A mortgage broker is a person who acts as an independent intermediary who brokers mortgage loans for other people or companies. The mortgage broker does not deal directly with the borrowers; he only acts as a connection between the lender and the borrower. Although, it can be said that the broker helps to get the best deal for the borrowers in terms of interest rates and loan provisions, it is his duty to ensure confidentiality of the information and provide only accurate information. Brokers are usually licensed and registered mortgage brokers. Have a look at Wealthy You for more info on this.
Mortgage brokers play an important role in the loan application process. They help the borrowers understand and evaluate their financial situation. The mortgage brokers take advantage of the opportunities provided through the Internet to carry out this purpose. In this regard, there are a number of online mortgage brokers available, who provide the borrowers with free quotes so that they can compare them and select one that suits the needs of the borrower.
In case, if the mortgage broker does not have sufficient experience and skills required to access the various programs offered by different potential lenders, he may recommend the use of an online mortgage banker instead. This professional helps the borrowers to choose the lender that matches the needs and conditions of the borrowers. The mortgage banker is qualified and certified to access and evaluate different programs offered by different potential lenders. This helps the borrowers to choose the lender that best meets their specific needs. However, the mortgage banker does not represent any particular lender in the loan application process; the borrowers have to make this decision themselves. So, it is advisable to check the license, registration, experience and ability of the mortgage broker before deciding to use his services.