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Best Mortgage Brokers in Waco

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Benchmark Mortgage logo

Benchmark Mortgage

5525 Speegleville Road, Woodway, TX 76712
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  • Commercial Loans
  • Multi-Family Loans

Benchmark Mortgage is a mortgage lending firm led by Adam Goldenberg based in Waco. He has been in mortgage services for more than 17 years, working with families to achieve their homeownership goals. The company values lasting client relationships, offering "Lifetime Loan" services to provide continuous client care. This means the firm monitors the mortgage market to notify customers of rate changes that may benefit them. It also offers annual reviews to provide clients with updates that can be made on existing loans.

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McCulloch Mortgage Team logo

McCulloch Mortgage Team

600 Lake Air Drive, Waco, TX 76710
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  • Refinance

McCulloch Mortgage Team is a lender that helps individuals and families in Waco obtain home loans that fit their purchase or refinance requirements. Its loan programs are FHA, VA, USDA, and conventional loans. In addition, its team advises buyers who are not yet qualified to purchase homes on ways to improve their financial status to be considered mortgage-ready. Charles McCulloch leads the team. He is a mortgage coach with 20 years of experience in client interaction, leadership, and management positions in the industry.

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The Koehn Mortgage Group logo

The Koehn Mortgage Group

1600 Lake Air Drive, Waco, TX 76710
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  • Refinance

The Koehn Mortgage Group is a lender serving Waco and its neighboring metros. Its team of loan consultants has over 60 years of combined experience in offering programs such as FHA, VA, USDA, and conventional loans. They also handle loan refinancing options, as well as renovation and building loan programs. Its founder and branch manager, Rick Koehn, has over 27 years of experience in mortgage lending and has trained various loan officers, originators, and processors.

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Wallick & Volk logo

Wallick & Volk

919 North Valley Mills Drive, Waco, TX 76710
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  • Refinance

Wallick & Volk is a mortgage broker serving customers in Waco and the surrounding areas. The privately held company has decades of experience handling FHA, VA, and USDA loans. Its Waco branch has a list of loan programs for first-time homebuyers and also for customers interested in refinancing their existing mortgage. Customers looking to buy a home that requires renovation are also offered various options, including the streamlined 203(k) loan and the standard FHA 203(k) loan.

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Frequently Asked Questions

Q: Do mortgage brokers need to be licensed?

A: 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.

Q: Is it difficult to pass the mortgage brokers’ test?

A: 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.

Q: What is a surety bond for mortgage brokers?

A: 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.

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