Should you work with a Mortgage Broker?
Updated: Apr 27, 2022
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.
- Home Lender USA
