What is a Mortgage Broker

Mortgage Brokers are trained mortgage loan professionals with a wealth of knowledge and experience to find the mortgage that best suits your needs, at the best rate available, from a large selection of mortgage lenders including most major banks, trust companies, credit unions. A mortgage broker works for your benefit, not for the lenders.

A Mortgage broker is a person or organisation that offers to organise or broker loans from a group of lenders to borrowers and arranges mortgage loans through mortgage bankers. This person or organization acts as a middleman and is not limited to the restrictions of having to go through only one lender. This can can "shop" for your mortgage loan to get you the best rate and term available.

A Mortgage broker is an independent contractor who offers the loan products of multiple mortgage lenders also called "mortgage loan wholesalers".

So in short, mortgage brokers counsel you on the best rate loans available to you from different wholesale mortgage lenders, take your application, and process the loan for you to a number of mortgage lenders. Unlike a mortgage banker, a mortgage broker does not fund the loan. Instead, the broker originates and processes the loan, and places it with a funding source, such as a bank or thrift

A mortgage broker maintains contact with financial institutions and individuals wishing to invest in mortgages. The mortgagor pays the broker a fee for arranging the mortgage with the lenders. Appraisal and legal services may or may not be included in the fee.

How Can A Mortgage Broker Help You With A Home Mortgage?

Because the broker has access to many lenders, you will be able to select from a wide variety of loan types and terms that fit your specific needs and help find the best deal for you.

A Mortgage broker can speed up the loan processing time and help you avoid snags in the loan process.

Mortgage Brokers can find loans nationally which can give you a much broader range of term and payments.

A mortgage broker can help you with all the neccessary documentation and better understand the terms of a particular mortgage loan.

So mortgage brokers such as Envision Lending Group are a valuable resource to borrowers seeking a mortgage loan of any type, new purchasse, refinancing, debt consolidation and investment. Wise borrowers will use this asset in planning a home or property purchase.

More Mortgage & Loan Advice Articles By Michele Jeppson Mortgage Broker Loan Refinancing & Consolidation Specialist