For many consumers, working with a mortgage broker is the best way to find an appropriate mortgage for a home purchase. Unfortunately, home buyers sometimes make assumptions about mortgage brokers that dissuade them from finding a mortgage through a broker.

The following are four things you shouldn't assume about mortgage brokers so that you find the best mortgage for your unique situation. 

A mortgage broker will recommend the mortgage to you that maximizes his or her commission.

It's true that a mortgage broker receives a commission when you take out a mortgage through his or her firm. However, that doesn't mean that your broker is only going to recommend the mortgage that maximizes his or her pay. 

Mortgage brokers represent you and have an interest in finding the best mortgage product for your unique needs. You can be sure that a mortgage broker with a good reputation will give you valuable advice and find mortgage products that are appropriate for you regardless of the commission amount they involve. 

Working with a mortgage broker will slow down your home purchase.

Consumers sometimes think that getting a mortgage is always going to be faster with a bank. It can take several weeks to close on a mortgage, so it's understandable that home buyers want to shorten the process where possible.

It's important to note that mortgage brokers do not generally take longer to get a consumer approved for a mortgage than banks do. In fact, working with a mortgage broker can sometimes make it possible to close on a mortgage faster than with a bank. 

There are many hidden costs when working with a mortgage broker.

A good mortgage broker is straightforward and upfront about any loan fees that the client has to cover. If you're working with a good mortgage broker, you should only have to pay one set commission fee on the deal and shouldn't have to worry about any additional hidden fees.  

Mortgage brokers don't have any say regarding underwriting.

Mortgage brokers connect home buyers with a mortgage lender but they are typically working independently rather than in-house with the lender. This causes some consumers to assume that mortgage brokers don't have any say when it comes to the underwriting of a mortgage loan.

In fact, mortgage brokers who have built up a relationship with a mortgage lender can contribute to underwriting the mortgage file. The mortgage broker can negotiate for the borrower and work out advantageous loan terms in many cases. 

Contact mortgage brokers in your area to learn more.