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A mortgage broker is a professional mediator between borrowers and lenders to help individuals obtain a mortgage loan for their home or investment property. Mortgage brokers can shop around to get consumers wholesale pricing that retail lenders may not have.

Mortgage brokers provide various services, including pre-approval, loan comparison, and application assistance. They help individuals understand the different types of mortgage loans available, compare and shop the best interest rates in the market, and assist clients from application to closing.

Mortgage brokers usually earn a commission from the lender for securing a loan on behalf of a borrower. The commission is typically a percentage of the loan amount. This commission is usually paid by the lender as a lender credit to the borrower or can be paid the borrower directly for a even better rate.

Mortgage brokers have access to a wide range of loan products that banks don’t have and can help individuals find the best loan option or product for there needs and circumstances. Banks, on the other hand, typically only offer basic loan products that only serve a certain segment of the market.

Using a mortgage broker is not required, but many people find it beneficial as they can provide many more options than a typical bank or retail mortgage lender. They provide not only many more rate options and loan options but also valuable guidance and assistance throughout the mortgage loan process.

Not necessarily. While mortgage brokers may charge a fee for their services, they usually can match and usually beat any bank or retail lenders rates and fees. They can save borrowers money by finding them the best loan program, finding them the best rates , and saving time for borrowers by finding a loan with the least amount of conditions from a lender.

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