Taking out a mortgage to buy a home is very common. Most people do not have the cash on hand to pay in full. The question is: how are you going to find the best mortgage for you and your home? This is not always easy to answer. Some people turn to a mortgage broker for help. Others like to do everything on their own. Whether or not you work with a broker is up to you. You should know the pros and cons before hiring or turning down a broker.
The job of a mortgage broker is simple: to find the homeowner the best mortgage product available. The benefit of using a broker is that he can show you what is out there, while also searching far and wide for the loan that is best for somebody in your position.
But can you really trust a mortgage broker? A broker gets paid by the lender when your business is sent to them. This means that a broker, in theory, can push a particular mortgage to earn more money. Most brokers are trustworthy and would never do this, but it is hard to know for sure.
You are not required to work with a mortgage broker. If you want to learn more about the benefits of doing so, hire a broker and see what they have to offer. Remember, you are not required to do what the broker says ? they are simply available for help. It is up to you to decide if choosing a mortgage through a broker is in your best interest.