How to Find the Best Mortgage Brokers in San FranciscoWhether you are a first-time home buyer, looking to refinance, acquire a home equity line of credit (HELOC) or options for reverse mortgages in San Francisco you will want to know who are the good mortgage brokers in San Francisco. Offering fixed rate loans in San Francisco, adjustable rate loans and interest-only loans, San Francisco mortgage brokers and mortgage companies have access to many lenders and can help you find the low interest home loans in San Francisco.
The following research by The Prime Buyer's Report identifies the best mortgage providers in San Francisco and issues related to finding a mortgage.
Updated September 28, 2013
|California Mortgage & Realty|
62 1st St # 400
San Francisco, CA 94105
Areas Served: San Francisco CA, The Marina, Russian Hill, Pacific Heights, Sea Cliff, North Beach, ...
3000 Larkin St
San Francisco, 94109
Areas Served: San Francisco CA, Richmond District, Sunset District, North Beach, Russian Hill, Nob ...
601 Van Ness Ave # P
San Francisco, CA 94102
Areas Served: San Francisco CA, The Haight, Downtown San Francisco CA, The Marina, Cow Hollow
|Royal Pacific Mortgage|
46 Leland Ave
San Francisco, CA 94134
Areas Served: San Francisco CA, Nob Hill, Sea Cliff, Pacific Heights, Sunset District, Mission ...
|Far East Mortgage Co|
1121 Vicente St
San Francisco, CA 94116
Areas Served: San Francisco CA, Sunset District, Russian Hill, North Beach, Potrero Hill, Mission ...
|First Financial Service|
1327 Taraval St
San Francisco, CA 94116
Areas Served: San Francisco CA, Mission District, Richmond District, Pacific Heights, Sea Cliff, ...
|PNC Multi Family Capital|
100 Pine St # 1600
San Francisco, CA 94111
Areas Served: San Francisco CA, Sea Cliff, South of Market, Richmond District, South Beach, Sunset ...
Neither license requires the mortgage broker to have professional liability insurance to protect you the client from financial loss due to a mistake or negligence, however all mortgage brokers bearing The Prime Buyer's Report—TOP 10 symbol do have that liability insurance for your protection, in addition to passing all of the other requirements for Prime Buyer's Report—TOP 10 status such as our research phone calls to their previous clients to verify high satisfaction, hiring only documented workers, sufficient length of time in business, clean complaint record, and more.
Mortgage brokers in San Francisco are required to have one of two different state licenses but neither is specifically a mortgage brokers license. One is a Negotiator License from the State Department of Corporations which only allows them to negotiate a mortgage made by a lender who is licensed specifically under the state Finance Lenders Law and these mortage brokers cannot make direct loans under this license, nor broker or negotiate loans to banks, credit unions, or savings & loans. The other license a mortgage broker can operate under is the same for selling real estate. These mortgage brokers are allowed to broker loans to banks and also to negotiate loans secured by real estate, whether first mortgages or second mortgages.
Mortgage Providers in San Francisco
Many people think they can't purchase property because of large down payment requirements, bad credit or excessive closing costs. But the best mortgage brokers and mortgage companies in San Francisco will be aware of all the possible options for each person's situation. Mortgage brokers may have access to more options in mortgage loans if they're able to work with many mortgage lenders at the same time.
When you need a loan, whether for a car, land, construction or your first home, you have a number of mortgage companies in San Francisco to choose from. Among the local choices, many work with FHA loans, sub-prime loans, bankruptcy loans, foreclosure loans, VA loans, fixed-rate loans, home equity loans, basic real estate loans, jumbo loans and adjustable rate loans. After a free loan analysis, you may qualify for home improvement loans or home equity lines, refi's, or reverse mortgages for senior homeowners.
There are local mortgage brokers in San Francisco who regularly work with lenders that offer competitive, reduced rates for first-time commercial or residential buyers, individuals with bad credit, individuals who need to pay back taxes or collections debt and individuals who wish to consolidate their existing bills. San Francisco mortgage brokers are Equal Housing Lenders and many can accommodate Spanish-speaking clients, and they may be able to find a direct lender that caters to borrowers with bad credit history.
Mortgage Brokers in San Francisco Are Licensed
California does not have a mortgage broker license specifically. Anyone originating mortgage loans in San Francisco must be licensed by the state of California either by the DRE (Department of Real Estate) as a real estate salesperson or broker, or they may be licensed by the Department of Corporations. When someone has a California Real Estate Broker license they are automatically licensed to function as a mortgage broker. Mortgage brokers licensed by the DRE may broker mortgage loans from banks and credit unions. Those licensed under the Department of Corporations may broker mortgage loans only with a mortgage lender licensed under the CFL (California Finance Lenders Law) which means they may not make any direct loans under this license nor broker loans from banks. All mortgage brokers bearing The Prime Buyer's Report—TOP 10 designation have had their active license status confirmed by researchers at The Prime Buyer's Report.
