Lenders Compete for Business: Using a mortgage broker is a clear-cut means of acquiring multiple quotes from different mortgage lenders. In general, brokers present borrower's loan application to multiple lenders, and the lenders counter with a mortgage quote.

Lower Mortgage Rates: Typically, loans obtained through a brokerage site have lower rates. This is primarily due to brokers charging fewer fees for preparing and closing the loan.

Loans for Every Need: Mortgage companies and other direct lenders may not offer a wide selection of home loan options. Qualifying for a mortgage with these lenders can be difficult.. On the other hand, brokers meticulously review loan requests, and forward the application to specific lenders. For example, bad credit applicants will have their application forwarded to a sub prime or high risk lender. Moreover, borrowers who are unable to supply proof of income, or those who need closing costs assistance, will have their applications reviewed by the appropriate mortgage lenders.