What does a mortgage broker do?

A mortgage broker is essentially a conduit between you and the home loan providers/lenders they work with. Their first job is usually to assess your financial affairs in order to put together a picture of your credit-worthiness and borrowing capacity. This helps them to determine what type of home loan might be right for you.

Mortgage brokers will then suggest a variety of home loan options from the panel of lenders they act for. Mortgage brokers generally offer lending products from a number of different financial institutions, but not all of the lenders on the market. Your broker would then explain the differences between the loans they suggest to help you choose one.