They don't lend money and can't approve loans or make loan commitments. Their role is to bring borrowers and lenders together. Brokers keep tabs on the mortgage market through ties to local, regional and national lenders and can refer a future borrower to a mortgage banker, savings institution or commercial bank. Brokers provide consumers with choice, convenience and expertise. The consumer receives an expert mentor through the complex mortgage lending process.
Mortgage brokers can place a loan with the lender that has the best rate at the time of agreement.
Mortgage companies offer consumers the means to obtain manageable and affordable home loans while balancing their financial resources and objectives. A benefit is the extensive network of private and institutional lenders that mortgage brokers represent. Since each lender has specific loan guidelines, the mortgage broker can help you find the right loan.