Mortgage
brokers: What
they do and
how they help
homebuyers
What is a mortgage
broker?
A mortgage broker is a licensed professional who connects
homebuyers with lenders. Instead of going directly to a bank,
buyers can use a broker to explore multiple loan options. Brokers
don’t lend money—they act as intermediaries, helping borrowers
find the best loan terms.
How do mortgage
brokers work?
Mortgage brokers assess a buyer’s finances, credit, and needs,
then shop around with various lenders to find suitable loan
products. They handle paperwork, communicate with lenders, and
help secure pre-approvals. Their goal is to simplify the process and
present offers that align with the buyer’s best interests.

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How much does a
mortgage broker cost?
Mortgage brokers typically charge 0.5% to 2% of the total loan
amount, either paid by the borrower, the lender, or a mix of both.
Many brokers work on mortgage broker loan, and some offer no-
cost services if the lender compensates them.
Why use a
mortgage broker?
Brokers give buyers access to more loan options than most banks
or credit unions can offer directly. They simplify the application
process, explain mortgage broker loan terms clearly, and negotiate
on your behalf. A broker’s expertise can lead to better rates, faster
approval, and a smoother path to homeownership
How to find a
mortgage broker
Start with referrals from friends, real estate agents, or online
reviews. Verify credentials and licensing through state regulators
or the NMLS (Nationwide Multistate Licensing System). Ask about
lender access, fee structure, and experience.

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