About Mortgage Brokers

A mortgage broker is an agent who connects home buyers with mortgage lenders to seek out the best lender for the borrower/buyer's financial needs. Through working with their clients, mortgage brokers find the best financial options for purchasing a home or property. The mortgage brokers are responsible for presenting the best loan options to the borrower, while at the same time qualifying the borrower for a mortgage with the lender.

Mortgage brokers gather their client's financial information to apply for a mortgage. By securing clients' financial information, mortgage brokers can then pass this information on to potential mortgage lenders. During this process, mortgage brokers determine an appropriate loan amount to apply for approval. 

Though both mortgage brokers and real estate agents are involved in the process of helping clients purchase properties, how the two are involved differentiates. Mortgage brokers put buyers and lenders together rather than buyers and sellers. Mortgage brokers are involved in the financing aspects needed to purchase a property which real estate agents are not as involved in. Similar to real estate agents, mortgage brokers are commission-based and earn their funds called origination fees from the lenders. In some circumstances, the borrower may be responsible for paying a portion of the origination fee.