So, what does a mortgage broker actually do? In a nutshell, mortgage brokers are a middleman between the borrower and the lender. Whilst the borrower can go directly to the bank, here are four reasons how a mortgage broker can help you.
#1, They’re Time Savers. Because of their expertise, Mortgage brokers know exactly what to do, when to do it and who to speak to. Saving you precious time and avoiding risks.
#2, There’s zero cost for their help. Most Brokers don’t charge fees because it’s the bank that pays them a commission.
#3, They have reach. As opposed to you being able to contact three or five banks only, maybe 10 if you’re hustling, a mortgage broker will still have a bigger advantage because they’ve typically got 50 or more banks in their network.
#4, Mortgage brokers have a legal obligation to protect your best interest and compare lenders, and find deals that are most suited for you.