US Mortgage

Top 10 Licensed Mortgage Brokers in California

Author: Nena Pesic

Publish date: 24 Jul 2024

California, sometimes called the "Golden State," offers multiple opportunities for those looking to settle down. Its economy is the largest in the US and ranks fifth globally. The state's enormous cultural diversity promotes a friendly atmosphere, and its Mediterranean climate allows for year-round outdoor activities. California's Silicon Valley, home to top educational institutions like Stanford and the University of California, attracts global talent due to its progressive laws, diverse employment market, entertainment industry, and scenic surroundings.

What Are The Best Mortgage Brokers in California

Mortgage Broker	City	Northern California/Southern California	Ratings	License number from NMLS
Sierra Pacific Mortgage	Folsom	Northern California	4.8/5	1788
American Pacific Mortgage	Roseville	Northern California	4.98/5	1850
LoanDepot	Irvine	Southern California	4.1/5	174457
California Mortgage Advisors	San Rafael	Southern California	4.7/5	1825
Mortgage Center Corp	Millbrae	Northern California	4.5/5	336224
Summit Funding	Sacramento	Northern California	4.8/5	3199
Uni First Investment	Alhambra	Southern California	5/5	1317444
Full Circle Home Loans, Inc	Upland	Southern California	5/5	1473429
Coastal Pacific Lending Inc.	Orange	Southern California	5/5	965211
Hillhurst Mortgage	Los Angeles	Southern California	4.9/5	248170

The ratings for these mortgage brokers are sourced from reputable platforms such as Zillow, NerdWallet, and WalletHub.

Sierra Pacific Mortgage

Since 1986, Sierra Pacific Mortgage, a privately held business, has offered outstanding loan services. They originate loans through retail, wholesale, and correspondent channels and possess licenses in 48 states. Their goal is to provide great products, services, technology, and resources to enable home ownership.

American Pacific Mortgage

Since 1996, American Pacific Mortgage, a privately held company, has provided exceptional loan services. They originate loans through retail, wholesale, and correspondent channels and operate in multiple states. Their mission is to deliver superior products, services, and support to help individuals achieve home ownership.

LoanDepot

Since its inception in 2010, LoanDepot has been dedicated to offering top-tier loan services. They originate loans through retail and wholesale channels and hold licenses across all 50 states. Their commitment is to provide innovative products, services, and technology to facilitate the home ownership process.

California Mortgage Advisors

Since 1993, California Mortgage Advisors, a locally owned and operated company, has been delivering premier loan services. They focus on retail loan origination and are licensed to operate throughout California. Their aim is to offer high-quality products, services, and guidance to support home ownership.

Mortgage Center Corp

Mortgage Center Corp, based in Westlake Village, CA, is committed to providing excellent loan services. They originate loans through retail channels and operate primarily in Southern California. Their objective is to deliver superior products, services, and resources to facilitate home ownership.

Summit Funding

Summit Funding, founded in 1995, is a privately held company dedicated to providing exceptional loan services. They originate loans through retail and wholesale channels and hold licenses in multiple states. Their focus is on offering great products, services, and support to help individuals achieve home ownership.

Uni First Investment

Uni First Investment, based in Arcadia, CA, is focused on offering top-quality loan services. They originate loans through retail channels and operate mainly in Southern California. Their goal is to provide excellent products, services, and resources to support home ownership.

Full Circle Home Loans, Inc

Full Circle Home Loans, Inc, located in Irvine, CA, is dedicated to delivering outstanding loan services. They originate loans through retail channels and serve primarily in Southern California. Their mission is to offer superior products, services, and guidance to facilitate home ownership.

Coastal Pacific Lending Inc.

Coastal Pacific Lending Inc., based in Dana Point, CA, specializes in providing high-quality loan services. They originate loans through retail channels and focus on the Southern California market. Their aim is to deliver excellent products, services, and resources to help individuals achieve home ownership.

Hillhurst Mortgage

Hillhurst Mortgage, located in Los Angeles, CA, is committed to offering exceptional loan services. They originate loans through retail channels and serve the Southern California region. Their objective is to provide great products, services, and support to enable home ownership

Hollywood sign against a clear blue sky, with lush green hills in the background.

What are the types of Mortgages in California?

California offers a variety of mortgage options. Here are the most common types of mortgages available in the state:

Conventional Loans	These are standard loans not backed by the government. They typically require a higher credit score and a down payment of at least 3-20%.
FHA Loans	Insured by the Federal Housing Administration, these loans are popular among first-time homebuyers due to lower down payment requirements (as low as 3.5%) and more lenient credit score requirements.
VA Loans	Available to eligible veterans, active-duty service members, and some military spouses, VA loans often offer no down payment and competitive interest rates.
USDA Loans	These loans are available for rural and some suburban homebuyers, often featuring no down payment requirement for eligible applicants.
Jumbo Loans	For high-value properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, jumbo loans are available but typically require larger down payments and higher credit scores.
Adjustable-Rate Mortgages (ARMs)	These loans start with a fixed interest rate for a set period, after which the rate can fluctuate based on market conditions.
Fixed-Rate Mortgages	These loans maintain the same interest rate for the entire loan term, typically 15 or 30 years, providing predictable monthly payments.
CalHFA Loans	The California Housing Finance Agency offers several loan programs designed to help first-time homebuyers and low-to-moderate income Californians.

