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Best Mortgage Brokers in Carrollton

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Absolute Mortgage & Lending logo
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License Verified:

License: 1910591

Nationwide Multistate Licensing System and Registry

Absolute Mortgage & Lending

4230 Lyndon B Johnson Freeway, Dallas, TX 75244
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  • New Construction
  • Refinance

Business Description

Absolute Mortgage & Lending is a mortgage brokerage in Dallas that provides home financing services to residents of the Carrollton metro. The firm is headed by Khai Nguyen, a professional who has been in the real estate and mortgage lending industry since 2001. It offers loan programs such as conventional loans, government loans, new construction loans, renovation loans, and reverse mortgages. Khai also leads a team of 18 bilingual loan officers that cater to Vietnamese-speaking clients.

License Verified:

License: 1910591

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
4.0 / 5 (68)
Facebook
4.0 / 5 (13)

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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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AmeriDream Mortgage Group, LLC logo
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License: 275209

Nationwide Multistate Licensing System and Registry

AmeriDream Mortgage Group, LLC

3700 Standridge Drive, The Colony, TX 75056
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  • New Construction
  • Refinance
  • Purchase Transactions

Business Description

AmeriDream Mortgage Group, LLC, is a mortgage brokerage that provides loans and refinancing options to clients in the Carrollton area. It offers a wide range of mortgage products, which allows clients to find the right plan that fits their needs. The company's conventional programs include fixed-rate, HomeReady, Home Possible, Home Possible Advantage, Texas Equity 50(a)(6), and HomeStyle Renovation. DU Refi Plus, Relief Refinance Mortgage, government loans, and non-conforming loans are also offered.

License Verified:

License: 275209

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 (35)

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5.0
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AWay Home Loans logo
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License Verified:

License: 1944472

Nationwide Multistate Licensing System and Registry

AWay Home Loans

6010 West Spring Creek Parkway, Plano, TX 75024
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  • Refinance

Business Description

Founded by Brandon Michael Dresner, AWay Home Loans is a mortgage company that offers loan processes in Carrollton, Plano, and nearby areas. For more than 17 years, AWay Home Loans has been aiming to simplify the home lending and mortgage processes. The firm offers home loan options like adjustable-rate mortgages, jumbo loans, FHA loans, and 15- and 30-year fixed mortgages. It was awarded by UWM as part of the Top 1% Certified Partner in 2019.

License Verified:

License: 1944472

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
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5.0 / 5 (52)
Google
5.0 / 5 (31)
Bank of England Mortgage logo
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Bank of England Mortgage

17250 Dallas Parkway, Dallas, TX 75248
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  • Refinance

Business Description

Bank of England Mortgage is a mortgage brokerage firm serving clients in Carrollton and its surrounding areas. It offers different types of loans, including conventional, FHA, Jumbo, USDA, VA, and reverse mortgages. Additionally, clients can avail themselves of bond, renovation, and vacation loan programs. The company provides different refinancing options to take advantage of a home's increased equity. Bank of England Mortgage provides refinance guides and payment calculators for its clients. The team can communicate both in English and Spanish.

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 (86)

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Beam Mortgage. logo
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License Verified:

License: 261829

Nationwide Multistate Licensing System and Registry

Beam Mortgage.

14455 Webb Chapel Road, Farmers Branch, TX 75234
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  • Commercial Loans
  • Multi-Family Loans

Business Description

Beam Mortgage, Inc., is a company that serves clients located in the Carrollton area. It specializes in offering a variety of mortgage loan options for homebuyers and homeowners, including FHA, VA, conventional, home equity, and commercial property loans. The brokerage also uses its experience in mortgage lending to deliver loan programs that suit the needs of its clients. Beam Mortgage has been helping its customers achieve their property ownership goals for more than 10 years.

License Verified:

License: 261829

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 (98)

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Berkshire Lending logo
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License Verified:

License: 506460

Nationwide Multistate Licensing System and Registry

Berkshire Lending

14673 Midway Road, Addison, TX 75001
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  • Refinance

Business Description

Berkshire Lending is a company that helps customers in Carrollton with their home purchasing and refinancing needs. It helps a variety of customers including those who have challenges with their credit scores. Some of its home loan offers include FHA, VA, USDA, and manufactured home loans. The business also assists with modular home, build-out, and owelty loan needs. Its staff was commended for taking the extra mile to shorten the processing time of the home loan process.

License Verified:

License: 506460

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 (36)

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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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CountryPlace Mortgage logo
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License Verified:

License: 2124

Nationwide Multistate Licensing System and Registry

CountryPlace Mortgage

15301 Spectrum Drive, Addison, TX 75001
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  • New Construction

Business Description

CountryPlace Mortgage is a full-service mortgage lending firm that helps customers in Carrollton achieve their dream homes. Its wide range of home purchase and refinancing programs include FHA, USDA, VA, and conventional loans. It also offers construction, chattel, and Fannie Mae HARP loan programs. With a goal of providing a convenient and stress-free experience to its customers, the company enables them to pre-qualify and apply online, as well as track the progress of their loans through computers or mobile devices.