They are not required by law to have professional liability insurance; however, all mortgage companies and brokers bearing The Prime Buyer's Report—TOP 10 designation have professional liability insurance coverage which reimburses the client in the event of any damages caused by errors, in addition to passing all other requirements for certification as Prime Buyer's Report—TOP 10 such as reference phone calls to previous clients, verified license, clean complaint record, and more.
Some Providers of Mortgages in San Francisco Are Much Better than Others
The Prime Buyer's Report lists these providers of mortgages in San Francisco CA: Parkside Lending, PNC Multi Family Capital, California Mortgage & Realty, Far East Mortgage Co, First Financial Service, Royal Pacific Mortgage, Guarantee Mortgage. Other mortgage brokers in San Francisco CA who might still be in business include: .
Mortgage Brokers in San Francisco May be Good, But it Pays to Check
Mortgage brokers vary in how well established they are in the market as well as the amount of experience they've acquired. The longer your mortgage broker has been at it, the larger his network of lenders is and the closer he may be to the specific programs available. Of course, this says nothing about his integrity. In order to find out these details, visit industry associations and organizations. Affiliation is optional and it indicates a certain level of dedication to the work. You can use other media to learn about mortgage brokers as well. Some professionals may have been noted in industry magazines or contributed to websites.
If you are not a mortgage aficionado and you've never purchased property, you're about to walk into an intimidating, foreign world that speaks another language and can be full of hidden charges. So supplement our other articles with this guide to find a respectable mortgage broker who offers a fair, workable quote.
Step 1: Background Research on Mortgage Brokers in San Francisco
Make sure you don't waste any time with mortgage brokers that are not legitimate professionals. Verify licensing and certifications such as NAMB certification and DRE or CFL licensing. Investigate fraudulent business practices at the Federal Trade Comission Web site.
Step 2: Be Prepared For Speaking with San Francisco Mortgage Brokers
Before you meet with potential mortgage brokers in San Francisco, conduct a brief investigation into the current loan climate for the San Francisco area and gather all of your current financial information. You should also have an idea of a feasible down payment. Be sure to present all of this information to each broker so that you can accurately evaluate the variations in their quotes.
Step 3: Ask Questions & Take Notes of the Mortgage Brokers in San Francisco
After you present the San Francisco mortgage brokers with your financial information and they have had a chance to assess it, delve into the details of the mortgage brokers' loan practices. Use the questions below as a basis for your own.
• How will your credit history affect your loan from mortgage brokers in San Francisco?
• Can the mortgage companies give you a list of their current mortgage rates?
• Can the mortgage company give you names and numbers of previous clients that you can call as references? (All mortgage companies bearing the Prime Buyer's Report—TOP 10 symbol have already had a favorable response from client references called by research staff at The Prime Buyer's Report.)
• Are the rates from the mortgage brokers the lowest of the day or week?
• Do the mortgage companies offer fixed rate mortgages or adjustable rate mortgages?
• If the mortgage companies offer adjustable rate mortgages, how will your rate and loan payment vary? Will payments be reduced if the APR goes down?
• What is the APR on adjustable rate mortgages from mortgage brokers in San Francisco?
• Do the mortgage brokers in San Francisco work with any lenders that might be able to better accommodate your particular circumstances?
• What kinds of lenders do the mortgage brokers in San Francisco work with?
• Do the mortgage brokers work for a flat fee or a percentage of the mortgage amount?
• If the mortgage brokers receive a percentage, ask them to quote their points as a dollar amount. (The more points, the lower the rate.)
• Do the mortgage companies charge a prepayment penalty? If so, how much is it?
• Are any of the mortgage companies' fees or costs waivable?
• Do the mortgage brokers charge a fee for locking in a loan rate? Is it refundable?
When you've chosen the most suitable mortgage company for you make sure they are still licensed in good standing either by the DRE or under the state Department of Corporations. (All mortgage providers bearing the Prime Buyer's Report—TOP 10 symbol have already had their license verified by research staff at The Prime Buyer's Report.)
Step 4: Make the Final Decision on a San Francisco Mortgage Broker
Take a final stab at rate negotiation with the best mortagage broker. If and when you arrive at a decent number, you're done shopping. This is the point at which you lock in the rate if you've chosen to do so, but remember, loan rates and mortgage rates can rise or fall, perhaps a few times in a single day. There's always the chance that rates may become more favorable after they are agreed upon. Though lock-ins may be negotiable up until closing, they are usually fixed once they are put in writing.
