Mortgage Broker
Quick Summary
A licensed professional who shops multiple lenders to arrange a mortgage.
ELI5 Explanation
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They help you compare options and package your application for approval.
Detailed Explanation
Mortgage brokers act as an intermediary between borrowers and lenders and can access banks, credit unions, monoline lenders, and private lenders. In private lending, broker quality matters because deal structure, documents, and exit strategy heavily influence approval and pricing.
Example
A broker finds a 12-month private mortgage with a clear refinance plan and negotiates fees in the commitment letter.
Why It Matters
A good broker can save time, reduce surprises in the commitment, and improve your chances of a clean exit.