Niagara Falls Mortgage Broker – Need to Know

A mortgage broker is a person that brokers mortgage loans for people or companies. A mortgage broker works for themselves and acts as a third party to lend funds to the third party. The most common type of mortgage broker is the local mortgage broker, though they are becoming more popular with the growth of the Internet. A mortgage broker may also work with online lenders, though this is becoming less popular as more lenders choose to operate solely online. The mortgage broker industry is now worth over $25 billion globally. Visit Niagara Falls Mortgage Broker.

A mortgage broker helps mortgage borrowers to arrange the details of a mortgage loan. The mortgage broker usually has a number of connections with different mortgage lenders and can help to find the most competitive deal. Mortgage brokers then originate mortgages for the customers and facilitate the closing process. The mortgage brokers are also involved with collecting payments from the client and passing them on to the mortgage lenders. Sometimes, a mortgage broker can also act as a link between the borrower and the lender and sometimes he or she acts as a wholesale lender that buys mortgages from various lenders.

There are several different types of mortgage brokers. Some mortgage brokers work directly with the mortgage lenders and others act as wholesale mortgage agents who buy mortgages from different lenders and pass the repayments on to their clients. Mortgage brokers can be independent or they can be employed by a specific mortgage company. In addition to originating and brokering mortgages, mortgage brokers also provide advice and information about all aspects of the mortgage industry to customers.