Best Mortgage Brokers 2022
Equity Now
Equity Now is a mortgage lending agency located in New York City. The firm has helped homeowners with a variety of loan options since 1984. Financial options include FHA loans, fixed mortgages, VA loans, adjustable rate mortgages, jumbo loans, and reverse mortgages. Equity Now is a Better Business Bureau accredited business with an A+ rating.
John Manning Inc.
John Manning Inc. is a local mortgage broker assisting clients in New York City. The company arranges residential and commercial mortgages for clients planning to purchase or refinance real estate properties. Its financing options include bad credit loans, private mortgage insurance, and investment property loans. Company owner John Manning has been serving the industry for nearly three decades. The company is a member of the New York Association of Mortgage Brokers and the Brooklyn Chamber of Commerce.
Circle Mortgage Corporation
Circle Mortgage Corporation is a mortgage brokerage company that offers personalized financial services to clients in New York City and the surrounding areas. The company's owner, Dale Siegel, is committed to making the loan process simple but still adhering to the industry's standards. Siegel and her team of mortgage professionals provide creative real estate borrowing solutions for individuals and families. They strive to educate clients on the different mortgage products available. Common loan products are adjustable-rate, fixed-rate, FNMA-expanded approval, and bank statement only loans.
Select Commercial Funding LLC
Select Commercial Funding LLC is a commercial mortgage broker serving New York City. Its mortgage consultants help clients find the best possible financing solutions by offering a range of loan packages, including investment property, apartment building, and business real estate loans. Stephen A. Sobin, its founder and president, carries over three decades of experience in commercial real estate loan origination. He established State-Wide Capital Corp. in 1981, a home equity loan provider, which he later sold to Superior Bank FSB in 1995.
Flamingo Credit Inc.
Flamingo Credit Inc. is a mortgage firm that has helped New York City clients in residential and commercial loans since 2008. The firm was established by Yan Genkin, a mortgage professional with over 16 years of experience in real estate financing. It offers mortgages for people who have a bad or limited credit history, self-employed borrowers, foreigners, and individuals who have filed bankruptcy or foreclosure. The company also offers cash-out refinancing as well as jumbo and super jumbo mortgages.
Summit Funding
Summit Funding has been serving home buyers in New York City since 1987. The founder, Dave Steinberg, aims to make mortgage financing easy for clients with his relationship-based approach. His team of licensed professionals is experienced in providing professional counsel and individualized solutions that meet client preferences. They coordinate with clients throughout the process, from assessing financial risks to offering mortgage loan options. Summit Funding is also licensed to serve New Jersey, Connecticut, and Florida.
ABC 123 Mortgage
ABC 123 Mortgage, Inc., is a brokerage that serves individuals in New York City. Its team offers different kinds of mortgage loans for first-time homebuyers and homeowners planning to remodel their properties. They handle adjustable-rate, fixed-rate, 2/1 buy-down, and interest-only mortgages. They also provide progress reports to inform clients of the status of their loans. ABC 123 Mortgage enables its customers to review alternatives and apply for loans online any time of the day.
GuardHill Financial Corp.
GuardHill Financial Corp. is a mortgage company that serves clients in New York City. The business helps individuals in choosing the right mortgage loans with the best interest rates. Its team of professional brokers handles a wide range of loan options such as FHA, purchase, refinance, commercial, construction, and reverse mortgage. Clients can use the calculator tool on the company's website for comparative purposes. The company has been providing its services to the community for 29 years.
Failla Funding
Failla Funding is a mortgage lending agency founded in 1988 that provides business funding services in the New York City area. The company specializes in arranging mortgages and providing funding solutions especially for clients who have been turned down by banks and brokers. Some of their services include residential loans, commercial loans, and construction loans. They also provide reverse mortgage services for select individuals. Failla Funding is also affiliated with NYS Department of Financial Services.
R&J Capital Group, LLC
R&J Capital is a mortgage brokerage offering its services to clients in New York City. It provides a wide selection of packages to help clients utilize various investment tools and mortgage products. The mortgage professionals at this firm assist in home purchasing and mortgage refinancing. Their loan programs include fixed-rate mortgages, VA loans, Hybrid ARM mortgages, and balloon mortgages. R&J Capital caters different languages such as Russian, Turkish, Ukrainian. Mandarin, Bengali, Spanish and Polish. They also have a seamless and secure online application process https://rjcapital.loanzify.io/register?main.
