Mortgage brokers are independent agents. They connect buyers to lenders and earn a fee that is a percent of the loan amount. The fee is often absorbed by the lender and does not necessarily make the loan more expensive
Advantages of using a mortgage broker:
Save time and effort in shopping for a lender.
Help with filling out forms and explaining pros and cons of different mortgages.
Help with the problems of a weak credit history.
Finding loans for 90% or more of the purchase price.
Main Drawback: Limited choices
Most brokers claim to work with many lenders but often work with only a few.
The Internet offers hundreds of lenders, far more than the average broker can possibly know.
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