What Are the Limitations of Using a Mortgage Broker?
Mortgage brokers may need to get approval from direct lenders before acting as an intermediary between you and them.
Mortgage brokers also often do not offer loans from bigger lenders, like large banks. These banks work through their loan officers instead to provide loans to borrowers.
Loan options are limited to the broker's professional network, which reduces your number of choices.
To expand the range of loan package offerings, shop for deals from both direct lenders and mortgage brokers.
- What Is a Mortgage Broker?
- Can a Mortgage Broker Offer FHA, VA, or USDA Loans?
- Are Mortgage Brokers Connected to the Financial Crisis?
- Can a Mortgage Broker Offer Jumbo Loans?
- Will Using a Mortgage Broker Save Me Money?
- How Can I Find a Mortgage Broker?
- Do I Communicate with the Lender While Using a Mortgage Broker?
- What Will a Mortgage Broker Need from Me?
- Who Pays the Mortgage Broker?
- How Do Mortgage Brokers Find and Select Mortgage Loans?
- How Should I Prepare Before Meeting with a Mortgage Broker?
- What Are Some Questions I Should Ask a Potential Mortgage Broker?
- What Happens If My Loan Is Declined When I Use a Mortgage Broker?