Mortgage broker - A firm that originates and processes loans for a number of lenders.

The term broker generally applies to those who are licensed as a broker. However, many mortgage loan officers who are not licensed as a broker also call themselves mortgage brokers.

Brokers are typically able to offer the widest array of mortgage products. Most mortgage bankers are limited in their programs.

A knowledgeable mortgage broker will act as your advisor instead of your salesman. They will help you to understand the many mortgage products available and guide you in choosing which one fits your situation best.

Many mortgage brokers are equipped to handle your mortgage from application to closing with the latest tools in technology.

Online applications and automated underwriting systems allow clients to save even more money while having access to the most cutting edge and traditional mortgage products.

Mortgage brokers are a great resource as they can direct you on how to improve your situation from a bad credit borrower to a good or even excellent credit borrower in the eyes of the lending industry.

A mortgage broker may have several loan officers working in their shop. Do your due diligence to ensure that the loan officers have been properly trained and licensed. Find out if your state requires licensing then follow up with your loan officer. Check with the state commissioner's office to see if there are any complaints or investigations against either the broker or the loan officer. Mortgage brokers offer valuable services that can be a major asset or a huge headache. Be informed.

Mortgage brokers are like any other industry, we in the industry would like to believe otherwise, but the real world is what it is, so protect yourself through research and knowledge...Shop a few before making your decision, you will get few different numbers and probably 6-10 different ways to get to them...Research the options that sound best to you, everything is available on the internet in ad nauseam, you can then make a better informed decision...Seek legal counseling if you get inundated with industry jargon that confuses you, question everything...

A mortgage broker acts as the "go-between" person, setting the borrower up with the lender. The mortgage broker, in turn, is paid a commission for setting up the transaction.

Some brokers specialize in poor credit loans, some in perfect credit loans. Many work with all kinds of credit. Ask questions based on your situation, to make sure the broker has the knowledge needed for your situation.

One of the many benefits of using a Mortgage broker is the wide array of products that brokers have access to.

Choosing a mortgage broker to provide your home loan is very important. First find one that is knowledgeable and trustworthy and then begin talking about rate and fees.

While banks are only open during "Banker's Hours" and they are off on every holiday, most mortgage brokers are available after-hours, work on some weekends and will make themselves available when it is convenient for you. This can help out tremendously if you work a job that does not allow you to handle personal business during work hours.

Using a mortgage broker - There are many advantages to using a mortgage broker versus going to your local bank in order to obtain a mortgage for a home purchase or to refinance your home. One advantage of using a mortgage broker is the fact that a mortgage broker can shop your loan around through tens, hundreds and sometimes even thousands of lenders in order to find the right lender to fit your specific needs. Whereas your local bank has their specific guidelines and either you fit into their guidelines or you dont.

You may have heard the marketing pitch "When Banks Compete, You Win". That's literally what happens when you use a well respected mortgage broker. Mortgage brokers enjoy "wholesale" pricing from banks, significantly less expensive in fact than what banks are willing to offer borrowers directly. By creating competition between hundreds of banks, investors, and other lenders across the country, mortgage brokers prevent banks from holding you hostage to their "retail" rates and their idea of what program works for you.

Mortgage brokers have access to wholesale loan servicers and programs and are able to pass these wholesale rates to their clients. A bank has basically 1 rate for each program. A broker can beat a bank rate by half a per cent or more consistantly.

The standard definition of a mortgage broker is: "a person or company that acts as an intermediary who sources mortgages on behalf of individuals or businesses."

Why should I use a mortgage broker - A mortgage broker should be used because of the product availablility that they have. They can be your one stop shop for all of your home financing needs. They work with hundreds, and sometimes thousands, of different banks and lenders to find the program that is right for you. A mortgage broker, also called a loan officer, can generally assist with all credit types, all income types and all available loan programs types. Having one person or team of people taking care of and familiarizing themselves with all of your financial needs and your specific situation is much more beneficial than utilizing someone to buy your home, then someone else to refinance your home and then someone new to obtain a home equity line of credit. A mortgage broker should be your trusted advisor, an excellent source of information and a link to finding other qualified and trustworthy referral partners such as realtors, homeowners insurance agents, home improvement contractors, etc... Use of a mortgage broker obviously has tons of benefits. Over 75% of all mortgages originated over the past couple of years have been handled by mortgage brokers.

Accessibility is another important feature of brokers. You will usually have access to your loan officer outside the normal business hours.

Using a mortgage broker can also be a wise decision when you are worried about credit issues. Your mortgage professional will be able to review your credit report with you and provide some helpful tips to clean up issues or refer you to a trusted credit repair company. Banks generally do not offer this type of service and are more apt to deny your application then help to get you approved.

Your mortgage broker can provide you with many more options than a banker in most cases. Having access to all types of banks gives brokers more options. While a banker has to do business based on their specific bank rules.

Using a mortgage broker gives you flexibility in regards to how you can have your mortgage structured. A mortgage broker is no different than a banker in the terms of providing a service, however the difference is what service they can be provided. To go into your local bank and apply for a loan will generally cause you to miss out on some value added programs that are not available to you through that banks product line. The overall time of closing is no different with a broker or a banker, and there is not an approval advantage with going with a bank, and can most times go quicker and smoother with a broker. There are many lenders out there that do not lend directly to the general public and that is where a broker can help you find those programs and terms that will benefit you most.

Mortgage lending is not like it was twenty or even ten years ago. Lenders have split up into niches. Will the bank that you apply at cater to your niche? Maybe or maybe not. Wouldn't it be better to apply with a full service mortgage broker who can find the bank or lender that has the best program and rates for your situation?

A mortgage broker has to disclose the amount of money that they are making in Yield Spread Premium (also called rebate). Bankers do not have to do this. Would you like to know how much your mortgage professional is making off of your loan, or would you like to be left in the dark?