An independent mortgage broker can be one of your principal allies in the quest for your first mortgage. While a broker can help you buy your first, tenth, or fiftieth property, it's most helpful in assisting newcomers to the real estate market. Admittedly, the business is fraught with fine print and an often maddening number of variables and options, all of which makes it difficult for first-time buyers.

Just as there are many different lenders--banks, insurance companies, and specialty lenders among them--there are different types of mortgage brokers. Many of these may appear to have your best interests at heart, but in reality are in close partnership with the lenders themselves. It is the job of those brokers to direct prospective buyers to their partners (the lenders), and their most expensive mortgages.

An Independent Mortgage Broker Stands Alone

In contradistinction to these brokers, the independent mortgage broker does in fact work for you, the buyer. The independent broker is charged with surveying the market for the most attractive (and appropriate) products for its clients. Many companies do this with the help of real estate software and databases that can present all the pertinent info at once.

Brokers such as these do not take their commissions from you, but rather from the lender once the transaction is final. That means while it is in your broker's best interest to find you a tenable deal, it must do so with an accurate picture of your financial circumstances in mind. Otherwise, you're likely to find another independent broker who can find you an affordable mortgage, at which point your first agency stands to lose money. Independence helps keep all parties honest.