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Best Mortgage Brokers in Vancouver

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Adesina Cameron logo
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License Verified:

License: 1482412

Nationwide Multistate Licensing System and Registry

Adesina Cameron

1111 Main Street, Vancouver, WA 98660
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  • New Construction
  • Refinance

Business Description

Adesina Cameron is a mortgage planning specialist with 20 years of experience in coaching and customer service. She uses this experience in creating customized solutions for every client's homeownership objectives. She serves homeowners, homebuyers, and employers in Vancouver. Through DC Lending, Adesina delivers various loan options, such as home, FHA, VA, conventional, and reverse mortgages. She also helps individuals and families build equity to accomplish their financial goals of starting a company, funding college education, purchasing investment properties, or settling debts.

License Verified:

License: 1482412

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 (19)
Facebook
5.0 / 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
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Cascade Home Loans logo
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License Verified:

License: 72615

Nationwide Multistate Licensing System and Registry

Cascade Home Loans

16508 Southeast 24th Street, Vancouver, WA 98683
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  • Refinance

Business Description

Cascade Home Loans is a company that offers a vast range of mortgage loan programs for property buyers in Vancouver and its surrounding areas. The firm has traditional loan programs, which require the client to provide documentation and have fair-to-good credit standing. It also has non-conventional mortgage loans, including jumbo, FHA, VA, investor, and no PMI. Apart from that, the company has loans for those clients who face various credit problems, challenged credit, and high debt ratios.

License Verified:

License: 72615

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (4)

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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Cascadia Home Loans logo
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License Verified:

License: 673693

Nationwide Multistate Licensing System and Registry

Cascadia Home Loans

51895 Southwest Old Portland Road, Scappoose, OR 97056
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  • Refinance

Business Description

Cascadia Home Loans is a mortgage brokerage that provides personalized mortgage and refinance solutions in the Vancouver area. Its team of mortgage professionals assists homeowners in choosing the best program and communicates the step-by-step process from application to closing. It offers fixed and adjustable-rate mortgages, as well as FHA, VA, and USDA loan programs. As a mortgage company dedicated to the community, Cascadia Home Loans sponsors and participates in different events to help the people thrive and succeed.

License Verified:

License: 673693

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 (19)
Yelp
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Creekside Mortgage, Inc. logo
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License: 70358

Nationwide Multistate Licensing System and Registry

Creekside Mortgage, Inc.

4601 Northeast 77th Avenue, Vancouver, WA 98662
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  • Refinance

Business Description

Creekside Mortgage, Inc., is a veteran-owned and veteran-operated mortgage brokerage firm that serves clients in Vancouver. The company offers various loan programs for homebuyers, real estate investors, and homeowners, including conventional mortgage loans, jumbo loans, investor loans, VA home loans, and FHA home loans. Its employees have more than 80 years of combined experience in the real estate industry. Company president Kerry Greenwald established the company in 2005. He has helped over 4,000 military families with their mortgage loan needs.

License Verified:

License: 70358

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 (244)
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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Geneva Financial logo
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License Verified:

License: 0910215

Nationwide Multistate Licensing System and Registry

Geneva Financial

16910 Northeast 79th Way, Vancouver, WA 98682
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  • Refinance

Business Description

Geneva Financial is a mortgage lender that helps individuals and families in Vancouver and nearby communities achieve the dream of owning a home. The agency's branch manager and mortgage adviser, Mark Wilson, has been catering to the mortgage needs of homebuyers for more than two decades. Mark and his team specialize in delivering home buying and refinancing solutions. Geneva Financial's different residential mortgage loan options include first-time homebuyer programs, FHA loans, construction and renovation loans, and DPA advantage programs.

License Verified:

License: 0910215

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (4)

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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Jodi White logo
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License Verified:

License: 89759

Nationwide Multistate Licensing System and Registry

Jodi White

316 East 4th Plain Boulevard, Vancouver, WA 98663
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  • Refinance

Business Description

Jodi White is the founder and principal mortgage broker of Belay Mortgage Group that serves clients throughout Vancouver and its surrounding areas. She provides professional assistance to first-time home buyers, vacation property buyers, real estate investors, and people looking for refinancing. In addition, she also offers thorough guidance in the whole complex process of mortgages and financing. With over 15 years of industry experience, Jodi helps her clients with their mortgage lending needs according to their financial goals.

License Verified:

License: 89759

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 (19)
Facebook
5.0 / 5 (17)

Professionalism:

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

License: 2014743

Nationwide Multistate Licensing System and Registry

John Wallace

5635 Northeast Elam Young Parkway, Hillsboro, OR 97124
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  • New Construction

Business Description

John Wallace is a loan officer for mortgage brokerage firm Minuteman Mortgage. As a veteran, he focuses on serving fellow veterans in Vancouver and throughout the Washington and Oregon areas. While knowledgeable with all mortgage products, his expertise is on VA home loans and VA interest rate reduction loans to cater to clients looking to purchase a home or refinance an existing mortgage. John works with a group of partner lenders such as UWM and AFR.

