The Comprehensive Guide to

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What is a Mortgage Broker?

A mortgage broker is an agent who connects property buyers with mortgage lenders.

How do Mortgage Brokers work?

A mortgage broker acts as a professional intermediary on a property buyer's behalf. A mortgage broker collects the property buyers' personal and financial information and connects them with mortgage lenders with competitive rates and mortgage terms. If the mortgage lender approves the property buyer's application, the mortgage broker collects a commission determined by the lender.

Why do Mortgage Brokers matter?

The role of a mortgage broker is solely to bring property buyers together with mortgage lenders. The mortgage broker has no involvement in the actual lending. For this reason, it is important not to confuse mortgage brokers with mortgage bankers, which are individuals and institutions with the financial resources to fund mortgages.

[If you're ready to buy a home, use our Mortgage Calculator to see what your monthly principal and interest payment will be.]

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Paul Tracy
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades. Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 3 million monthly readers.