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  Bengal Mortgage Brokerage

Bengal Mortgage Brokerage

in Mortgage Brokers from Bengal Mortgage

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Bengal Mortgage Brokerage

Unaffiliated

in Mortgage Brokers from Bengal Mortgage

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Highlights
Highlights
Broker Fee Payer
  • Lender
  • Borrower
Broker Loan Origination Fees N/A
NMLS # 351183
Type of Mortgage
  • Home Equity Loans
  • Home Purchase
  • Hybrid Mortgage
  • Refinance

Bengal Mortgage Brokerage Review

Where does Bengal Mortgage Brokerage do business?

Bengal Mortgage Brokerage is a licensed mortgage broker (NMLS# 351183) with headquarters in Plano, TX. It operates in 1 state.

The company was founded in 2010 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.

How does Bengal Mortgage get paid?

Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.

Bengal Mortgage gets paid by borrowers. This means Bengal Mortgage works for you and will not be influenced by lender commissions. This fee model may help borrowers get lower rates and better terms, but it can also increase the upfront mortgage costs.

Bengal Mortgage gets paid by lenders. Lender-paid compensation is the most common fee model among mortgage brokers. This fee model can help bring down the upfront costs to borrowers. However, it also gives brokers the incentive of promoting lenders that pay higher commissions.

What fees does Bengal Mortgage charge?

Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.

Does Bengal Mortgage Brokerage charge broker administration fees?

No, Bengal Mortgage does not charge a broker administration fee.

Does Bengal Mortgage charge broker loan origination fees?

No, Bengal Mortgage does not charge a broker loan origination fees.

Does Bengal Mortgage Brokerage charge broker upfront fees?

No, Bengal Mortgage does not charge broker upfront fees.

Does Bengal Mortgage charge a yield-spread premium?

No, Bengal Mortgage does not receive a yield spread premium from borrowers. Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders thatt offer higher yield-spread premiums even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to hold a mortgage for a few years may find this option cheaper.

Bengal Mortgage Brokerage Fees
Description
Broker Loan Origination Fees N/A
Broker Upfront Fees N/A
Broker Administration Fees N/A
Yield-Spread Premium N/A

What mortgage programs does Bengal Mortgage Brokerage offer?

Bengal Mortgage Brokerage offers the following mortgage programs:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What types of mortgage does Bengal Mortgage broker?

Bengal Mortgage works with the following types of mortgages:
Type of Mortgage Options
Supported Options Unsupported Options
  • Home Equity Loans
  • Hybrid Mortgage
  • Home Purchase
  • Refinance
  • HELOC
  • Reverse Mortgage
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    About Bengal Mortgage Brokerage

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 1 state
    Texas
    Availabile in all of Texas

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