What is the difference between a mortgage broker and a mortgage lender

What is the difference between a mortgage broker and a mortgage lender Introduction: Navigating the World of Home Financing Hello everyone! When it comes to buying a home, securing the right mortgage is crucial. But with so many terms and roles involved, it can be overwhelming. Today, we'll be demystifying two key players in the mortgage landscape: mortgage brokers and mortgage lenders. While they both assist in obtaining a mortgage, their roles and responsibilities differ significantly. Let's dive in! Mortgage Brokers: The Middlemen of Home Financing Think of a mortgage broker as your personal mortgage concierge. These professionals work as intermediaries between you, the borrower, and a variety of lenders. Their primary goal is to find you the best mortgage deal tailored to your needs. To do this, they'll assess your financial situation, credit history, and goals. Armed with this information, they'll scour the market, comparing rates, terms, and conditions from different lenders. This extensive network of lenders is often inaccessible to the average borrower. Once they find the ideal mortgage, they'll handle the paperwork, submit your application, and liaise with the lender throughout the process. It's worth noting that mortgage brokers are typically paid by the lender, not the borrower.