what is a mortgage lender and a mortgage broker?

Answers:

1mortgage lender is one who physically gives you the loan (i.e. bank of america, wells fargo, etc.) Mortgage broker is someone (middle-man) who goes to the lender and negotiates a loan for you. They will find a loan that fits your situation to include the rate you want, payment, length and so on. They get paid on a premium from the loan they sell you. The best part about using a broker is they can usually get you approved for just about any situation credit-wise, though some brokers can't get you the most 'ideal' rate, but some can. A good broker you might try is Quicken loans.

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