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Simple English definitions for legal terms
mortgage broker
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A quick definition of mortgage broker:
A mortgage broker is someone who helps people get a loan to buy a house. They work with both the person who wants to buy the house and the bank that will give them the loan. The mortgage broker makes sure everything goes smoothly during the process of buying a house.
A more thorough explanation:
A mortgage broker is a professional who helps people find and secure a mortgage loan. They act as a middleman between the borrower and the lender, and their job is to find the best mortgage deal for their clients.
For example, if you're looking to buy a house, you might go to a mortgage broker to help you find a lender who will give you a loan. The broker will take your financial information and use it to shop around for the best mortgage rates and terms. They'll then present you with a few options and help you choose the one that's right for you.
Mortgage brokers can be especially helpful for people who have less-than-perfect credit or who are self-employed. These borrowers may have a harder time getting approved for a mortgage on their own, but a broker can help them find a lender who is willing to work with them.