In the simplest of terms, a mortgage broker can be viewed as the "middle man" in a home loan transaction. The same way that a real estate agent works with both homeowners and home seekers, a mortgage broker brings together both mortgage lenders and home seekers. Brokers get paid on a percentage of all closing costs and points charged to the borrower. Because of the way their pay structure is designed you must be careful of the points that the broker is charging you. In most situations, brokers will sell you on a low rate but charge high points.
If you have an extensive understanding of the mortgage industry or simply don't want to deal with a mortgage brokers' fee, you can choose to deal with the mortgage lender directly.
Compare a mortgage broker with a ( MORTGAGE LENDER )