A broker is a person who facilitates transactions between merchants, sellers, or buyers. Think of a broker as an intermediary who ensures that transactions go smoothly and that each party has the necessary information. Brokers exist in many industries, including insurance, real estate, finance, and trading. A mortgage broker acts as an intermediary between someone who wants to buy real estate and those who offer loans to do so.
Mortgage brokers help potential borrowers find a lender with the best terms and rates to meet their financial needs. All real estate agents must work for a broker. So, think of a broker (or brokerage firm) as the umbrella that covers individual realtors, such as the one you would use to sell your home or help you buy property. While a real estate agent deals with clients, listings and sales, a broker ensures that all transactions comply with the law.
Brokers eliminate the burden and stress of searching the market and processing claims. The broker is the one who assumes responsibility on your behalf.
