Mortgage Brokers

A mortgage broker is an independent person or business that finds and aids a consumer in finding and acquiring mortgage financing. The scope of service provided may vary depending on which broker you choose to work with (if one at all), but can include:

• Assessing your financial situation, credit history and other factors that impact mortgage loans.
• Finding sources of financing that suitable for your needs.
• Advising you on those sources of financing, their offers, pros and cons.
• Helping you pre-approve for and/or apply for the mortgage loan(s).

Mortgage brokers do charge a fee for their services, and in most cases are required to disclose the amount to their client beforehand. There are 10 federal laws that regulate their actions, but also individual licensing boards and state regulations on top of that, which will vary depending on your location.

There was a time when brokers served more purpose than they do in today’s information age, as they could help most find the best financing rates in an era when it was hard to find and compare them all. These days however the Internet makes it easier to comparison shop for mortgages both locally and nationally, going so far as to allow you to be pre-approved right in your browser.

That said, most people can do a pretty good job of researching their options on their own without any additional fees – but there are circumstances where their expertise can come in handy. If you’re having a hard time getting financing at all, there’s quiet a few brokers that may be able to help out with bad credit or other scenarios that are making it hard for you to get a loan.