There are differences between applying a loan through a bank or through a broker. A mortgage broker is responsible for assessing your situation and your creditworthiness to develop a better picture of your chances of qualifying for a loan. He will take your information and work to find a loan that meets your needs as closely as possible. Brokers can also provide guidance throughout the entire process. In order to get a home, car or business loan, a customer usually have three options: apply with bank directly, shop around for a deal himself or get a mortgage broker to do it all for him. A broker understands complex situations and how to assess the situations properly whereas a bank loan officer has access only to the loans offered by the bank or lender through which they are employed. This can seriously restrict the options available to those who are not a direct customer of the lender already. This sometimes become the reason that the application process takes along time. In some cases, the application gets rejected for no strong reason. Mortgage brokers have negotiating power and can often get you lower interest rates than what your bank is offering you.