What is a “mortgage broker”? Who pays the mortgage broker?

Updated March 13, 2023.

A “mortgage broker” is someone who finds a mortgage for you that best suits your needs and requirements. (Not to be confused with a “real estate broker” who sells or finds a suitable home for you). In effect, the mortgage broker “shops” for your mortgage so you don’t have to. Typically, the lender will pay for the services of the broker, as compensation for bringing them the business—you! Be aware, however, that not all brokers work with all lenders. As such, it is important to determine how many lenders your broker works with and the type and diversity of these lenders. Otherwise, you may be limited in your choices. It is something like buying a car from a dealer. Although a Ford dealership will have various different types of vehicles to offer you, they will only offer you a Ford, and you will never know of the many other options that were available to you.

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