Brightwire Loans Mortgage Broker
in Mortgage Brokers from Brightwire LoansUnaffiliated
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|Type of Mortgage||Home Purchase|
Brightwire Loans Mortgage Broker Review
Where does Brightwire Loans Mortgage Broker do business?
Brightwire Loans Mortgage Broker is a licensed mortgage broker (NMLS# 1074453) with headquarters in Lyndhurst, NJ. It operates in 1 state.
The company was founded in 2013 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.
How does Brightwire Loans get paid?
Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.
Brightwire Loans gets paid by borrowers. This means Brightwire Loans 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.Brightwire Loans 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 Brightwire Loans 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 Brightwire Loans Mortgage Broker charge broker administration fees?
No, Brightwire Loans does not charge a broker administration fee.
Does Brightwire Loans charge broker loan origination fees?
No, Brightwire Loans does not charge a broker loan origination fees.
Does Brightwire Loans Mortgage Broker charge broker upfront fees?
No, Brightwire Loans does not charge broker upfront fees.
Does Brightwire Loans charge a yield-spread premium?
No, Brightwire Loans 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 Brightwire Loans Mortgage Broker offer?
Brightwire Loans Mortgage Broker 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 Brightwire Loans broker?Brightwire Loans works with the following types of mortgages:
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