License Verified:

License: 2014743

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 (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.
5.0
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Leslie Girard logo
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License: 58461

Nationwide Multistate Licensing System and Registry

Leslie Girard

204 Southeast Park Plaza Drive, Vancouver, WA 98684
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  • New Construction
  • Refinance

Business Description

Leslie Girard aims to help Vancouver families achieve homeownership through mortgage solutions. She leads a team of mortgage professionals under Evergreen Home Loans, serving the local community for nearly 25 years. Girard has been a member of Evergreen President’s Club since 2010 and has become one of the top producers in the company. She provides home loan options for individuals seeking to purchase a new home or refinance their current mortgages. These options include fixed-rate and adjustable-rate, jumbo, FHA, USDA, and VA loans.

License Verified:

License: 58461

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 (25)

Professionalism:

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

License: 913042

Nationwide Multistate Licensing System and Registry

Mark Eshelman

201 Northeast Park Plaza Drive, Vancouver, WA 98684
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  • Reverse Mortgages

Business Description

Mark Eshelman is an HECM loan specialist for Reverse Mortgage Funding LLC, providing home loan solutions for retirees in Vancouver. He specializes in FHA loan options designed specifically for senior buyers and homeowners. He works with financial advisers, realtors, estate lawyers, and CPAs in helping his clients benefit from their retirement fund through home equity. He designs financial plans for seniors, assessing their needs and providing them with loan options to help them retire in a home of their choice.

License Verified:

License: 913042

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 (11)
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
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Michael B. Wright logo
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License: 219994

Nationwide Multistate Licensing System and Registry

Michael B. Wright

13115 Northeast 4th Street, Vancouver, WA 98684
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  • Refinance
  • Reverse Mortgages

Business Description

Michael B. Wright is a mortgage broker serving homeowners in Vancouver and the surrounding areas. He strives to achieve his clients' goals and offers several loan products that can be used either for purchasing, refinancing, or renovating. These loan products include programs for first-time buyers, FHA loans, VA loans, and USDA loans. Michael Wright is part of Summit Mortgage Corporation, a mortgage company with more than 20 years of experience in the industry.

License Verified:

License: 219994

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 (8)

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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Helpfulness
Detail
––
Michael Callaham Jr logo
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License: 379732

Nationwide Multistate Licensing System and Registry

Michael Callaham Jr

3715 NE 44th St, Vancouver, WA 98661-3128
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  • Refinance

Business Description

Michael Callaham Jr. is a mortgage broker serving families and individuals in Vancouver. Michael provides low-rate mortgages for first-time buyers or those seeking to refinance their properties. He strives to assess each client's unique financial background, prepares the necessary paperwork, and haggles rates to help buyers acquire mortgage rates that suit their budget and goals. With an in-depth knowledge of current market trends, this professional walks clients through the mortgage process and empowers buyers to make informed decisions.

License Verified:

License: 379732

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
Google
4.0 / 5 (45)
Facebook
4.6 / 5 (11)

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
Northwest Funding Group Inc. logo
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License Verified:

License: 49242

Nationwide Multistate Licensing System and Registry

Northwest Funding Group Inc.

12411 Southeast 2nd Circle, Vancouver, WA 98684
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  • Refinance

Business Description

Bill Black is a mortgage broker for Northwest Funding Group, a Vancouver-based financial services company. For over 15 years, Bill has assisted clients in the metro who want to purchase a home or refinance an existing mortgage. Clients may choose from several mortgage program options, including conventional, jumbo, FHA, and VA loans, whether it is a single-family home, condominium, or manufactured home. There are also different rate options, ranging from fixed and adjustable rates to graduated payments.

License Verified:

License: 49242

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.
3.8
Google
3.0 / 5 (6)

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
Northwest Funding Group, Inc. logo
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License Verified:

License: 101770

Nationwide Multistate Licensing System and Registry

Northwest Funding Group, Inc.

12411 Southeast 2nd Circle, Vancouver, WA 98684
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  • New Construction
  • Refinance

Business Description

Northwest Funding Group, Inc. is a mortgage company offering residential lending options to borrowers in Vancouver. It helps clients in purchasing a home, refinancing an outstanding loan, or consolidating debt. Its loan professionals assist clients with FHA & VA, reverse mortgage, home refinance, and jumbo home loans to tailor their choice specifically to meet their financing needs. The company also serves Oregon, Arizona, Hawaii, and California. Its president, Stanton Berkey, has been in the industry for over 20 years.

License Verified:

License: 101770

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 (10)
Facebook
4.0 / 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.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
NW Premier Mortgage, Inc. logo
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License Verified:

License: 114934

Nationwide Multistate Licensing System and Registry

NW Premier Mortgage, Inc.

2154 Northeast Broadway, Portland, OR 97232
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  • Refinance

Business Description

NW Premier Mortgage, Inc., is a family-owned mortgage broker serving Vancouver. Its team of mortgage consultants and loan officers has over 100 years of combined experience in the industry. As an independent broker, the company has a network of loan programs its clients can access, including ARMs, fixed-rate mortgages, VA, and FHA loans. Its founders, Ken Kondziela and Resa Gutierrez-Tufts, have over 20 years of experience in the mortgage industry. NW Premier Mortgage was established in 2003.

