About Mortgage BrokersDownload U.S. Mortgage Brokers Contact Database
A mortgage broker is a professional who is responsible for acting as a "middle man" between lenders and customers who are looking to buy a home. In the past, many lenders have been responsible for the distribution of their products. Despite this, the competition in the mortgage market has become fierce over the last few years. Many organizations have begin using mortgage brokers to assist them in mortgage transactions. In most Western nations such as the United States, Canada, Australia, and the United Kingdom, mortgage brokers have become extremely popular. Mortgage brokers are regulated to make sure the customers are protected from unscrupulous practices. The level of regulation applied to mortgage brokers will vary from one location to another.
There are a number of advantages to be gained from using a mortgage broker. Many brokers will offer lucrative rewards to consumers who are willing to use their services. Getting a mortgage can be a difficult process that requires a large amount of paper work. When most consumers are confronted with this, it is easy to become intimidated or even discouraged. Mortgage brokers are helpful because they can guide customers through the process of properly setting up a mortgage for a fee. In addition to assisting a customer with setting up a mortgage, many mortgage brokers will also offer financial advice. Because many people have less than desirable credit, a mortgage broker may be necessary to helpful them find a suitable lender. Many mortgage brokers have good relationships with banks and various lenders.