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Choosing A Mortgage Broker – Part 1 – Basics & Licensing

Choosing a Mortgage Broker,
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Choosing a Mortgage Broker,
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In order to choose a mortgage broker, it is important to know what a mortgage broker is. It is not really a big mystery, but the mortgage broker is a bit of a misunderstood occupation.

Choosing a mortgage broker is a proactive step when shopping for a new home loan. A mortgage broker will be connected with many lenders and loan options. It is their job to find the best rates for your new home loan. A broker does not work for one mortgage company. Brokers have the ability to contact a large number of lenders that will have competitive rates for home mortgages.

What is a Mortgage Broker Q & A

1. How does a mortgage broker get paid?

A: A mortgage broker makes a commission from the lender. Lending companies pay mortgage brokers a percentage of the total loan amount. It does not cost more for the new home shopper to use the assistance of a mortgage broker. Some mortgage brokers do charge a small fee, but not many do.

2. Can a broker find a lender even if I have bad credit?

A: Yes (most of the time). A broker will have many lenders to choose from and many rates, depending on your credit history. The broker will find the loan that will work best with your budget and credit rating.

3. Will I save time using a mortgage broker?

A: Of course you will save time by choosing a mortgage broker. The broker does all the pesky paper work involved with applying for a mortgage. You will meet with the broker, go over your finances, fill out one form, and the broker does the rest.

4. What will a mortgage broker do for me?

A: A licensed mortgage broker will

  1. Find the home loan that will fit your budget.
  2. Negotiate the best loan terms.
  3. Handle the paper work when applying for several loans.
  4. Give you options and guide you to the best financial solution.

5. Does a mortgage broker need to be licensed?

A: Yes. All mortgage brokers must be Nationwide Mortgage Licensing System & Registry (NMLS).


There can be hundreds of choices when it comes to finding the perfect mortgage loan. Using a mortgage broker will save you time and money by finding the right loan for you and your financial situation. A good mortgage broker will narrow your choices down to the lenders that will work the best deal for you. Since this is a free service more new home shoppers should consider using one to negotiate the many lenders that are clamoring for your business.

Looking to purchase a new home is a huge financial responsibility that should be taken very seriously. Utilize the free services that are available to you. A mortgage broker can save time and money when you are looking for a new home to purchase. Make sure the broker that you employ has a good record of accomplishment, is flexible, has appropriate licensing required within your area and can provide you with references. A good mortgage broker will have many lender choices available to find the best new home loan for you and your budget. 


Matt Demorest, President

Matt is the President and Founder of HomeSure Lending. He has extensive experience working in mortgage, finance, business development, business operations and non-profits. Matt holds a Masters Degree in Youth Ministry Leadership. NMLS #1011726

All stories by: Matt Demorest, President

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