When you are shopping for a mortgage that fits your limited budget and tight timeline, you’re probably facing two choices: a consumer bank or a mortgage broker.
A consumer bank is where you likely have your checking account. Also known as a retail bank, a consumer bank handles basic banking needs such as checking and savings accounts, automobile or mortgage loans, and certificates of deposit.  A consumer bank also offers mortgages, but it is not the main thrust of its business model.
A mortgage broker is an intermediary between you, as the borrower, and non-bank lenders to find the best fit for your mortgage needs. A mortgage broker effectively does your mortgage shopping for you, working with a variety of lenders who can offer varying degrees of loans based on interest rate, down payment requirements, fees, and other terms.
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