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  Bengal Mortgage Brokerage

Bengal Mortgage Brokerage

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Bengal Mortgage Brokerage

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in Mortgage Brokers from Bengal Mortgage

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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 offers lender and borrower-paid fee models. Borrowers can choose which model works best for their circumstances. Typically, lender-paid compensation rates result in higher fees for borrowers. However, borrower-paid rates increase the upfront costs of getting a mortgage.

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%.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
  • Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
  • 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
  • Hybrid Mortgage
  • Home Purchase
  • Refinance
  • Home Equity Loans
  • HELOC
  • Reverse Mortgage
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    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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