Mortgage brokers are individuals or companies that are tasked with helping you find the best possible mortgage rates and terms. Mortgage brokers work with you when buying a new home, condo or other property, to search the various banks and other mortgage providers for the best loan to fit your needs. Typically, mortgage brokers will work with a variety of sources, comparing rates, points and closing cost fees.

Skilled mortgage brokers will also often follow-up with their clients after a home purchase has closed, if interest rates improve and refinancing is a strong option. In exchange for their services, mortgage brokers will take a small commission on each loan they set up, equal to a small percentage of the loan value.