A mortgage broker can find you a lower mortgage interest rate than banks and other financial institutions. Because mortgage brokers network with a number of mortgage lenders, they can shop around and negotiate on your behalf . Since mortgage brokers are paid by lenders, they can always offer their services for free. If you deal directly with a financial institution and your mortgage is not approved, you must begin the application process all over again. When working with a mortgage broker, your broker can simply forward your application to another lender.