License Verified:

License: 114934

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 (70)
Facebook
5.0 / 5 (15)
Yelp
5.0 / 5 (14)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Pacific Residential Mortgage - Vancouver logo
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License Verified:

License: 1477

Nationwide Multistate Licensing System and Registry

Pacific Residential Mortgage - Vancouver

7710 Northeast Greenwood Drive, Vancouver, WA 98662
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  • New Construction
  • Refinance

Business Description

For nearly two decades, Pacific Residential Mortgage - Vancouver has been providing customers with loan services that match their specific needs. The company follows a six-step home loan process. Its team of mortgage advisors helps clients through loan applications, credit assessments, and property appraisals. They also prepare loan documents, handle signing appointments, and assist after funds are released. In addition, the company offers loan products such as conventional, FHA, USDA, and VA loans. They also offer jumbo loans and reverse mortgage options.

License Verified:

License: 1477

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 (170)
Facebook
4.0 / 5 (18)
Yelp
4.0 / 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.
4.0
Responsiveness
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Detail
––
Paul Martinez | NMLS #69131 logo
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License Verified:

License: 69131

Nationwide Multistate Licensing System and Registry

Paul Martinez | NMLS #69131

2005 Southeast 192nd Avenue, Vancouver, WA 98683
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  • New Construction
  • Refinance

Business Description

Paul Martinez is a mortgage broker that extends financial advice to borrowers in Vancouver. Working with Barrett Financial Group, his team offers hybrid ARMs, FHA loans, and VA home loans. The company's mortgage programs also include reverse, balloon, and graduated payment mortgages. Barrett Financial Group also specializes in wholehouse lending and is an advocate of equal housing opportunity. Additionally, it has extended charity support to schools and local communities struggling with scarce food and school supplies.

License Verified:

License: 69131

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
Yelp
5.0 / 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.
5.0
Responsiveness
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Detail
Paul W Thompson logo
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License Verified:

License: 404052

Nationwide Multistate Licensing System and Registry

Paul W Thompson

201 Northeast Park Plaza Drive, Vancouver, WA 98684
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  • Refinance
  • Purchase Transactions

Business Description

Paul W. Thompson is a loan officer who lends his expertise to clients in Vancouver and other nearby areas. He addresses the homebuying concerns of first-time purchasers, rural families, and military families. He also offers over a hundred loan products, as well as lending and refinancing assistance. He works under Guild Mortgage, which has over 60 years of experience in the industry. Paul's previous clients have noted his commitment to understanding their situations and educating them on the steps to take throughout the process.

License Verified:

License: 404052

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 (40)
Facebook
5.0 / 5 (40)

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
Shields Family Home Loans logo
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License Verified:

License: 101770

Nationwide Multistate Licensing System and Registry

Shields Family Home Loans

1201 Main Street, Vancouver, WA 98660
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  • Multi-Family Loans

Business Description

Shields Family Home Loans is a mortgage brokerage that serves Vancouver and the surrounding areas. It offers a number of options, such as conventional, FHA, and VA loans. The company also provides non-conforming loans that do not meet the guidelines set by Fannie Mae and Freddie Mac. Brian Shields, the firm's principal broker, has been in the industry for more than 16 years. He also serves as a volunteer sheriff to help keep the SW Washington community safe.

License Verified:

License: 101770

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 (43)
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
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Helpfulness
Detail
Tawne Burgess logo
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License Verified:

License: 1446216

Nationwide Multistate Licensing System and Registry

Tawne Burgess

5101 Northeast 82nd Avenue, Vancouver, WA 98662
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  • Refinance

Business Description

Tawne Burgess is a senior loan officer for Diamond Residential Mortgage Corporation that provides its services to residents of Vancouver. She has been invested in real estate since 2005, enjoyed mentoring others and helping them purchase their first house ever since. Diamond Residential Mortgage Corporation has more than 175 years of combined experience. It’s a referral-focused company that takes pride in its local community relationships. DRMC offers different types of mortgages to match the specific requirements of clients.

License Verified:

License: 1446216

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
4.8 / 5 (55)
Google
5.0 / 5 (39)
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
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U-Mortgage logo
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License Verified:

License: 101770

Nationwide Multistate Licensing System and Registry

U-Mortgage

201 Northeast Park Plaza Drive, Vancouver, WA 98684
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  • Refinance

Business Description

U-Mortgage is a local residential mortgage broker that helps customers in the community of Vancouver and its surrounding areas. The company offers mortgages, products, and investment tools. It also provides a wide range of loan programs, including balloon mortgages, FHA loans, fixed-rate mortgages, graduated payment mortgages, and VA loans. In addition, U-Mortgage handles HARP 2.0 program and hybrid ARM mortgages. Its loan officer, Brian E. Spitulski, assists first-time homebuyers throughout the entire process of home refinance and loan purchase.

License Verified:

License: 101770

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 (21)
Google
5.0 / 5 (11)

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.

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