With so many people house-hunting to take advantage of the tax credit, I thought it would be a good time to discuss just what a mortgage broker is. A mortgage broker is a real estate financing professional who brings a lender and a borrower together. A broker will review the needs and capabilties of the borrower, check the characteristics of the property and consider all lending programs available.

Let me repeat that - consider all lending programs availabale. This is a key factor. A broker has access to a wide range of lenders, so you will be able to be paired up with the loan that's right for you. You are represented best because the broker has access to a multitude of lenders, rather than what would be available through a single bank.

Often a loan that at first looks like a good match turns out to not be the right fit. Additional information about the borrower or the property are typical reasons for this. Plus, loan programs and interest rates can change on a daily basis. A broker provides the opportunity to switch to a different lender when there is a need.

Just like with any professional, interview a couple choices to find the one that's right for you.