What is a mortgage broker?
A. Mortgage Brokers are trained, Qualifies, Regulated professionals licensed to represent and provide you with the best advice for your mortgage needs. A mortgage broker knows where the best rates can be found. They have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing.
Often, people confuse mortgage brokers with lenders. A mortgage broker offers the loan products of various lenders, while a lender provides the actual loan money to the borrower. Essentially, a mortgage broker is a loan provider who serves as a liaison between borrowers and lenders. A broker can work within a firm or independently. A mortgage broker doesn’t loan money. Instead, he or she works with borrowers, assisting them in finding appropriately matched mortgage loans. Typically, a mortgage broker will learn the needs of the borrower and do the work of shopping for the best loan deal from lenders offering that particular type of loan. Brokers usually work with numerous lenders, attempting to match the right lender with each individual client. Some brokers actually have hundreds of lender contacts. Because they have so many lenders from which to choose, brokers are more likely to find loans for borrowers with special needs, like problem credit, than individual lenders. Mortgage broke
