Bengal Mortgage Brokerage
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Bengal Mortgage Brokerage Review
Bengal Mortgage Brokerage services are offered by Bengal Mortgage (NMLS #351183), a licensed broker founded in 2010 and based in Plano, TX. Bengal Mortgage Brokerage services are available in 1 state across the USA.
How does Bengal Mortgage Brokerage 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 Brokerage 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 Brokerage does not charge a broker administration fee.
Does Bengal Mortgage Brokerage charge broker loan origination fees?
No, Bengal Mortgage Brokerage does not charge a broker loan origination fees.
Does Bengal Mortgage Brokerage charge broker upfront fees?
No, Bengal Mortgage Brokerage does not charge broker upfront fees.
Does Bengal Mortgage Brokerage charge a yield-spread premium?
No, Bengal Mortgage Brokerage 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.
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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 Brokerage broker?
Bengal Mortgage Brokerage works with the following types of mortgages:| Supported Options | Unsupported Options |
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Contact
- Headquarters
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2040 W Spring Creek Pkwy STE 135
Plano, TX 75023 USA - (972) 517-3481
- Visit Site
- Email Support
About Bengal Mortgage Brokerage
Availability
Feature Breakdown
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