If you are looking to get a mortgage, there are two main avenues that you should explore. The first is using a mortgage broker and the second is a bank.
There are some mortgage brokers who operate as middlemen between the mortgage lenders and the banks. They help secure the financing for the homeowner. And then there are banks and lenders who deal directly with the homeowner to give the necessary financial loan on a retail level.
Around 10% of all home loan originations are by mortgage brokers. Let us take a brief look at how both operate. Continue reading