Mortgage brokers are licensed mortgage professionals that originate mortgage loans and place them with lenders, who then disburse the funds at closing. Mortgage brokers partner with a variety of lenders on a wholesale basis. These lenders typically don’t market or advertise to the general public and instead work exclusively with mortgage brokers and rely on them for clients. Since these lenders don’t have to spend money on marketing to acquire new clients, they can afford to offer interest rates at a discount. Giving Mortgage brokers access to the lowest rates in the industry.
- Mortgage brokers shop multiple lenders to find the best rate and products available to you.
- A mortgage broker is offered loans on a wholesale basis from lenders (many of which are not available to the general public) and therefore can offer the best rates available in the market.
- A mortgage broker represents your interests rather than the interests of a lending institution.
- Mortgage brokers are able to find loan options for just about everyone. They can help finance tricky deals with borrowers who have been turned down by other lenders due to less-than-ideal credit or inconsistent incomes.
- When you meet with a Mortgage broker, you are effectively getting access to multiple banks and lenders.