Answer: A mortgage broker is an independent real estate financing professional who specializes in the origination of residential and/or commercial mortgages.

Mortgage brokers have the ability to obtain the best possible rate for your situation by shopping all approved lenders. Since the broker works with many different national lenders they are not forced to recommend one set of loan programs to you but can seek out many different options that are offered. Brokers do the loan shopping for you. When you apply for a loan with a mortgage broker you are effectively applying for a loan with all the lenders the mortgage broker is approved with.

Mortgage brokers obtain rates at wholesale. It costs no more to do business with a mortgage broker. In fact independent surveys have shown that in many cases the fees charged by a broker are less and the interest rate obtained is lower than if the borrower went directly to the lender. Mortgage brokers work on a contingency basis. They are not compensated until the loan closes. (Be aware. Some mortgage brokers charge a non-refundable up-front application fee. We do not!)

When working with a mortgage broker only one credit report is used. If you were to apply to multiple lending institutions for a mortgage, each lender would do a credit check. This may lower your credit score. A lower credit score could mean you may not qualify for the best interest rate possible with any lender.

A mortgage broker deals exclusively with mortgages. By combining professional expertise with access to many different wholesale lenders and hundreds of loan products, a broker provides consumers the most efficient and cost-effective method of offering home financing options while still providing individualized attention tailored to the consumer’s needs and wants.

A mortgage broker represents you in obtaining financing that best fits your specific financial goals.