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Studies show over 65% of Americans use mortgage brokers for financing. Brokers provide consumers with choice, convenience, and experience. The consumer receives an expert mentor through the complex mortgage lending process. The broker offers the consumer extensive choices and access to affordable home loans while balancing the consumer's financial interests and goals.

Some of the answers why over 65% of all loans today in the United States (20% in 1985) are originated through mortgage brokers are listed below:

A mortgage broker’s overhead is usually lower than a bank; therefore, you may receive lower rates or lower fees than a bank. Mortgage brokers do not usually have high priced presidents and attorneys that banks have thus they do not require the profit margin in a loan that a bank requires.

There are many different mortgage programs out there for consumers to choose from. A broker deals with numerous Lenders (banks, mortgage bankers, etc.). Because a mortgage broker has access to these programs and a bank usually only has access to what their bank offers you have many more options with a mortgage broker.

A mortgage broker is a specialist. Mortgage brokers spend all their time concentrating on mortgage loans. A loan officer at a bank may work on mortgage loans, car loans, consumer loans, checking accounts etc. The average mortgage broker is usually more educated with respect to loans than the average bank loan officer is.

The loan officers at a mortgage broker are usually the best in their field. Loan officers through mortgage brokers work on commission and are not paid unless the customer gets their loan. Loan officers at banks are salaried and usually salaried at a low amount. The good loan officers at banks many times leave to go work for a mortgage broker.

Any bank at any one time may have good rates. This is called supply and demand. When a bank needs loans to fund their portfolio, they improve their pricing (lower rates). When they have had their fill, they decrease their pricing (raise rates). A mortgage broker has entered into contracts with numerous lenders, therefore when a certain lender raises their rates a mortgage broker has another lender to choose from. In addition, sometimes the lenders with the best rates are out of state, a mortgage broker has access to these lenders where banks usually do not.