Getting the right mortgage just got easier.
We spent over 600 hours reviewing the top brokers in each state before selecting the best for our readers. Each broker has extensive experience in the mortgage industry, comes highly recommended by past clients and can help no matter what stage you’re at in the home purchasing or mortgage refinancing process.
Get answers to all of your mortgage questions with a free consultation from a NerdWallet approved mortgage expert.
What is a mortgage broker?
Think of a mortgage broker as a middleman who connects you with potential lenders. The broker’s job is to work on your behalf with several mortgage lenders to find the most competitive terms and lowest rates that best fit your needs.
Mortgage brokers are licensed and regulated financial professionals who work with a well-developed stable of lenders. They do all the legwork — from gathering documents from you to pulling your credit history and verifying your income and employment — and use the information to efficiently apply for loans on your behalf with several lenders.
Will I pay a higher rate to work with a mortgage broker? Should I just get my loan directly from one of the banks?
Brokers offer competitive rates on the loans they provide and it’s in their interest to keep you happy by getting you the best rate and loan terms they can. They have access to wholesale mortgage rates, which are lower than those you’ll be quoted if you go directly to a lender. While brokers are paid by loan fees or by adding a rate margin to your mortgage, their rates and loan terms are usually similar to — or better than — those offered by retail lenders.
What are the benefits of using a mortgage broker?
For starters, a mortgage broker acts as your personal loan concierge and does a lot of the work for you. The broker applies for loans with different lenders on your behalf, finds the lowest mortgage rates, negotiates terms and makes the approval magic happen.
Most mortgage brokers have relationships with several local, regional and even national lenders, and they can tap those connections to get some loan fees waived for you. A mortgage broker will give you accessibility and one-on-one attention you likely won’t find when working directly with a loan officer at a large bank.
Another perk: Some banks and lenders work exclusively with brokers, and that positions you to get qualified for certain loan products if your mortgage broker has a good relationship with those lenders.
You’ll also save time by using a mortgage broker; it can take hours to apply for different loans, and then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track. A mortgage broker can save you the hassle of managing all those details.