What is a Mortgage Broker?

A mortgage broker is an individual who is in the business to help you find the best rates and arrange for funding or the sale of property. A mortgage broker's role is to approve and/or qualify you for a mortgage. The broker will find the best fit for your needs. The end result is someone who does the "footwork" for you, and comes back with offers for you to choose from. A broker will put together a package which includes:

  • an appraisal

  • a credit report

  • a deal sheet

  • - indicating the basics of the mortgage (property description, type of mortgage requested, identity of parties, and any additional security)

  • employment verification letters