Northstar Funding
Northstar Funding Inc. is a mortgage broker that serves residents of New York City and its surrounding areas. The company helps clients in looking for the best loan products and interest rates based on their mortgage needs and capabilities. Its team of brokers and loan specialists offers a wide range of loan options such as FHA, refinance, jumbo, fixed-rate, and first-time homebuyer mortgages. Northstar Funding ensures that clients are guided through the entire process for successful results.
Canyon Mortgage Corp - Corporate
Canyon Mortgage Corp. is a full-service brokerage firm in New York City. It has been assisting clients with purchase loans, refinancing, home equity loans, and debt consolidation since 2007. The mortgage consultants and loan officers offer a variety of loan programs, such as conventional, VA, and jumbo loans, as well as fixed-rate and reverse mortgages. They help simplify the lending process for clients by guiding them in selecting a suitable loan option. It is also licensed in California, Pennsylvania, Connecticut, Georgia, Florida, New Jersey, and Virginia.
A.S.A.P. Mortgage Corp.
A.S.A.P. Mortgage Corp. is a mortgage brokerage that serves clients in New York City. The company specializes in offering homeowners and homebuyers various loan options that include jumbo loans, refinancing loans, debt consolidation, FHA home loans, and VA home loans. It also holds a certification as a military housing specialist with the USA Cares program. Its loan originators can speak Albanian, Farsi, Hebrew, Mandarin, and Spanish. Moreover, its founder and CEO, Irene Amato, started her career in the mortgage industry in 1996.
Amerimutual Mortgage
Amerimutual Mortgage is a mortgage broker serving clients across New York City. The firm works with various lenders and helps customers find the loan options that meet their mortgage and refinancing needs. Its loan programs include fixed-rate, adjustable-rate, jumbo, conventional, FHA, and VA. The loan officers from this company also arrange financing policies for commercial properties, such as mixed-use apartments, commercial strip plazas, and warehouses. Amerimutual Mortgage is headed by Philip Loria, an attorney with in-depth knowledge of mortgage lending.
Grayton Mortgage - Brooklyn
Established in 2013, Grayton Mortgage assists clients in New York City. Its mortgage brokers offer personalized customer service and mortgage products to meet the needs of customers who are underserved by large financial institutions. They are also dedicated to helping their clients through the entire mortgage process. In addition, Grayton Mortgage specializes in dealing with Florida, New Jersey, and California mortgage loan options. It also has offices located in North Carolina.
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Astar Home Capital
Astar Home Capital is a mortgage broker company based in New York City specializing in conventional mortgages, non-QM products, interest-only loans, home equity line-of-credit, and adjustable-rate mortgages. A licensed processing team is devoted to loan approvals for customized and residential mortgages and helping clients secure loans, whether it's buying a new home, refinancing, or investing in a commercial property, where all paperwork is handled, conditions are met, and confusion is cleared by over 80 dedicated staff.
Block Financial Resources
Block Financial Resources is a mortgage broker that serves clients in New York City. It helps people to get pre-qualified and pre-approved by lenders so they can purchase a residential property. The company offers a variety of loan products, such as bank statement loans, coops, construction loans, downpayment assistance programs, and first-time homebuyer and jumbo mortgages. Block Financial Resources strives to educate its clients about their options to help them make informed decisions.
Panam Loans - New York City
Panama Loans - New York City is a full-service mortgage broker with a team of experts dealing with various aspects of mortgage lending. They serve real estate clients, builders, and individual homebuyers. They also strive to find loan solutions that will fit their clients' needs and preferences. In addition, they use various mortgage tools, such as loan comparison and simple loan calculators. They also offer a special mortgage manager service for those considering to refinance their existing mortgage program.
Morty
Morty is an online mortgage brokerage platform that operates in 37 locations, including New York City. A team of mortgage professionals and software engineers developed and launched the platform in 2016. It is available to clients who want to purchase a new house through adjustable-rate and fixed-rate mortgages as well as loan refinance and recast options. Morty's platform has been featured in various media organizations, such as The New York Times, Yahoo! Finance, Forbes, and The Wall Street Journal.
