What Is a Mortgage Broker?
A mortgage broker is an independent contractor who acts as a middleman between borrowers and lenders. A good mortgage broker will be able to check available loans from a variety of lenders, and can seek out a mortgage which best suits the needs of a particular client. The mortgage broker will assist a borrower by locating the best available mortgage which meets the borrower’s needs and circumstances.
Why Use a Mortgage Broker?
Other people may have troubled credit histories, which make it difficult for them to locate reasonably priced credit. Sometimes a mortgage broker will be able to locate a lender who offers better terms than they can find on their own.
Additionally, some people may want more flexibility in the amount they borrow than is offered by their bank. A mortgage broker may be able to accommodate that desire, by finding them a lender which will, for example, lend them money with a lower down payment than their bank demands.
Yet others may not feel comfortable negotiating with lenders, and may prefer to have a mortgage broker perform that task on their behalf.