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.

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?