License Verified:

License: 2124

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 (190)
Facebook
2.0 / 5 (29)
Dream Home Mortgage logo
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License: 334658

Nationwide Multistate Licensing System and Registry

Dream Home Mortgage

1205 West Trinity Mills Road, Carrollton, TX 75006
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  • Refinance

Business Description

Dream Home Mortgage provides a wide variety of loan options for clients in Carrollton. These include a cashout mortgage refinance that allows clients who have been paying their mortgage for some time to receive cash to pay for their bills and living expenses. It also offers combined or hybrid ARMs that combine fixed-rate and adjustable-rate loan options. In addition, the company provides location-efficient mortgages, EAD card borrowers' home loans and conforming loans. Dream Home Mortgage is approved in 50 states.

License Verified:

License: 334658

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 (84)
Facebook
3.0 / 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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Hancock Home Loans logo
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License Verified:

License: 150009

Nationwide Multistate Licensing System and Registry

Hancock Home Loans

14900 Landmark Boulevard, Dallas, TX 75254
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  • Refinance

Business Description

Hancock Home Loans handles residential mortgage matters in Carrollton and the surrounding areas. The service provider processes corporate relocation, jumbo, FHA, VA, refinancing, and USDA loans. Its team also assists individuals in financing their first or dream homes with down payment assistance options. Nick Hancock, its loan originator, has been in the industry since 2014. He accommodates clients 24/7 and strives to interpret their financial needs. Hancock Home Loans is also committed to providing successful mortgage transactions.

License Verified:

License: 150009

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 (23)
Facebook
5.0 / 5 (10)
HomeBridge Financial Services, Inc. logo
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License Verified:

License: 1515145

Nationwide Multistate Licensing System and Registry

HomeBridge Financial Services, Inc.

15601 Dallas Pkwy 500, Addison, TX 75001
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  • Refinance

Business Description

Mark Pfeiffer of HomeBridge Financial Services, Inc., provides financing options for borrowers and homebuyers in Carrollton. Together with his team, he helps clients select from various types of loans, including conforming, conventional, and reverse mortgages. They also offer government loans, such as HUD, USDA, and VA. The mortgage professional guides clients along the process, which includes the appraisal part, underwriting stages, and the closing phase. Pfeiffer has been providing financing assistance for more than 15 years.

License Verified:

License: 1515145

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 (33)
Yelp
5.0 / 5 (13)

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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Michael Inkman logo
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License: 152707

Nationwide Multistate Licensing System and Registry

Michael Inkman

1800 Golden Trail Ct., Carrollton, TX 75010
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  • Refinance
  • Commercial Loans
  • Multi-Family Loans
  • Purchase
  • Reverse Mortgages

Business Description

Michael Inkman is a senior mortgage advisor with Fairway Independent Mortgage Corporation. He serves clients in Carrollton and the surrounding areas. He offers a wide range of loan options, including conventional, FHA, jumbo, and VA. Additionally, he provides reverse mortgages. Michael has over 25 years of experience in the mortgage industry, having helped over 2,500 families. He has earned several designations, including Certified Divorce Lending Professional and Certified Mortgage Advisor. Previous clients have commended him for explaining every step of the mortgage process.

License Verified:

License: 152707

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
5.0 / 5 (60)
Facebook
5.0 / 5 (12)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Mortgage Partners of Texas, LLC logo
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License Verified:

License: 1794441

Nationwide Multistate Licensing System and Registry

Mortgage Partners of Texas, LLC

2770 Main Street, Ste 283, Frisco, TX 75033
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  • Refinance
  • Purchase

Business Description

Mortgage Partners of Texas, LLC is an independent brokerage firm that serves the residents of Carrollton and the surrounding areas. It offers a variety of rate options for clients, such as fixed-rate, adjustable-rate, interest-only, and graduated payments. Government-backed programs such as FHA, VA, and USDA are also provided by the company. Clients looking to reduce their monthly payments and interest rates, consolidate their debt, and cash out from their home's equity can consult with the firm for refinancing options.

License Verified:

License: 1794441

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 (30)

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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NXT Mortgage logo
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License Verified:

License: 1582332

Nationwide Multistate Licensing System and Registry

NXT Mortgage

137 East State 121, Coppell, TX 75019
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  • New Construction
  • Refinance

Business Description

NXT Mortgage is a full-service mortgage lender serving the Carrollton area. The firm assists individuals and families in realizing their homeownership dreams by providing residential loans tailored to their specific requirements. The group specializes in conventional, FHA, USDA, VA, and jumbo mortgages. It also assists homeowners who want to redesign their current home loans and lower their monthly payments through mortgage refinancing. NXT Mortgage founder Tyler Hodgson is a former U.S. Marine Corps veteran. He opened the company in 2017.

