What’s The Difference Between a Broker and a Lender?
A lender is the company that will provide the financing for the purchase of a property. Ultimately, this is the company who will pay for the house you’re buying, and you will in turn pay them back on a monthly basis per the terms of your mortgage contract. A broker, on the other hand, is an independent agent who has the ability to represent multiple lenders at one time.
The function of the broker is to work with the borrower and, using their resources and expertise, provide the borrower with multiple offers from appropriate lenders. The idea behind using a broker is to allow the borrower to get consolidated information in a significantly shorter period of time, as well as to have an experienced contact person acting independently on their behalf.
