Why would anyone want to use the services of a Mortgage Broker? Whether you simply want to get the best mortgage rate without having to shop on the phone for hours, or you need an unbiased helping hand to guide you through the mounds of advertizing, The Mortgage Broker is your answer. If you have a difficult situation and your local banker is unable to help, the Mortgage Broker is your answer.

The licenced Mortgage Broker today is electronically linked to literally dozens of lending institutions offering a myriad of products. These lending institutions include but are not limited to the Chartered Banks, Trust Companies, Life Insurance Companies and Mortgage Companies. The licenced Mortgage Broker may have "helper bees" known as Agents. Some of these Agents may have passed the Ministry Educational Course, but learning on the job is their alienable right. Dealing with an experienced Agent is your best bet, he/she has the expertise guide you in the proper direction. There are so many variables today, dealing with a rookie Agent is much the same as dealing at the bank; experience will pay dividends.

Most of the lending institutions accept deals from Mortgage Brokers. You will find these lenders offer very competitive rates or risk losing the "on line" business from that Mortgage Broker and/or his/her Agents. Most of these lending institutions also pay a referral fee to the Mortgage Broker for funded deals, if the applicant has reasonable credit. You get the advantage of experience, without having to pay for the expertise. Other lending institutions seek out Mortgage Brokers to help them source much needed business without paying thousands of dollars in advertizing. Some of these lenders are called "fringe lenders" because they will seek out unusual deals. These lenders cannot match the discounted rates offered other lenders but may fund mortgages to previous bankrupts, or may fund a mortgage to someone who (on the surface) does not qualify under debt service guidelines.

Because the experienced Mortgage Broker has dealt extensively with all kinds of applicants in all kinds of situations, what may seem to be an insurmountable hurdle to fund your mortgage may be child's play for the right Mortgage Broker. The likelihood of you, the Consumer, finding a better deal or a better rate on your own is rare. Every Consumer should shop through a Mortgage Broker to guarantee peace of mind. Dealing with the experienced Mortgage Broker is also important. When shopping around, don't be afraid of asking for the "boss".

This Mortgage Broker has seen major changes within the lending community. It seems that the experience of time plays a negative role within the system. More and more credibility is being relegated to the computer, taking people out of the loop. The new mortgage officers within the lending community can no longer assess the viability of a deal without going through the motions of passing all the pertinent information through the analytical software of the computer. The existing system can wrongfully assess the affordability of a perspective homeowner. The mistake can go both ways allowing more house than budgeting will allow, or less house than experienced budgeting can afford. The experienced Mortgage Broker will have a much better understanding of the system, filtering information that truly is pertinent to the application, and asking questions that may not fit on a normal credit application.

The Mortgage Broker is usually an ex-frustrated lender/mortgage officer. I say frustrated because most of them have lost their approval limits, replaced by the computer. To override the computer means career altering decisions. If I were shopping for a mortgage or a pre-approval, I would certainly choose one mortgage broker to deal through. I say only one Broker because the more often you apply, the worse your credit score. Dealing with one Broker gives you access to dozens of lending sources anyway, without the hassle of applying at each money source separately, waiting for the lender to process the application and calling you back with a pre-approval that may be worthless (see my website under /Sun articles/pre-approvals).