Should you work with a Mortgage Broker?

Mortgage Brokers

A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together, but they do not use their own funds to originate mortgages. A mortgage broker helps borrowers connect with lenders and seeks out the best fit in terms of the borrower's financial situation and interest-rate needs. The mortgage broker also gathers paperwork from the borrower and passes that paperwork along to a mortgage lender for underwriting and approval purposes. The broker earns a commission from either the borrower, the lender, or both at closing.

• A mortgage broker is a financial intermediary who matches home borrowers with potential lenders in order to obtain the best possible mortgage terms for the borrower.

• A mortgage broker can save a borrower time and effort during the application process, and potentially a lot of money over the life of the loan.

• Mortgage brokers earn commissions, known as origination fees, based on the size of the loan, and may work independently or as an employee of a larger mortgage brokerage firm.

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual is seeking.

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