Mortgage Depot
MortgageDepot is a mortgage brokerage firm based in New York City that was founded in 2000. It specializes in FHA, residential, commercial, and no-income loans. Its team helps clients obtain a home purchase and renovation loan, conventional loan, condo purchase mortgage, and cash-out refinance. Commercial programs include construction, bridge, mixed-use, farm, and rehabilitation loans. Some of the company's loan officers speak Chinese, Russian, Hebrew, Spanish, Korean, and Bengali. They also assist foreign nationals and self-employed borrowers.
The Funding Depot Inc.
The Funding Depot Inc. is a mortgage broker that serves clients in New York City. The company assists home buyers and homeowners in getting pre-approved and in finding the mortgage loans and refinancing options that suit their needs. It also offers additional services that include credit improvement and repair, tax tips from the IRS, and getting money from state grants. Chief executive officer Jack Lefkowitz is a certified mortgage planning specialist and a leader in the real estate community.
MLB Residential Lending, LLC
MLB Residential Lending, LLC is a mortgage lending agency located in New York City that provides lending solutions. It caters to the needs of homebuyers, homeowners, real estate professionals, and builders. The leader and CEO, Samuel P. Lamparello, assumes and plays an integral and essential role in The Community Home Lenders Association. The programs they offer include FHA loans, VA loans, jumbo loans, FHA 203k renovation mortgages, and conventional loans.
Freddie Mac - New York City, New York
Freddie Mac - New York City, New York is a mortgage company that has been offering financial services to individuals and families since 1970. Its team of mortgage professionals provides home loan options for renters, homebuyers, taxpayers, and lenders. The company's single-family business segment aims to deliver sustainable homeownership. The division works with credit unions and lenders to purchase conforming and conventional loans for manufactured homes and condominiums. Some of its products are cash-out refinance, CHOICERenovation, Enhanced Relief Refinance, and Home Possible mortgages.
Equity Unlimited
Equity Unlimited is a mortgage company offering residential and commercial lending options to borrowers in New York City. Its loan professionals help clients who are interested in applying for VOE, DSCR, and full documentation loans. It also offers government-backed loans, such as FHA and USDA. Equity Unlimited has been guiding its customers throughout the lending process for more than two decades. Its local mortgage broker, Ronnie Pham, has been serving the mortgage and real estate industry since 2004.
Expert Answers To Common Questions:
- Introduction
- Can mortgage brokers work across state lines?
- How do mortgage brokers find lenders?
- What credit score do mortgage brokers use?
- Do mortgage brokers help with refinancing?
- Can you work with two mortgage brokers?
- Do mortgage brokers get better deals?
- How do mortgage brokers get paid?
- What makes mortgage brokers different from loan officers?
- What is the difference between a commercial mortgage broker and a home loan broker?
- How much do mortgage brokers make?
- How do mortgage brokers get paid?
- How much do mortgage brokers make per loan?
- Can mortgage brokers work across state lines?
- What is a surety bond for mortgage brokers?
- Is it difficult to pass the mortgage brokers’ test?
- Do mortgage brokers need to be licensed?
- Q: Introduction
- A: 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.
- Q: Can mortgage brokers work across state lines?
- A: 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.
- Q: How do mortgage brokers find lenders?
- A: 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.
- Q: What credit score do mortgage brokers use?
- A: 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
- Q: Do mortgage brokers help with refinancing?
- A: 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.
- Q: Can you work with two mortgage brokers?
- A: 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.
- Q: Do mortgage brokers get better deals?
- A: 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.
- Q: How do mortgage brokers get paid?
- A: 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.
- Q: What makes mortgage brokers different from loan officers?
- A: 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.
- Q: What is the difference between a commercial mortgage broker and a home loan broker?
- A: 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.
- Q: How much do mortgage brokers make?
- A: 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.
- Q: How do mortgage brokers get paid?
- A: 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.
- Q: How much do mortgage brokers make per loan?
- A: 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.
- Q: Can mortgage brokers work across state lines?
- A: 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.
- 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.
- 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: 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.