A mortgage broker is a mortgage professional who arranges for the financing of a home loan for a borrower with a mortgage lender. A mortgage broker generally has the ability to utilize the services and programs from a wide array of different lenders which gives him/her the ability to find the right mortgage program for each individual borrower. Most mortgage brokers need to be licensed by the state(s) that they conduct business in.

A Mortgage Broker is a person or organization specializing in finding mortgages for those wishing to buy property. A mortgage broker does not finance or refinance mortgages. They help people find lenders and lending plans that serve their unique needs.

Working with a broker can eliminate the need to "shop" different lenders to see who has the best rate. Shopping for lenders is part of a broker's job. However, some brokers are able to find mortgages with better rates than what other brokers offer. For this reason, it is common for borrowers to shop many different brokers .

You should know that, just because a broker quotes you a certain rate, it doesn't constitue a guarantee to give you that rate. Mortgage interest rates change on a daily basis, and until you've locked into your rate, it is subject to change. Some unscrupulous lenders will quote a rate that they know is lower than they can get. They do this to entice you into using them for your loan, and then they suddenly change your rate. They may say it's due to a change in the market, when in reality they were lying all along. For this reason, it is usually best to work with a mortgage broker you trust, somebody who looks at your entire financial picture and makes suggestions for what loan will be the best fit for you.

 

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