Real Estate Term
Mortgage Broker
A professional who arranges mortgages between borrowers and lenders.
What is Mortgage Broker?
A mortgage broker is a licensed professional who shops multiple lenders on your behalf to find a mortgage that fits your situation, rather than offering products from a single bank. Because they compare many lenders, brokers can often secure competitive rates and help borrowers with more complex income or credit. Brokers are typically paid by the lender, so their service is usually free to the borrower.
Frequently asked questions
Related terms
MortgageA loan used to purchase real estate, with the property serving as collateral.Mortgage Pre-ApprovalA lender's commitment to provide financing up to a specific amount, subject to conditions.Interest RateThe percentage charged by a lender for borrowing money, typically expressed as an annual rate.UnderwritingThe process a lender uses to assess the risk of providing a mortgage to a borrower.
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