Mortgage brokers act as intermediaries between homebuyers and lenders, helping homebuyers find the best mortgage for their particular needs and situation. They work with a network of lenders to identify the best loan options for homebuyers. Mortgage brokers can save homebuyers time by running their credit reports, verifying their income and expenses, and coordinating all of the loan paperwork. They also help homebuyers with special circumstances find a loan to meet their unique needs. Mortgage brokers have special connections with mortgage lenders, including national banks and regional and local lenders, and can sometimes find special deals, helping to negotiate on behalf of homebuyers for the best interest rates and lowest fees. Mortgage brokers also educate themselves on the finances of borrowers and the market, which allows them to find better mortgage loans than homebuyers might find on their own. Some of the key duties of a mortgage broker include:

• Matching homebuyers financial profiles to mortgages with the lowest costs and best rates.
• Collecting relevant documentation from homebuyers and passing it along to the mortgage lender for underwriting.
• Educating themselves on the finances of borrowers and the market.
• Working with a network of lenders to identify the best loan options for homebuyers.
• Helping homebuyers with special circumstances find a loan to meet their unique needs.
• Coordinating all of the loan paperwork.
• Pulling homebuyers credit reports and verifying their income and expenses.
• Negotiating on behalf of homebuyers for the best interest rates and lowest fees.
• Working with everyone involved in the lending process, from the real estate agent to the underwriter and closing agent, to make sure a borrower gets the best loan and the loan closes on time.