If you don't have great credit, if you have a unique credit situation, such as owning your own business, or if you simply can't find mortgages that work for you, a broker may be able to provide you with access to loans that are beneficial to you. A mortgage broker acts as an intermediary between you and direct lenders, including banks. After analyzing your needs, mortgage brokers take care of the rest. They contact your contacts at direct lenders and offer you options that fit your criteria. The broker then works with you to determine which loan best fits your circumstances and continues to facilitate the transaction until closing.
A mortgage broker acts as an intermediary between you and potential lenders. The broker's job is to compare mortgage lenders on your behalf and find interest rates that fit your needs. Mortgage brokers have several lenders they work with, which can make your life easier. A mortgage broker could help you access a much wider range of mortgage products.
Here's everything you need to know.
