When you’re looking to buy a new home, it’s important to understand the difference between a mortgage broker and a real estate agent. Both of these professionals play an important role in the home buying process, but they have different responsibilities. A mortgage broker helps you find the best no closing cost mortgage lenders for your needs, while a real estate agent helps you find and buy a home. So, which one should you work with? Read on to learn more!
Who is a Mortgage Broker?
Mortgage brokers are loan officers who work with a variety of lenders to find the best loan for their clients. They have a deep understanding of the different types of loans available and can help you choose the one that’s right for you. Mortgage brokers are paid by the lender, not by the borrower, so they’re not biased towards any one lender.
Who is a Real Estate Agent?
Real estate agents are professionals who help people buy and sell homes. They have a deep understanding of the real estate market and can help you find the right home for your needs. Real estate agents are paid by the buyer or seller, not by the lender, so they’re not biased towards any one party.
The Differences Between a Mortgage Broker and a Real Estate Agent
Now that you know a little bit about each professional, let’s take a look at the key differences between them:
A mortgage broker and a real estate agent may both be involved in helping you purchase a home, but they play very different roles. A mortgage broker is primarily concerned with Arranging financing for your home purchase. They will work with a variety of lenders to find the best mortgage rate and terms for you.
A real estate agent, on the other hand, is focused on helping you find the right home. They will show you properties that fit your budget and needs, and negotiate with the seller on your behalf.
While you can work with either a mortgage broker or a real estate agent when buying a home, it’s important to understand the difference between the two so that you can choose the professional who is best suited to help you with your specific needs.
So, which one should you work with?
If you’re not sure where to start, we recommend talking to a few different professionals to get their advice. Once you’ve found someone you trust, they can help guide you through the rest of the home buying process.