A mortgage broker is an independent, licensed professional who arranges loans between you and the lenders they work with. A bank or direct lender can only offer its own products at its own prices. A broker shops your file across many.
What a broker does for you
- One application, many lenders. We take your file once and compare it across the wholesale lenders we work with, including lenders that only accept business through brokers.
- Wholesale pricing. Brokers access lenders' wholesale rate sheets. On many files that produces a lower rate or lower cost than the same lender's retail branch, though not on every file, which is why we show you the comparison.
- More programs. Conventional, FHA, VA, USDA, jumbo, bank-statement, DSCR and reverse mortgages through one office.
- A matchmaker, not a salesperson. Lenders have appetites: one wants self-employed borrowers, another prices condos well, another handles a recent credit event. Knowing which lender wants your file matters as much as the rate.
- One point of contact from quote to closing, with the phone answered by a licensed loan officer.
How brokers are paid
Broker compensation is either paid by the lender or by you, never both, and it is disclosed on your Loan Estimate before you commit. Federal rules prohibit brokers from being paid more for steering you into a higher rate.
Why apply through a broker first
A complete, well-presented file gets a faster and better answer than a thin one. Submitting to several banks on your own means several applications and several credit inquiries. We present your file once, to the lender most likely to say yes on the best terms we can find, and we tell you why we chose it.
Read the FAQ or see the six steps of the process.