shopping for home loan

What Is a Mortgage Broker?

In contrast to mortgage bankers, mortgage brokers are independent consultants who:

• Show you home loans from several different lenders, so that you find the one that's best for you.

• Provide advice on how to qualify for a mortgage, and help you compile the information that's required for application.

• Are required to be licensed.

• Don't get paid unless they close on a loan, so they are motivated to work hard and provide borrowers with acceptable financing.