A mortgage broker is a licensed professional who acts as a middleman between borrowers and lenders during the mortgage process. Mortgage brokers work with a variety of lenders to find the best mortgage loan for their clients, taking into account factors such as credit history, income, and the type of property being purchased or refinanced.
Mortgage brokers can help borrowers navigate the complex mortgage process, provide advice on the best loan options, and help them obtain pre-approval for a mortgage. Brokers can also help borrowers understand the terms and conditions of different loan options, including interest rates, fees, and repayment schedules.
Mortgage brokers typically charge a commission for their services, which is paid by the lender and included in the cost of the loan. By working with multiple lenders, mortgage brokers can often find better rates and terms for their clients than they would be able to find on their own.