Mortgage Broker In California

A mortgage broker in California is someone who works on behalf of a home buyer (or homeowner) to secure funding for the purchase of a home (or to refinance a current mortgage). There are thousands of mortgage brokers throughout California.

Working with a mortgage broker enables you, the borrower, to focus on things that are more important. Generally speaking, mortgage brokers have a more experienced, efficient, and knowledgeable staff compared to their counterparts working for traditional banks and direct lenders.

We Are A Top Rated California Mortgage Broker

JB Mortgage Capital, Inc. is a top-rated mortgage broker in California. Providing industry-low mortgage rates and a high level of customer service is a focal point at JB Mortgage Capital, Inc.

We’re also 100% focused on the customer experience. From the loan application to closing, you’ll work directly with one person the entire time. This ensures a better experience for the customer and a more efficient loan process.

Benefits Of Using A Mortgage Broker In California

Here are some of the many benefits of working with a mortgage broker in California.

• Access To More Loan Programs
• Works Hard To Find The Best Loan
• Better Educated And More Experienced
• More Flexibility
• Faster Closings
• Industry Low Rates
• Customer Focused

Working with a mortgage broker in California gives the homebuyer or homeowner the options they need for a successful transaction.

Access To More Loan Programs

One of the most significant benefits of working with a mortgage broker is the number of loan programs with multiple lenders they have. When working with a bank or a credit union, the loan officer is limited in what they can provide.

If you don’t get approved or if they can meet the financial goals, you have to start all over again. That’s not the case with a mortgage broker.

The person you are working with will have access to many different lenders who offer a wide variety of loan programs. If it doesn’t work out with one lender, the mortgage broker can easily handle the transfer to a new lender with no work on your end.

And the good news is they won’t have to obtain a new credit report (more on this below).

Works Hard To Find The Best Loan

Most people who are mortgage brokers are “go-getters” who enjoy the challenge of finding the best loan program for their clients. And client satisfaction is very important to a mortgage broker, so don’t be surprised if the person you’re working with offers suggestions and ways to obtain the best possible loan to meet your financial goals.

Better Educated And More Experienced

This benefit will upset those working for banks, but it’s true. Generally speaking, a mortgage broker is better educated about the different lenders and loan products in the current market environment and is more experienced working within that environment.

Competition is good for consumers, and when you work with a mortgage broker, multiple lenders compete for your business, and all the work falls on the mortgage broker to find you the best possible terms.

More Flexibility

Let’s say you went to your local bank to apply for a new home loan, and they came back and said sorry, we can’t get you approved. What’s next? Banks have almost no flexibility compared to the flexibility of a mortgage broker in California.

Excellent credit to bad credit, primary residence to multi-unit rentals, from less than 5% down to 20%+ down; a mortgage broker in California can meet the financial needs of their diverse client base, and they also can move their client to a new lender without missing a beat.

Faster Closings

Try asking a bank to close in two to three weeks and see what the response is. A mortgage broker has this ability and knows which sources to use to make it happen. Some banks take 45 – 60 days to close a loan application even when loan volume is not that high.

Over the years, mortgage brokers have become much more efficient than banks and continue to find ways to make the loan process easier for their clients.

Industry Low Rates

Since mortgage brokers in California can work with multiple sources, you are more likely to get the best terms with a reputable mortgage broker than with a traditional bank that relies on name recognition to get your business.

Banks offer one set of rates; a mortgage broker can offer many different rate options since they have access to more than one lending source.

Customer Focused

Being customer-focused is at the heart of a mortgage broker. That’s why you’ll find a more personalized experience, better response times, and faster closings with a mortgage broker.

How Do Mortgage Brokers Get Paid?

There are two ways a mortgage broker in California gets paid;

• The lender pays them
• The borrower pays them

This is commonly called “Lender Paid” and “Borrower Paid” within the industry. When it’s a Lender Paid transaction, it’s a fixed amount or a fixed percentage amount the mortgage broker and the lender have agreed upon before your loan application is submitted.

Also, that fixed amount is in place for at least a three-month period, and all loan applications submitted to that lender (from the mortgage broker) must have the exact same compensation amount.

A Borrower Paid transaction is when the fee to the mortgage broker is added to the closing costs, and that fee is agreed upon at the time of application and loan submission.

Do Mortgage Brokers Charge More?

No, that’s a myth.

A mortgage broker does not have the benefit of a client base the way a traditional bank does, so they have to work harder to earn your business.

I challenge anyone who claims this is true to obtain ten Loan Estimates from different banks and ten Loan Estimates from different mortgage brokers (for the same loan). I have no doubt that the overall fees charged on the Loan Estimates from mortgage brokers will be less than those of traditional banks.

Do Mortgage Brokers Run Your Credit A Bunch Of Times?

No, another big myth about working with a mortgage broker in California.

A mortgage broker will obtain your credit report after you apply, and 95%+ of the time, that is the only time they will pull your credit report, even if they send your application to five different lenders. These lenders will accept the one credit report the mortgage broker obtained.

At closing, a lender may obtain an updated credit report if, for example, the original credit report in the file has expired (credit reports are good for up to 90-120 days).

How To Choose The Best Mortgage Broker In California?

The million-dollar question with an easy answer; use the tools you have to find the best mortgage broker, such as the Better Business Bureau, Zillow, and/or Yelp. Verify license information with the California DRE and the consumer NMLS site.

This takes ten to fifteen minutes, and the extra work to find a reputable mortgage broker in California could save you thousands of dollars.