Make Sure a Mortgage Broker is Necessary.
If you've been fiscally responsible and have few blemishes on your credit record, paying extra to have mortgage brokers find you lenders is probably a waste of time and money. The purpose of mortgage brokers is generally to help individuals with poor credit or minimal assets find a direct loan that can accommodate them and their situation. Don't pay for help if you don't need it.
Take Time Choosing Among Mortgage Brokers in San Francisco.
The first quote you are given isn't necessarily the best quote you could find. Take the time to evaluate the practices and offers of several mortgage brokers and you're more likely to find a much better deal.
Interview Several Mortgage Brokers in San Francisco.
You should talk to several potential mortgage brokers in San Francisco to find out what institutions they use, how they are compensated and other important business details. But understand that the quotes you are given should have little affect on your final choice. This is because quotes vary from day to day, and the only guaranteed amount is that which you are given when you actually sign on and the rate is locked (if applicable).
Depending on the size of your down payment, the way the mortgage brokers are compensated can either help or hurt you. If your down payment is small, it's usually more beneficial to pay a broker a percentage of the loan. This can usually be lumped into your regular monthly payments. If you're able to put down a large amount, a flat fee is usually more reasonable, as a percentage fee will be much larger.
Be Prepared When Speaking to Local Mortgage Brokers in San Francisco.
Mortgage brokers in San Francisco can assess your situation or find suitable loans only with information on current income from all sources, total available cash, expected down payment amount and all current debts including the balance and payment. So have all of this information before a consultation.
Get it in Writing From the San Francisco Mortgage Brokers.
Because of the inherent risk in large financial transactions, be sure to put every facet of your agreement in writing. Oral agreements are difficult to prove and you need to protect your assets.
Do Your Homework Before You Sign an Agreement with the Mortgage Brokers.
Before you sign on with a mortgage broker, verify relevant credentials, including NAMB certification and DRE or CFL licensing.
Negotiate with the Mortgage Companies in San Francisco.
Most mortgage brokers in San Francisco are open to negotiation on their direct compensation, so don't immediately settle for an unfair fee. Use your business sense to work with the mortgage brokers. There is a chance they will be persuaded to accept a more reasonable rate.
Know Your Rights When it Comes to San Francisco Mortgage Companies.
You are protected by the Equal Credit Opportunity Act, RESPA, The Home Mortgage Disclosure Act, The Fair Housing Act, The Truth in Lending Act and a number of other statutes enforced by the FTC. To read about the laws that affect San Francisco mortgages and mortgage companies, visit the Web site for the California Department of Consumer Affairs or the Legislative Counsel for the State of California.
Regulatory Bodies & Industry Associations Related to Mortgages in San Francisco
BBB Better Business Bureau (http://www.bbb.com/)
CAMB California Association of Mortgage Brokers (http://www.cambweb.org/)
CFL California Department of Corporations (http://www.corp.ca.gov/)
CMA California Mortgage Association (http://www.cmabrokers.org/)
DCA California Department of Consumer Affairs (www.dca.ca.gov)
Diamond Certified www.diamondcertified.org
FHA Federal Housing Administration (http://www.fha.gov/)
FTC Federal Trade Commission (http://www.ftc.gov/)
HUD U.S. Department of Housing and Urban Development (http://www.hud.gov/)
LCCA Legislative Counsel for the State of California (www.leginfo.ca.gov)
NAMB National Association of Mortgage Brokers (http://www.namb.org/)
NRMLA National Reverse Mortgage Lenders Association (http://www.reversemortgage.org/)
Media Regarding Mortgages in San Francisco
Mortgage Banking Magazine
Mortgage Technology Magazine
National Mortgage Broker Magazine
Mortgage Lending Compliance Alert
National Mortgage News
The Prime Buyer's Report provides information for the TOP 10 Mortgage Brokers in San Francisco within the following zip codes:
