Mortgage Broker Definition: A mortgage broker is a middle person or intermediary who handles all aspects of a mortgage between borrowers and lenders. While they do not use their funds during this negotiation process, a mortgage broker often charges a fee for this service, which entails finding the best options for a borrower, and handling all or most of the documentation and paperwork.
The mortgage broker’s payment is usually in the form of commission, which the lender, borrower pay, or both pay a portion of these fees at the closing. Mortgage brokers are considered helpful in saving lots of time and effort to find the best lending option for a borrower or potential homeowner.
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