What exactly does a mortgage broker do?
A mortgage broker is not a lender of mortgage funds. Brokers originate mortgage loans and place them with lenders, who then disburse the funds at closing. A mortgage broker has access to more lenders and mortgage products than a bank loan officer, who is limited to the mortgages provided by the bank.
What is the difference between a mortgage broker and a lender?
A lender is a financial institution that makes loans directly to you. A broker does not lend money. A broker finds a lender. A broker may work with many lenders.
What do mortgage brokers do in Australia?
A mortgage broker is a go-between who deals with banks or other lenders to arrange a home loan. Mortgage brokers must act in your best interests when suggesting a loan for you. A good broker works with you to: Understand your needs and goals.