Applying for a mortgage can be weary due to the various process it entails. Most Borrowers get pretty frustrated when dealing with lending institutions directly because they may not fully understand the nitty-gritty of getting a mortgage.
Hiring a mortgage broker comes in handy to get yourself out of these unpleasant situations. No one knows the basics and methods of mortgage better than a mortgage broker.
Who is a Mortgage Broker?
A mortgage broker is a form of intermediary between mortgage lenders and borrowers. Mortgage brokers do not use their own money to originate a mortgage, instead, they connect a borrower to the best lender that would fit into their financial capacity. A mortgage broker does not own its own mortgage nor directly sell a mortgage to borrowers.
Mortgage brokers are the best providers of low-cost mortgages, they have a wide list of loan programs you can choose from. It has been recorded that there are over 17,000 mortgage brokers in California alone. The state has a very comfortable atmosphere for mortgage investments.
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Importance of Mortgage Brokers
Just as how the Wholesaler and retailers are important to the channels of distribution in business, the mortgage broker is in the process of getting a mortgage. Mortgage brokers are middlemen between lenders and borrowers. We would carefully look at the various importance of having a mortgage broker when you are deciding on your mortgage.
Importance of Mortgage Broker:
- Finding Advanategous Mortgage: A mortgage broker works for you and has your best interest at heart. They act as just your agent. They are very knowledgeable and have access to a wide range of mortgage products you may not get to know through your research. A broker interview you to understand your financial needs and can offer you the greatest and most advantageous mortgage products.
- Access to Large Loan Products: A mortgage broker has access to a large number of lending institutions and personnel. They can leverage the experience and network they have to give you lots of mortgage choices. This covers more than your research.
- Mortgage Expertise: Mortgage brokers have the expertise you would need for getting a mortgage if some things can hinder a smooth mortgage process. They know which lenders favor a particular mortgage need and financial capacity.
Differences between a Mortgage Broker and a Mortgage Lender
Mortgages like most financial activities have several words associated with them. Borrowers must know the difference between some widely used words for a smooth mortgage process. Mortgage brokers and Mortgage lenders are two major terms used wrongly. While both provide mortgage services to people, they are very different.
The major difference between mortgage brokers and mortgage lenders is in their functions. Mortgage lenders provide the funding for the purchased house while mortgage brokers help you find a lender but don’t loan you the money.
Mortgage brokers act as an intermediary between mortgage lenders and customers helping them find good lenders while Mortgage lenders are the actual financial institution that eventually provides you with the loan.
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Top 15 Mortgage Brokers in California
There has been a rapid increase in the number of mortgage brokers in California due to the peaceful atmosphere enjoyed by homeowners. When it comes to licensing mortgage brokers, California has the highest standard for checking their backgrounds and testing. This assures you of being in safe hands.
Here is a list of The Top Mortgage brokers in California:
- Equity Smart Home Loan: If you are searching for mortgage brokers with lots of years of experience, Equity Smart should be a smart choice for you. The combination of the experience of team members in the firm is over 100 years. They are committed to finding you that loan that fits into your budget and mortgage need. Their professional team carefully guides their clients throughout the mortgage processes. They offer brokerage services on Conventional loans, FH, and VA loans. Jumbo and the reverse mortgage are also available.
- California Home Solution: Another great Californian Mortgage brokerage is the wonderful team at California Home Solution. Customers sure have nothing but great remarks about how committed they are to meet their needs. The team ensures the customers make smart financial decisions with the various mortgage options they offer.
- New American Funding: This is another California mortgage brokerage that has amazing service delivery as commented by clients. They also offer a variety of loan products that customers can select from. Their brokers work with you full time ensuring your satisfaction.
- Grow Mortgage: This brokerage firm has been in business for over 10 years cutting exceptional mortgages for their clients. The firm has a first-time homebuyer program that people looking to buy their first home can enjoy.
- South Bay Mortgage Brokers: With over 17 years of serving numerous mortgage needs. They partner with lots of lenders to provide you with a variety of mortgage needs. You can get USDA, VA, FHA, and HARP loans. You can also enjoy reverse mortgages and jumbo loans.
- AMV Financial Corporation: This independent mortgage broker covers a large area of the state of California. Asides from the popular loan types, you can get an apartment, commercial, or mobile home loan. This broker also provides down payment assistance for clients.
- Hillhurst Mortgage: Founded in 2004, this broker assists clients with the entire mortgage process. Educating the client on the mortgage processes is a core of the company. The belief that each client has unique mortgage needs drives the firm.
- Peak Finance Company: Serving majorly the residents of Los Angeles, the company stands out as a force in the brokerage business. Focused on and ensuring that all specific mortgage needs of clients are met; this allows them to find solutions to mortgage problems others could not solve.
- Aragon Lending Team: This brokerage firm uses online systems to match the loan needs of clients to the available program. They focus on every detail of your mortgage process.
- ALB Commercial Capital: Being a premier mortgage firm in the state, they provide one of the highest quality mortgage services. Their customers are sure of getting customized solutions for their mortgage needs.
- Home Central Financial: This is a mortgage broker that delivers home refinancing loans, first-time home buyer loans, home cash-out loans and so much more. They are a trusted source for relevant loan information.
- Viewpoint Mortgage Since 1986, this firm and its team of mortgage brokers help buyers, investors, builders, and real estate experts in their mortgage decisions. You can get a wide range of mortgage products.
- Sky Minor: The owner was formerly an investor before delving into the mortgage brokerage business. His experience thus helps him provide relatable mortgage plans for his clients. You can get all types of mortgages.
- New World Mortgage: Made up of knowledgeable and dedicated staff, the brokers strive to find the very best Mortgage rates for customers. You get expert guidance in selecting your preferred Mortgage plan after thorough research.
- Loans by Nelly: This Mortgage broker firm helps customers in various mortgage matters. The brokers mediate in all the process after finding lenders that are perfect for the client’s needs and financial capacity.
Final Notes on the Top 15 Mortgage Brokers in California, United States
With the list of top mortgage brokers in California, you can carefully go through the profile of each one to finally make your selection. They have an online presence that is easily accessible to proposed customers. This can help guide your decision as you scan through their products and services.
Before you go, read Car Financing Basics.