, jumbo, FHA, USDA rural housing, and VA. Its consultants consider loan size, property type, and credit score to be able to provide a quote accurately.

License Verified:

License: 176976

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
5.0 / 5 (13)
Facebook
4.0 / 5 (5)
Summit South Mortgage logo
Visit WebsiteWebsite

License Verified:

License: 168659

Nationwide Multistate Licensing System and Registry

Summit South Mortgage

6000 Walden Drive, Knoxville, TN 37919
Visit WebsiteWebsite
  • Refinance
  • Purchase Transactions

Business Description

Summit South Mortgage is a full-service firm mainly offering government and conventional mortgage loans in Knoxville. The company provides both residential and commercial mortgage loans, whether they are short-term, construction, or long-term and permanent. It also handles USDA loans, as well as business and industry commercial loan programs. Moreover, it deals with private equity lending to help business owners, homeowners, and real estate investors. Its president and CEO, Lou Browning, has more than 15 years of experience in the field.

License Verified:

License: 168659

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 (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
Volunteer Home Mortgage Inc. logo
Visit WebsiteWebsite

License Verified:

License: 1287608

Nationwide Multistate Licensing System and Registry

Volunteer Home Mortgage Inc.

1033 West Broadway Avenue, Maryville, TN 37801
Visit WebsiteWebsite
  • Refinance

Business Description

Volunteer Home Mortgage Inc. operates in Maryville and its neighboring communities, including Knoxville. The locally owned company offers a wide selection of mortgage products, ranging from conventional and FHA loans to USDA and VA loans. Its mortgage professionals can also assist clients in comparing and contrasting available mortgage products to find the one that meets their financial needs. Volunteer Home Mortgage is a member of the Association of Independent Mortgage Experts and the Knoxville Mortgage Bankers Association.

License Verified:

License: 1287608

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.
4.3
Google
4.0 / 5 (79)
Facebook
5.0 / 5 (32)

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
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