What is a mortgage broker?

Answer

A mortgage broker deals with a variety of lenders in order to get his client the best rate for a loan. They act as go-betweens for applicants and lenders, doing the majority of the legwork for their client.

Benefits of a broker

People with low credit scores may have better luck receiving a mortgage via a broker, as that individual works with lenders who consider clients with less than stellar credit. The mortgage broker earns his money by receiving a percentage of your mortgage amount from the lender, which is then passed on to you.

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