What is a Mortgage Broker?

Mortgage brokers are like a matchmaking service: They match you, the borrower, with a lender. They review your personal financial information and look over an array of lenders and try to match you with one who will give you the best rate and terms. The advantage is choice because the broker will have lots of lenders to match you with; the disadvantage is that once the match is made, the broker is out of the picture, so you may have difficulty staying in close touch with the person who is underwriting and funding your loan.

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