HOW DOES IT ALL WORK?
The broker makes contact with different lenders. From there, it is just a matter of negotiation. After the agent gathers up all possible deals, those deals will be brought back to you. You will be presented with said deals, from which you will choose one.
The mortgage broker will also help you to understand the process, how it will all work, and offer suggestions based on the information you provide. This information is usually financial in nature, but there may be other questions you need to answer so the agent can work more efficiently.
FOR WHAT SHOULD YOU BE LOOKING?
While you might be tempted to be content with just finding an agent and hiring him/her to work your mortgage process for you, it is advisable for you to shop around. All mortgage brokers are required to be licensed to perform their duties.
The thing you should look for the most when searching is AMP, which is an accurate title given to those who have met all mandatory qualifications. AMP stands for Accredited Mortgage Professional. Any broker that carries this title is reputable to a degree.