94127, 94169, 94165, 94103, 94120, 94112, 94125, 94158, 94109, 94111, 94142, 94101, 94122, 94130, 94131, 94147, 94168, 94105, 94126, 94102, 94166, 94124, 94116, 94121, 94188, 94157, 94172, 94118, 94117, 94167, 94164, 94114, 94108, 94159, 94132, 94134, 94107, 94140, 94170, 94141, 94146, 94119, 94129, 94133, 94104, 94110, 94123 and 94115
Mortgages San Francisco CA
Adam Daniel Co San Francisco CA 94111
Advantas Mortgage Group San Francisco CA 94103
Alexandra Moari Inc San Francisco CA 94117
Alternative Mortgage Sources San Francisco CA 94114
Ammiro Mortgage San Francisco CA 94104
ARC Funding Inc San Francisco CA 94107
Artemis Home Loans San Francisco CA 94117
Asia Pacific Group San Francisco CA 94122
Aventine Funding San Francisco CA 94129
Belvedere Trust Mortgage Corp San Francisco CA 94104
Bi Coastal Lending Group San Francisco CA 94129
Buchanan Street Partners San Francisco CA 94108
CW Capital San Francisco CA 94105
California Financial Mortgage San Francisco CA 94118
California Mortgage San Francisco CA 94105
California Mortgage Consultant San Francisco CA 94111
Capital Financial Mortgage Inc San Francisco CA 94116
Cbre/Melody & Co San Francisco CA 94111
Certus Home Mortgage San Francisco CA 94107
Chartermac San Francisco CA 94111
Chase Home Finance San Francisco CA 94105
Citibrokers San Francisco CA 94109
Consolidated Capital Mortgage San Francisco CA 94104
Countrywide Home Loans San Francisco CA 94102
Countrywide Home Loans San Francisco CA 94105
Crown Capital Mortgage Corp San Francisco CA 94133
Deering Financial Corp San Francisco CA 94104
Equity One San Francisco CA 94123
Equity Risk Partners Inc San Francisco CA 94104
Faezen Rezaian San Francisco CA 94123
Fannie Mae San Francisco CA 94111
Far East Mortgage Co San Francisco CA 94116
Federal Financial Mortgage Co San Francisco CA 94117
Financial Freedom Senior Funding San Francisco CA 94111
First Metropolitan Mortgage San Francisco CA 94110
First Security Loan Corp San Francisco CA 94123
Fontha Group San Francisco CA 94122
Gateway Bank San Francisco CA 94118
Global Equity Solutions San Francisco CA 94118
GMAC Commercial Mortgage San Francisco CA 94111
Golden Gate Mortgage San Francisco CA 94115
Gregory Brader Mortgage Consultant San Francisco CA 94123
Guarantee Mortgage San Francisco CA 94102
Guarantee Mortgage San Francisco CA 94107
Home Finance Co San Francisco CA 94122
Homeowner's Finance Center San Francisco CA 94114
Icg Mortgage Consultants Group San Francisco CA 94123
Icon Capital Group Inc San Francisco CA 94105
Imperial Capital Express San Francisco CA 94104
Integrated Mortgage San Francisco CA 94103
Jacinto Mortgage Group San Francisco CA 94123
K & L Financial Investment Inc San Francisco CA 94121
McCauley Wilson San Francisco CA 94115
Mercury Lending Inc San Francisco CA 94108
Metro Award Mortgage San Francisco CA 94109
Mortgage Center of America San Francisco CA 94111
Mortgage Funding San Francisco CA 94122
Mortgage Loan Specialist San Francisco CA 94123
Naviloan Inc San Francisco CA 94105
Nebcor International San Francisco CA 94116
New West Mortgage San Francisco CA 94122
Nob Hill Mortgage San Francisco CA 94118
OPV Mortgage San Francisco CA 94112
Pacific Guarantee Mortgage San Francisco CA 94111
Pacific Mortgage San Francisco CA 94107
Paramount Mortgage San Francisco CA 94102
Parkside Lending San Francisco CA 94109
Parkside Mortgage Co San Francisco CA 94122
Pinnacle Bank Corp San Francisco CA 94104
PNC Multi Family Capital San Francisco CA 94111
Prime Mortgage Group San Francisco CA 94107
RL Baltimore Co San Francisco CA 94119
Reall Co San Francisco CA 94103
Residential Mortgage Captial San Francisco CA 94109
Residential Pacific Mortgage San Francisco CA 94111
Rick Vujovich Real Estate Loan San Francisco CA 94109
Rob Wolf & Associates San Francisco CA 94133
Royal Pacific Mortgage San Francisco CA 94134
Roza Real Estate Loans San Francisco CA 94103
Sri San Francisco CA 94104
Summit Mortgage Advisors Inc San Francisco CA 94123
Triton Funding Group San Francisco CA 94105
Twin Capital Mortgage San Francisco CA 94103
VMG Equity Partners San Francisco CA 94133
Wachovia Home Loan Office San Francisco CA 94109
Wells Fargo Home Mortgage San Francisco CA 94107
Wells Fargo Home Mortgage San Francisco CA 94114
Wells Fargo Home Mortgage San Francisco CA 94116
Wells Fargo Home Mortgage San Francisco CA 94123