Mortgage Brokers and Bankers have the same common goal for their customers. That is to provide customers with a mortgage loan for the purchase or refinance of their homes. Mortgage Brokers in the USA last year accounted for about 60% of the closed loan transactions. This percentage will climb even more in the future.

In most occasions banks provide very competitive interest rates and offer borrowers a fixed or adjustable rate mortgage option. Their requirements to qualify are pretty much set in stone. Basically all they can offer you is a loan that is set by the guidelines of the bank. If your financial picture doesn't fit these guidelines, then you will be turned away at application or eventually denied.

Mortgage Brokers on the other hand deal with many wholesale lenders and can offer you far more loan products than a banker can. A good and experienced broker can tailor a loan that fits you needs and financial picture. A scenario would be this: A borrower wished to purchase a new home. The sales price is $800,000 and the borrower has $35,000 in saving accounts, a 646 credit score and is unable to verify income. A bank will never make this loan! A mortgage broker will be able to not only provide 100% of this financing, but offer the customer many different rate options and repayment plans.

When making your choice of mortgage companies, do your homework and compare service, experience, rates and terms.