What type of loans do mortgage brokers typically deal with?

Mortgage brokers typically deal with both conventional and non-conventional loans, which makes this answer the most accurate representation of their role in the lending process. Conventional loans refer to those that are not insured or guaranteed by the government and generally follow the guidelines set by Fannie Mae and Freddie Mac. On the other hand, non-conventional loans include government-backed loans such as FHA, VA, and USDA loans, which provide options for a wider range of borrowers who might not qualify for conventional financing due to lower credit scores, smaller down payments, or other factors.

By having the ability to work with both types, mortgage brokers can offer their clients a variety of funding options, helping to match them with a loan that best fits their financial needs and goals. This versatility is crucial for brokers as they aim to find the best deal for each individual borrower, taking into account their specific circumstances and requirements.