Definition: The word "mortgage broker" refers to a person who specializes in providing financial services related to mortgages, such as helping borrowers understand how their mortgage payments might affect their credit score, helping them navigate the application process, or negotiating with lenders on behalf of borrowers. Mortgage brokers work closely with clients by providing personalized advice and assistance. They can help borrowers secure loans based on their income, expenses, credit score, and other factors. They may also negotiate lower interest rates or terms with lenders to make the mortgage payment more affordable for borrowers. Mortgage brokers are often located in financial institutions such as banks, brokerage firms, or loan servicers, where they receive compensation from lenders in exchange for referrals to clients. They often work under the supervision of mortgage lending managers or a licensed mortgage broker who helps manage the relationship between the borrower and lender. The job of a mortgage broker involves many different skills, including negotiation, research, communication, and understanding financial markets. They may also need to have knowledge about tax laws related to mortgages, as well as practical experience in other areas of finance.

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