A mortgage broker is a professional who brokers mortgage loans for people or companies. The mortgage brokers are usually independent, although there are some brokers who work for a lender or mortgage company as well. Mortgage brokers are usually employed by a bank, but they may also be self-employed. A mortgage broker helps the borrower shop for the best mortgage available through the lender. Learn more by visiting Scarborough Mortgage Broker Association.
There are a variety of services that a mortgage broker offers to help a borrower to get the best mortgage available. Mortgage brokers provide the loan officer and the borrower with information about the different loans that are available through the lender and what each loan has to offer. They can also provide information about different aspects of property lending, such as interest rates and the costs of property insurance. This can all be provided within one convenient location. Online services are becoming more popular, allowing the borrower to get the loan information right from the computer.
Because mortgage brokers work on commission, they are able to find the best deals on mortgage loans for people. However, the lender will pay a fee to the broker, so it is in the best interest for the borrowers to shop around to find the lowest interest rate and the best value for their money. Mortgage lenders often have loan officers that are willing to help the borrowers research their options and find the lowest rate and the best value for the loan amount. When borrowers do use these online services, it is in their best interest to compare the rates, terms and conditions of the lenders that they are considering.