How do I apply for a mortgage in California?

Step 1: Check Your Credit Score: Before applying for a mortgage, it's crucial to check your credit score. A higher score can secure better interest rates and terms.

Step 2: Get Pre-Approved: Obtain a pre-approval letter from a lender. This involves submitting financial documents and verifying your credit and income. Pre-approval gives you a clear idea of how much you can afford and shows sellers you are a serious buyer.

Step 3: Choose the Right Mortgage Type: Based on your financial situation and long-term plans, select the mortgage type that best suits your needs.

Step 4: Compare Lenders: Research and compare offers from different lenders to find the best interest rates and terms. Don't just settle for the first offer you receive.

Step 5: Submit a Loan Application: Once you've chosen a lender, submit a formal loan application. Provide all required documentation, including proof of income, employment history, and credit information.

Step 6: Home Appraisal and Inspection: The lender will require an appraisal to determine the home's value. It's also wise to get a home inspection to identify any potential issues.

Step 7: Loan Approval and Closing: After the lender reviews your application and the appraisal, you'll receive a loan approval. Finally, you'll attend the closing meeting to sign all necessary documents and finalize the mortgage.

What documentation do you need for a mortgage in California?

Proof of Identity: Valid government-issued ID, such as a driver's license or passport.
Proof of Income: Recent pay stubs, tax returns, and W-2 forms. For self-employed individuals, profit and loss statements and additional tax documents may be required.
Employment Verification: Contact information for your employers, as well as proof of employment.
Credit History: Credit reports and credit scores from the three major credit bureaus.
Asset Information: Bank statements, retirement account statements, and other documents showing your financial assets.
Debt Information: Details of any existing debts, such as student loans, credit card balances, and car loans.
Property Information: Sales contract, property appraisal, and details about the home you're purchasing.

What are the costs and fees for a mortgage in California?

Origination Fee	Charged by the lender for processing the loan application. It is typically 1% of the loan amount.
Appraisal Fee	It covers the cost of the home appraisal and usually ranges from $300 to $500.
Home Inspection Fee	The cost of a professional home inspection, which typically ranges from $300 to $500.
Private Mortgage Insurance (PMI)	Required if your down payment is less than 20% of the home's value. The cost varies but is generally between 0.3% and 1.5% of the loan amount annually.
Title Insurance	Protects against potential title issues. The cost varies but is usually around $1,000.
Recording Fees	Fees for recording the mortgage with the local government, typically a few hundred dollars.
Closing Costs	Include a variety of fees, such as attorney fees, transfer taxes, and prepaid interest. Closing costs generally range from 2% to 5% of the loan amount.

What are the benefits of getting a mortgage in California?

Owning a home in California offers numerous benefits, particularly in its competitive real estate market. One major advantage is building equity over time, which enhances financial security and net worth as you pay down your mortgage.

Tax benefits make homeownership even more attractive. You can lower your taxable income by deducting mortgage interest and property taxes, which results in significant savings. Fixed-rate mortgages also stabilize your monthly housing costs, protecting you from rising rents and aiding in long-term budgeting.

California's real estate has a strong history of appreciation, making it a wise investment with potential for future gains. Low interest rates further make homeownership more affordable by reducing borrowing costs and monthly payments.

Homeownership also allows for personal customization and upgrades. Mortgages make it possible to buy higher-value properties than cash alone would allow, enabling you to live in desirable neighborhoods and enjoy better homes.

Beyond finances, owning a home fosters stability and community involvement. Investing in your property and neighborhood contributes to local growth. With current record-low loan rates, homeownership is more attainable, offering long-term value as you build equity for future use.

Who Regulates Mortgage Brokers in California?

The DFPI protects California consumers and oversees the operations of state-licensed financial institutions, including banks, credit unions, debt collectors, nonbank mortgage lenders, student loan servicers, money transmitters, and others.

How Much Do Mortgage Brokers Make in California?

Mortgage brokers in California earn between $60,000 and $120,000 annually, with experienced ones earning over $150,000. Their compensation often includes a base salary plus commissions or fees based on the loans they close, which can further increase their total earnings.

Salary Breakdown	Annual Salary	Hourly Wage
Top Earners	$107,079	$51
75th Percentile	$100,700	$48
Average	$80,305	$39
25th Percentile	$74,000	$36

The salary data presented in the table was sourced from ZipRecruiter

Going Forward

By choosing Kredium as your mortgage broker in California, you will gain access to our personalized service, expert guidance, and extensive range of mortgage products designed to fit your unique financial situation. Enjoy a smooth, transparent process with competitive rates. For more details, check out our blog post on mortgages.

Looking to secure the best mortgage deal in California? Choose Kredium as your trusted mortgage broker! With our broad network of lenders, personalized service, and expert guidance, we simplify the process of finding the ideal mortgage. Reach out to us today by signing up to confidently start your journey toward homeownership. Let Kredium help turn your dream home into a reality!

Photo credits | Paul Deetman Pexels

Photo credits | Zoe Papas Pexels