When borrowers work with a loan broker, they work with an intermediary that helps guide them through the process. The lender may also help in some instances, but the broker remains the point of contact throughout the process. The loan broker has access to multiple lenders, allowing them to compare offers from each provider. They can also explore different loan types, provide recommendations on which lenders to work with, and help narrow down options to make the process easier for the borrower.
The borrower works directly with a loan broker and not a lender’s representative, so it’s essential to feel comfortable with the broker. You should connect with financial experts who know how to look for the best possible option for their clients, are actively involved throughout the process, help handle paperwork, and can negotiate on your behalf. With the right partnership, you can source the capital you need to improve your financial flexibility and pursue your short- and long-term goals.