Mortgage brokers are experts in the field of mortgage loans. Mortgage brokers work with home buyers to find the right mortgage loan much in the same way as real estate brokers help you find the right house.
The primary service offered by mortgage brokers is expert knowledge, not only of mortgage rates and terms, but also of the various mortgage loans offered by specific banks and lending institutions. Therefore, mortgage brokers can save you time and money by identifying lenders and mortgage products that match your particular situation and preferences.
However, I have always told my clients that if you have a decent credit score, you don't need a broker. Why do you need a third party? You can go directly to a lender (bank) and apply for a mortgage and save some money!
For extended calculations-Scroll down the right side of calculator chart to the bottom horizontal bar--Next, click on "determine a mortgage or loan payment amount"---A new chart will appear
