A mortgage broker is a certified financial professional who acts as a middleman between the borrower and the lending institution. Mortgage brokers are responsible for finding a bank or mortgage lender that can provide a mortgage loan with the best interest rate and loan term based on the borrower’s circumstances.
What Do the Best Mortgage Brokers Do for their Clients?
- Mortgage brokers offer assistance in qualifying for the lowest interest rate and saving money.
- Mortgage brokers shop lenders to get the best mortgage for your specific circumstances, unlike banks and credit unions that can only provide their company’s loan products.
- Mortgage brokers deal with the lender on your behalf.
- Mortgage brokers help you apply for the mortgage and fill out all the necessary forms.
- Mortgage brokers work with you throughout the loan process until closing, so they are typically more accessible to help you than loan officers at retail banks.
The benefits of using an experienced mortgage broker:
- Mortgage brokers help save money.
- Mortgage brokers make getting a mortgage easier.
- Mortgage brokers can assist with a quick and smooth closing.
Related: How to Get the Best Mortgage Rate
Mortgage Broker vs. Bank
Many borrowers question whether they should use a mortgage broker, bank, credit union, etc.
Answering this question is a personal choice, so here are four things to consider:
- Rates and Fees: Ask loan officers for a free quote regarding rates and fees. Compare quotes obtained on the same day because rates frequently change. Be aware of estimates on closing costs that can change and may differ between quotes.
- Experience: There is a significant difference between mortgage brokers and bank loan officers regarding experience and licensure requirements. Brokers are required to be certified and comply with continuing education guidelines, but the state does not require consumer and commercial loan officers who are bank employees to obtain a license to do their job.
- Competence and Ethics: Unfortunately, there are loan originators who are only interested in making a sale. So, it is crucial to ask questions. A suitable mortgage lender will be happy to answer your questions, so you understand the intricacies of the loan process. If you don’t feel that you are getting good answers to your questions, you are free to interview other mortgage lenders to find the best fit for you.
- Time to Close: When you buy a home, you usually have a set closing date. Ask your lender how long it typically takes to close and whether he foresees any issues in your closing date.
Most importantly, shop around for a mortgage. If you talk with multiple people and companies for a mortgage, you’re more likely to find the right loan originator.
Related: 5 Factors to Consider in Deciding Whether to Use a Bank or Broker for Your Mortgage
Marimark Mortgage
Marimark Mortgage is based in Tampa, Florida, and proudly serves homebuyers and homeowners in all of Florida, Virginia, and Pennsylvania.
We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients to lower their monthly mortgage payments.
To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.
Updated on September 9, 2022

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.
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