What does a mortgage broker primarily do?

A mortgage broker primarily acts as an intermediary between borrowers and lenders. Their main function is to originate and arrange loans, finding suitable mortgage options for clients seeking to purchase or refinance a property. This involves assessing the financial needs of the borrower, gathering necessary documentation, and presenting a variety of lending options from multiple financial institutions.

In doing so, the mortgage broker evaluates different loan products based on interest rates, terms, and conditions to ensure that they match the borrower's needs while facilitating the application process. This role is critical in helping borrowers navigate the complexities of mortgage financing and achieving favorable loan terms that they might not have secured on their own.

While other options like servicing existing loans, providing mortgage insurance, or offering financial advice may be components of the broader real estate or finance industry, they do not capture the primary function of a mortgage broker as effectively as the arrangement and origination of loans does.