If you watch the bond market daily, can put in multiple calls to bankers every day, and crunch and recrunch numbers daily through the day, then you probably do not need a mortgage broker, and might be better off with a banker. A Mortgage Broker is your eyes and ears, and is always searching for the best terms and programs for his clients. You will pay a premium to a good mortgage broker, however the end result will usually save you thousands of dollars in the process

Using a mortgage broker can be a big advantage to the borrower. Mortgage brokers have access to several lenders wholesale pricing and can pass the savings on to the borrower.

Banks use retail rates, while brokers have access to whole sale rates. Brokers are also working with multiple lenders so they have several whole sale rates to choose from. This means they can find the lowest rate for your situation.

Mortgage Brokers are especially strong with consumers who have fair to above average credit. Most traditional banks will not finance loans for this class of borrowers and this leaves mortgage brokers as an excellent option to shop your loan around to find the best deal for your specific needs and financial goals.

Mortgage brokers have the ability to change your lender if a better program becomes availible or a particular lender has lower rates. A bank cannot do this as they are generally stuck with their in house mortgage programs.

A broker also has more lending options than a banker, which may assist you in obtaining a mortgage that is more suited to your specific needs.

Remember, when considering a banker or a broker, it is the individual that you deal with who makes the largest impact on your application package for a mortgage and how it will be viewed by the lender. Just because an individual is employed by a banking form does not mean that they have any more experience, training or knowledge than a person employed by a broker.