DONOTCHANGE Do you need a mortgage broker? Some would say yes, but the reality is that a mortgage broker cannot offer you the benefits that a direct loan’s officer can.
Mortgage brokers are independent from banks and lenders, making additional money in commissions that is added to your loan cost. They can only recommend mortgages, but do not have the final say so on the application process or whether or not you will get one. They are more likely to give you something that you do not need to make money and the odd ones may even revert to less than honest methods to get you to agree to a mortgage agreement that may not be best for you.
Mortgage broker fees are generally not as promising as lender ones, and you will most likely pay an origination fee. They are also less likely to let you know about hidden costs/fees and possibly misrepresent any interest rates.
The only reason that you may consider a mortgage broker is because they do understand credit and can advise you as to how your credit will fair for certain mortgage types. They may be able to assess your current finances and send you in the direction of a lender with much better types of rates. They also can help you with documentation preparation as well as how to anticipate/resolve mortgage loan issues.
The reality is that a mortgage broker does not have a direct link to your mortgage and therefore once you secure your mortgage, they will be out of the picture, moving onto other potential borrowers. What you really need is someone who can do both their job and that of the lender, someone who is only usually found in banks and other mortgage institutions.