What a Mortgage Broker Does
If you go to a bank for a loan, it will only offer loans carried by that bank. Since it’s just one institution, its loan options may be limited and may not suit your needs.
If you go to a mortgage broker, he should have a variety of loan options from various lenders. It’s the mortgage broker’s job to find the best mortgage rate tailored for you. So, if you need to get a house but can’t afford more than a 5% down payment on a 30-year mortgage, your broker should approach lenders with those terms.