Hammond Residential Real Estate
Michael Rothstein, GRI , Hammond Residential Real EstatePhone: (617) 470-3165
Email: [email protected]

What is a mortgage broker?

by Michael Rothstein, GRI 12/11/2023

Should you hire a mortgage broker featured image

Embarking on the homebuying journey takes much effort and research, as the market is constantly changing and purchasing a home is a huge financial commitment. This is why it pays to have real estate professionals such as an experienced mortgage broker on your side to aid you during the process. 

What is a mortgage broker?

A mortgage broker acts as a bridge for potential loan borrowers to compare different lenders to make an informed decision on where to find the best loan option for their home purchase. 

Using a mortgage broker helps borrowers compare interest rates, loan terms, benefits and more, saving homebuyers the time they would have spent comparing quotes on their own time. 

How do mortgage brokers get paid?

Mortgage brokers work to secure quality borrowers for financial institutions and are paid a percentage of the loan amount directly from the borrower or the lending company. 

The fixed percentage mortgage brokers are paid can’t be changed due to increased interest rates or the type of loan acquired. 

What is the benefit of a mortgage broker?

In addition to saving homebuyers time on searching for financing, mortgage brokers can also provide access to numerous lenders with the best deals available. A mortgage broker can also work directly with your lender to reduce or even waive mortgage fees once the loan is approved.

The homebuying journey is full of steps, paperwork and negotiations. Having a mortgage broker by your side can ease some of the burdens often associated with home financing, and can even save you money along the way.



About the Author
Author

Michael Rothstein, GRI

Active in residential brokerage since 1985, Michael enjoys a loyal following of past buyers and sellers. Prior to entering brokerage, he studied culinary arts and managed restaurants in the Boston area. Born and raised in Newton, Michael is very familiar with the Greater Boston area. His seven-day-a-week commitment to his profession serves his clients and customers well. His educational background includes The Johnson & Wales Culinary Institute, The Lee Institute for Real Estate, and The Tom Hopkins and Floyd Wickman Sales Training courses. 

In recognition of his completion of the prescribed courses in real estate practice and ethics, Michael has earned the distinguished GRI (Graduate, Realtor Institute) designation. He continues his long-standing membership in the National Association of Realtors and is an avid fly fisherman, musician, and outdoor enthusiast. 

Michael was awarded the International President's Circle Award for sales expertise, market knowledge, and dedication to clients for 2020 and 2021. In 2022 and 2023 he was awarded the International Presidents Elite Award, representing the Top 2% of Coldwell Banker Agents Worldwide, for demonstrating exceptional sales production, ambition and his commitment to the Real Estate Industry.