what is a mortgage broker

1. what is a mortgage broker A mortgage broker is a professional who acts as an intermediary between borrowers and lenders. They help borrowers find suitable mortgage products from a wide range of lenders and then assist them in the application process. Mortgage brokers have access to a wide range of mortgage products from different lenders, including banks, credit unions, and other financial institutions. They work with borrowers to assess their needs and financial situation and then match them with the most suitable mortgage products. They also help borrowers complete the application process and submit it to the lender. Mortgage brokers are paid a fee by the lender for arranging the mortgage, which is usually a percentage of the loan amount. Some mortgage brokers charge a fee to the borrower as well, so it's important to ask about any fees before deciding to use a broker's services. The role of a mortgage broker is to assist borrower through the process of getting a mortgage, by providing guidance, advice, and by shopping around for the best mortgage rate and terms on behalf of the borrower. By using a mortgage broker, borrowers can save time, money and can have the peace of mind that they are getting the best available mortgage product to suit their needs.