What is the function of a mortgage broker?

The function of a mortgage broker is to facilitate loans between borrowers and lenders. This role is crucial in the mortgage process as mortgage brokers act as intermediaries who connect individuals seeking loans with financial institutions that provide them. They assess a borrower's financial situation, understand their needs, and help them find suitable loan products that match those needs.

By explaining various mortgage options and helping clients to complete their loan applications, brokers improve the likelihood that borrowers will secure favorable terms from lenders. Their expertise in the loan market allows them to provide valuable advice, negotiate rates, and ultimately streamline the process for both sides.

While certain tasks, such as appraising property and inspecting properties, are essential components of real estate transactions, these are not typically the primary responsibilities of a mortgage broker. Similarly, managing real estate listings is more associated with the role of real estate agents rather than mortgage brokers.