A Mortgage Broker saves you the legwork…
Mortgage brokers have regular contact with a wide variety of lenders, some of whom you may not even know about. The alternative to working with a broker is to call up dozens of lenders and compare their mortgage terms and rates on your own. A broker saves you the time and headache of having to do that by doing all that legwork for you. A broker also can steer you away from certain lenders with mysterious payment terms buried in their mortgage contracts.
Brokers Have More Access
Some lenders work exclusively with mortgage brokers and rely on them to be the gatekeepers to bring them suitable clients. You would not be able to call some lenders up directly to get a retail mortgage. Brokers also get special rates from lenders due to the volume of business generated that might be lower than you can get on your own.
You will Save on Fees
There are several different types of fees that can be involved in taking on a new mortgage or working with a new lender, including origination fees, application fees, and appraisal fees. In some cases, mortgage brokers may be able to get lenders to waive some or all of these fees which can save you hundreds to thousands of dollars.