License Verified:

License: 1582332

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
Facebook
5.0 / 5 (82)
Google
4.0 / 5 (71)

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
––
Petra Home Lending logo
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License Verified:

License: 211515

Nationwide Multistate Licensing System and Registry

Petra Home Lending

3939 Belt Line Road, Addison, TX 75001
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  • Reverse Mortgages

Business Description

Petra Home Lending serves the Carrolton community by providing mortgage plans, handling refinancing concerns, and processing loan prequalifications and applications. Its team also addresses the needs of first-time homebuyers, clients who are looking to downsize, and families looking for their dream homes. Jason O’Quinn founded the company more than 10 years ago. He has been recognized by D Magazine as one of its Best Mortgage Professionals in 2016. A former client has praised Petra Home Lending for processing his refinancing application without the hassle and sending his home a mobile notary.

License Verified:

License: 211515

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 (21)
Facebook
4.0 / 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
Responsiveness
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Detail
Texaslending.com logo
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License Verified:

License: 137773

Nationwide Multistate Licensing System and Registry

Texaslending.com

4100 Alpha Road, Dallas, TX 75244
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  • Refinance

Business Description

TexasLending.com is a family-owned business that has been servicing residents in Carrollton since 2001. It offers mortgage services for clients looking to buy a house, including conventional mortgage, FHA, VA, and USDA loans. It also helps in refinancing to shorten the terms of the loan. It also guides homeowners in choosing a variety of home equity options. Moreover, TexasLending.com handles reverse mortgage programs for homeowners who are over the age of 62.

License Verified:

License: 137773

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
4.2 / 5 (1145)
Yelp
1.0 / 5 (68)

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 Raskin Team logo
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License Verified:

License: 176513

Nationwide Multistate Licensing System and Registry

The Raskin Team

18111 Preston Road, Dallas, TX 75252
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  • Refinance

Business Description

The Raskin Team is a group of mortgage brokers in the Carrolton metro. With over 20 years of experience, it also provides its services to surrounding areas. It helps clients apply for home loans, shorten existing mortgages, lower interest rates, and convert part of their equity to cash. Clients' applications to avail offered services may be processed online. According to one client, a member of The Raskin Team directly spoke to them on the weekend to address their questions and concerns.

License Verified:

License: 176513

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
5.0 / 5 (163)
Yelp
5.0 / 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
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Tom Spaniel logo
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License Verified:

License: 228693

Nationwide Multistate Licensing System and Registry

Tom Spaniel

13709 Braemar Drive, Farmers Branch, TX 75234
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  • Refinance
  • Purchase Transactions

Business Description

Tom Spaniel is a senior loan officer at Preston Hollow Financial Services, Inc., serving customers in Carrollton and nearby areas. He assists both first-time and experienced homebuyers in obtaining a residential loan akin to their residential needs. He specializes in four areas: home purchase mortgage, mortgage refinancing, debt consolidation, and self-employed loans. He supports clients throughout the loan process, from pre-qualification to loans closing. Tom has been working in the mortgage business for over 23 years.

License Verified:

License: 228693

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
4.0 / 5 (84)
Facebook
5.0 / 5 (18)

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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Total Lending Concepts logo
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License Verified:

License: 1043976

Nationwide Multistate Licensing System and Registry

Total Lending Concepts

16175 Addison Road, Addison, TX 75001
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  • Refinance
  • Reverse Mortgages

Business Description

Total Lending Concepts is a mortgage lending company that operates in Addison and nearby communities, including Carrollton. The company offers a variety of financing products and services, ranging from FHA and VA loans to mortgage refinancing and first-time homebuyer loan programs. Its mortgage professionals maintain regular communication with clients to keep them updated on the status of their mortgage and address recurring concerns. The company gives access to flexible guidelines and diverse programs.

License Verified:

License: 1043976

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 (229)

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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Town Square Mortgage logo
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License Verified:

License: 144975

Nationwide Multistate Licensing System and Registry

Town Square Mortgage

17300 Dallas Parkway, Dallas, TX 75248
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  • Refinance
  • Purchase Transactions

Business Description

Located in Dallas, Town Square Mortgage has been in the mortgage industry since 2009, serving home buyers, real estate professionals, and property builders in the Carrollton area. The all-inclusive mortgage lending company offers a variety of options, from refinancing, purchasing, and FHA and conventional loans to USDA, ITIN, and VA loans to interested individuals. Town Square Mortgage is also catering to the mortgage needs of the Hispanic community in the area. Jeff Jannasch is the current branch manager, whose goal is to create long-lasting relationships with clients.

License Verified:

License: 144975

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
4.9 / 5 (1808)

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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––
Victory Mortgage logo
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License Verified:

License: 1919325

Nationwide Multistate Licensing System and Registry

Victory Mortgage

195 Cove Drive, Coppell, TX 75019
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  • Purchase Transactions

Business Description

Victory Mortgage is a Coppell-based mortgage lender that also serves clients in Carrollton. The locally owned and locally operated company provides mortgage loans that can assist home buyers and residential real estate investors with their purchasing and refinancing objectives. Fixed-rate, ARM, FHA, VA, and home equity loans are among the home loan programs offered by the team. The company also provides market trend reports to help clients make informed investment decisions. Owner and mortgage broker Jill Burt carries over two decades of professional experience in the mortgage business.

License Verified:

License: 1919325

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 (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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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