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Last Updated: 04/18/2025

Sonic Loans

in Mortgage Brokers from Sonic Loans Inc

Last Updated: 04/18/2025

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Interest Rate Types Offered

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
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Sonic Loans Review

Sonic Loans services are offered by Sonic Loans Inc (NMLS #1955855), a licensed broker founded in 2020 and based in Dearborn, MI. Sonic Loans services available in 50 states and Washington, DC.

Sonic Loans FAQ

How does Sonic Loans get paid?

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

What fees does Sonic 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 Sonic Loans charge broker administration fees?

No, Sonic Loans does not charge a broker administration fee.

Does Sonic Loans charge broker loan origination fees?

No, Sonic Loans does not charge a broker loan origination fees.

Does Sonic Loans charge broker upfront fees?

No, Sonic Loans does not charge broker upfront fees.

Does Sonic Loans charge a yield-spread premium?

No, Sonic 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.

What mortgage programs does Sonic Loans offer?

Sonic Loans 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%.
  • FHA 203k: An FHA mortgage you can also use to finance home improvements.
  • 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.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
  • 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 Sonic Loans broker?

Sonic Loans works with the following types of mortgages:

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Contact

Headquarters

6 Parklane Blvd
Dearborn, MI 48126
(313) 488-4888
Visit Site
Email Support

Hours of Operation

Sunday

Closed

Monday

9:00AM - 7:00PM

Tuesday

9:00AM - 7:00PM

Wednesday

9:00AM - 7:00PM

Thursday

9:00AM - 7:00PM

Friday

9:00AM - 7:00PM

Saturday

10:00AM - 2:00PM

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