Mortgage loan processes are sometimes so complex that most prospective homeowners need to use the services of Mortgage Brokers. Mortgage Brokers offer expert advice on affordable home loans that are tailor-made to suit the consumer's financial interests and goals. Technically, they are real estate financing professionals who act as independent contractors. But without Mortgage Brokers, who are known to have devised innovative loan packages, low-income borrowers would only be building "castles in the air" instead of realizing their dream of owning a house.

The function of Mortgage Brokers is regulated by state and federal laws, as well as by licensing boards. What role do Mortgage Brokers play? They explain every aspect of the loan [including the interest rate, how much is to be repaid and in what time duration, the amount of the borrower's late fee in case there is any delay in repayment, methods to handle late fees, etc], study the loan applicant's credit situation, create a credit portfolio, estimate the credit score, and submit all the documentation to the lender for approval. In case the application is not approved, for instance due to bad credit, the broker helps the applicant to fix the problem.

The main source of income for a great majority of Mortgage Brokers is the business commission they derive from the prospective homeowner. So, securing a Mortgage Loan is as important to them as it is to the loan applicant. However, just like in buying a new car, a borrower needs to do careful window shopping so that he or she can get the best deal.

Mortgage Brokers serve both the loan applicant and the lender. At one end, they take the borrower's loan application, obtain the credit report and appraisal, counsel the borrower on the loan process and collect all the necessary documents for presenting to the lender. At the other end, they market the lender's products, and assemble and deliver the completed loan packages to borrowers. They act as an important bridge between borrowers and lenders.

The National Association of Mortgage Brokers is the umbrella organization of Mortgage Brokers in the US. According to their official website, www.namb.org, an excellent resource to know more about Mortgage Brokers, two out of every three prospective homeowners in the US consult a Mortgage Broker.