Mortgage Brokers are your personal shopper when it comes to mortgages. Brokers will have access to many lenders, each of them servicing a certain type of borrower. Brokers can present your application to the right lender, knowing which one will be a great fit. Using established relationships with lenders and presenting the file to them can save time. Timing is everything in a purchase situation; brokers will present the deal to the right lender to get an approval. Many of the lenders brokers use are only accessible through the broker channel.
There are many situations where a borrower may not get the best rate, or possibly even a mortgage from their own bank. Brokers help borrowers who are self-employed, have tarnished credit or are just looking for the best rates.
You have to fill out one application, and the broker will shop for the best mortgage to suit your needs. There is usually no cost to you for using the service of a mortgage broker, the lender pays the broker.
The real question is: Why not use a mortgage broker?