- Independent Mortgage Brokers
Independent mortgage brokers are not affiliated with any particular lender or bank. Instead, they have access to a wide range of home loan products from different lenders. This means that they can offer you a range of options and help you find the best home loan for your needs. Independent mortgage brokers are often considered the most impartial type of broker, as they don’t have any financial ties to specific lenders.
Broker-agents work for a specific lender or group of lenders, but they also have access to products from other lenders. This means that they can offer you a range of loan products, but they may be more focused on promoting the products of their affiliated lenders. Broker-agents can be helpful if you are interested in a specific lender’s products, but want to explore other options as well.
- Specialist Mortgage Brokers
Specialist mortgage brokers focus on specific types of home loans or clients. For example, some specialize in helping first-time homebuyers or those with bad credit, while others focus on investment loans or self-employed clients. Specialist brokers can offer expertise in a specific area, but may not have access to as many loan products as other brokers.
- Referral Mortgage Brokers
Referral mortgage brokers are not licensed brokers themselves, but instead refer clients to licensed brokers or lenders. They typically receive a commission for any loans that are made as a result of their referral. Referral brokers can be helpful if you don’t have the time or resources to research mortgage brokers on your own, but they may not offer the same level of expertise as licensed brokers.
- Online Mortgage Brokers
Online mortgage brokers offer their services online, often with a focus on convenience and efficiency. They typically have a wide range of loan products available, but may not offer the same level of personalized service as other brokers. Online brokers can be a good option if you prefer to handle the mortgage process remotely and have limited time for in-person consultations.