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What is a Mortgage Broker?

By Blanche Thomas

In order to afford their homes, buyers usually borrow money from the bank. To get approved for a mortgage you will often need to hire a mortgage broker to act as an intermediary between yourself and the bank. Once a mortgage broker agrees to work for you, he gathers information on your income, assets, and employment so that he can assess your ability to obtain financing. After learning the details, the mortgage broker will determine your appropriate loan amount and type. You are free to make such assessments yourself of course, but it is often easier for the mortgage broker, who does this for a living, to determine.

After dealing with the paperwork, a mortgage broker finds the lowest mortgage rates available at various banks. Not every mortgage broker will have access to every bank's rates, so it makes sense to hire a reputable mortgage broker and ask him for quotes from as many lenders as possible, or even to shop around among mortgage brokers beforehand. Pay attention to what the mortgage broker charges, because some may charge higher rates than others, and make sure you get the best deal available to you.

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About The Author

Blanche Thomas possesses nearly 15 years of experience in the real estate world. As a...

Phone: 508-685-2434

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