The difference between a Real Estate Broker and a Mortgage Broker

The real estate broker or real estate salesperson is the person that sells you the real estate property. The mortgage broker, usually a company, is the one that helps you find the lenders (banks and other lending institutions) to pay for the real estate property you are buying through a mortgage or loan.

They both have their own expertise though there maybe times when the real estate broker also acts as a mortgage broker as an extension of their service. In the Philippines, a license is required to be a real estate broker (RESA Law R.A. 9646) and for the mortgage brokers, this is usually a SEC-registered company, who has partnerships with banks and lending institutions.

Both the real estate broker and mortgage broker are working for your success in finding the right real estate property for you and both are compensated by commissions earned for every successful transaction entered by them to the real estate developer/property owner and lending institutions respectively. So basically, and normally, they don’t charge you for their services, it is the real estate developers/property owners and banks/lending institutions that pays for their services.