Selecting a lender is so important that it demands some level of research. However, one must be sure of the objectives, the best deal and the best service while selecting the lender. A mortgage broker is an independent real estate financing expert who specializes in the instigation of residential and/or commercial mortgages.

Mortgage Brokers deal exclusively with mortgages, by combining professional expertise with access to many different wholesale lenders and hundreds of loan products.
Mortgage Brokers provide consumers the most efficient and cost-effective method of offering home financing options while still providing individualized attention tailored to the consumer's needs and wants.
Brokers have the knack to obtain the best possible rate for your circumstances by shopping all official and accepted lenders.
As they work with many different national lenders they are not forced to recommend one set of loan programs to you but can seek out many different options that are offered. They also are aware of which mortgage lender has the lowest rates, and the highest underwriting standards.
It costs no more to do business with a mortgage broker, as they do loan shopping, independent surveys, work on contingency basis and obtain rates at wholesale.
When you apply for a loan with a mortgage broker you are effectively applying for a loan with all the lenders the mortgage broker is approved with.
In fact independent surveys have shown that in many cases the fees charged by a broker are less and the interest rate obtained is lower than if the borrower went directly to the lender. They are not compensated until the loan closes. (Be aware. Some mortgage brokers charge a non-refundable up-front application fee.)
A mortgage broker is highly motivated because they normally only get paid when their customer is approved of their loan.
A mortgage broker is well informed about the entire loan process and is able to use their advanced knowledge to help their clientele secure the best loan to fit their best needs.
The advantage of working with a mortgage broker is that you need only one-credit report. If you were to apply to multiple lending institutions for a mortgage, each lender would do a credit check. This may lower your credit score. A lower credit score could mean you may not qualify for the best interest rate possible with any lender

Credit Scoring:- What is a "Credit Score"?

When you apply for credit - whether for a car loan, mortgage, credit card, etc., information in your credit file is fed into a statistical model.

That model assigns a numerical score designed to predict your risk as a borrower.
The higher the score, the safer the borrower (from the creditor's point of view).
Credit scores have been utilized by lenders for over 20 years, but have only become common practice in the mortgage business in the past 5 years. The most widely recognized score for the mortgage industry is the FICO, or Fair Isaac Score.
There are three credit bureaus in the country of which each have their own names for the FICO score. The FICO score actually is from Experian, while Equifax uses Beacon scores and Trans Union has Empirica scores.

Wanted to know more about Credit Score, and how it affects getting a mortgage?
FICO scores range from approximately 350 to 875 points.
The higher the number, the lower the risk of default.
A high credit score may often mean a speedy and competitively priced mortgage loan.
On the contrary, a low score could mean higher interest rates and more documentation.
Many lenders do not make loans to consumers with scores under 620. However, under certain circumstances with the support of government assisted programs a loan agreement could be achieved with a lender. The loan may contain more restrictive terms and potentially higher interest rates.

How can I get my credit score raised?
It may take some time, but it can be done.
Be sure to make all payments on time.
Keep balances on open accounts as low as possible.
Close the accounts that you're not using. (Credit is good - too much credit will hurt your score.)
Keep inquiries to a minimum. Don't let anyone access your credit report unless they have good reason to. (Inquires made by the person listed on the credit report does not affect credit scores.)

It is a good idea to periodically check your report to see what is being reported to your credit file. You may contact the 3 credit bureaus directly and request a copy of your report. If there is information in your credit file that is incorrect, re-contact the 3 credit bureaus, and dispute the inaccuracies. Information must be presented to all three bureaus to ensure it will be corrected properly. Your score cannot be changed by any other source than the 3 bureaus. Here are their phone numbers.

Equifax - (800) 685-1111
Experian - (888) 397-3742
Trans Union - (800) 888-4213