What is a Mortgage Broker

A person, or entity, that specialises in loan originations and receives a commission for matching borrowers with lenders. The mortgage broker performs some or most of the loan processing functions such as taking loan applications, ordering credit reports, appraisals and title reports. Typically, the mortgage broker does not underwrite the loan and generally does not use its own funds for closing.

Why should I use a Broker?
A mortgage broker is a certified professional who seeks the best mortgage terms for you by accessing a network of lenders that includes major banks, trust companies, credit unions and finance companies. (Brokers may also draw on local lenders that aren't part of a network.) This stable of lenders provides brokers with interest rates on a near-daily basis.

While they have relationships with the country's biggest lenders, a mortgage broker is not beholden to any of them. A broker is beholden only to you, the client. They will sift through posted rates to find you the best one.

Can I get the same deals as Mortgage Brokers?
As an incentive to use mortgage brokers, large lending companies often provide better mortgage rates and deals though their broker networks, basically providing them with deals you may struggle to find on the high street.