Mortgage brokers can do the mortgage shopping for you. Mortgage brokers are middlemen, independent of banks or other financial institutions that actually have money to lend.
If your credit history and ability to qualify for a mortgage are questionable, a good mortgage broker can help to polish and package your application and steer you to the few lenders that may make you a loan. Brokers can also help if lenders don't want to make loans on unusual properties that you're interested in buying. Many lenders don't like dealing with co-ops and tenancies-in-common, borrowers with credit problems, or situations where a homebuyer seeks to borrow most (90 percent or more) of the value of a property. Brokers can usually help with these and other unusual circumstances.
Here are important questions to ask when interviewing a mortgage brokers.