What is a “loan broker”, and how do I find one?
A loan broker works in a similar capacity as a travel agent. He has access to 100-150 lenders, and he matches the requirements of the applicant with an appropriate lender. He works the wholesale end of the loan market, and the lender pays a fee to the mortgage broker for the loan. If the buyer were to contact the lender directly, he would be working the retail side, and would not necessarily get a better rate. Additionally, the mortgage broker is usually referred by a real estate agent or prior client, so he is more accountable for the outcome of the process than someone at the other end of the phone at a bank. To find one, ask a real estate agent, ask a friend, look on-line. This answer is (useful somewhat useful incorrect offensive/spam) Add new answer Add new question Email me when a new answer is posted Top • Can a home owner leave money in their escrow account and borrow from it later? • The lender controls the escrow account and the federal laws that regulate that control are pre
