What exactly other than using a google search is a Mortgage Broker?

Question

~ And how to spot the crooks?

Answer 1

A mortgage broker is the middle man who works between the banks and yourself to get you set up with a mortgage loan. They usually get a percentage of the cut, usually paid by the bank (but in reality you end up paying for it the long run).

The main way to spot a crook is by face-to-face negotiation. If the mortgage broker starts trying to get you to agree to some strange sounding plan, it is probably a scam. These guys are not your friends, and all they want to do is take as much money from you as they can. So you really ought to stick with traditional terms for mortgages and let the suckers take the "new" forms, which usually involve you staying in debt much longer, with much less equity being accumulated over the long term. Remember, interest only loans are about as good as apartment leases - if you can't afford to pay down the principal, you probably should not be buying a house yet.