The most obvious advantage is that a mortgage broker lightens your workload. They’ll do the research and applications for you. They know the market and it’s their job to find the best deal possible for you. In most cases, they’ll have years of experience and so will have relationships with lenders that simply aren’t available to a first-time buyer or small business, and thus might be able to get special rates as a result.
Which brings us to our second major advantage. Yes, you have to pay for a mortgage broker’s service, but as a result of the relationships they’ve developed with financial institutions they might be able to save you some of the pernicious fees attached to buying a house. Occasionally a broker might even be able to get a lender to waive certain financial obligations like appraisal and application fees.
Another advantage of using a broker is that they might be able to help you with other decisions connected with buying a home. For instance, they might find you buildings insurance or a suitable life insurance policy.
Another potential positive of going down the broker route is if you think you might have trouble getting a loan from a bank due to bad credit. In some cases, a broker with good contacts will be able to let the borrower know of potential opportunities they might otherwise have missed.