Process
Mortgage Broker
An independent professional who shops your mortgage application across multiple lenders to find you the best rate and terms. Unlike a loan officer who works for one bank, a broker works with many lenders and can offer more options. Brokers are paid through lender fees or a borrower-paid fee, typically 1% to 2% of the loan amount. Using a broker can save time and money, especially if you have a complex financial situation.
Why It Matters
Mortgage Broker is one of the steps you will encounter on the path from house hunting to holding the keys. Knowing what to expect at each stage reduces stress and helps you make better decisions under time pressure.
Stay organized and communicate proactively with your real estate agent, lender, and other professionals involved in mortgage broker. Delays and misunderstandings at any step can push back your closing date or cost you money.