Mortgage brokers collect all of the necessary documentation required to complete the application and package it for the lender. With less overhead involved in processing the mortgage, they are able to offer the consumer a discounted rate on the same mortgage product. Additionally, the volume of simple, clean business that a mortgage broker can bring to the lender encourages lower rates. Mortgage brokers prepare a basic credit application outlining general information like your name, birth date, assets and liabilities, etc. Once a credit report is obtained, the broker downloads the information to the lender for approval.
Some clients have specific preferences for a particular lender.
In cases like that the broker will usually make every effort to accommodate such wishes. In some cases, the client may be seeking certain mortgage options that are only available through certain lenders. Brokers are intimately familiar with each lenders policy regarding pre-payment privileges and payment options. In other cases, certain lenders might be offering incentives that would prove beneficial to the mortgage applicant. The broker may place the mortgage with such a company if the incentive adds value and makes sense for your own set of circumstances.