What is the difference between a broker, lender and loan officer?
These labels describe different roles, not a quality ranking. Some companies act as both broker and lender, so ask which role applies to your transaction.
| Role | What it means | Question to ask |
|---|---|---|
| Mortgage broker | Arranges financing through participating lenders; does not itself lend the funds in a brokered transaction. | Which lenders and programs will you compare for me? |
| Direct lender, including a bank or credit union | Makes the loan and offers its available programs. | Do you have portfolio or relationship options that fit my situation? |
| Loan officer | Helps you apply through a mortgage company, broker or lender. | Who will make the credit decision and handle my questions? |
Does a broker or a bank offer a better deal?
Compare actual offers instead of choosing by label. Use the same purchase price, down payment, loan type, term and intended lock period. A low advertised rate with points is not the same offer as a higher rate with lender credits.
Request Loan Estimates when you are ready to compare a specific property and application. Review rate, APR, points, origination charges, mortgage insurance and cash to close. Ask why any item differs. Keep quotes dated because pricing can change.
How much does a mortgage broker cost, and who pays?
Compensation can come from the borrower or the lender, depending on the arrangement. There is no single fee that applies to every mortgage. Ask for the amount, who pays it and how it appears in your disclosures before choosing an offer.
For work with Enrique, mortgage origination services are through Loan Factory, Inc. (NMLS #320841). Mortgage Lending Group LLC provides this educational site. Ask Enrique to explain the compensation and charges for your specific transaction in writing; this guide does not quote a company fee or promise free financing.
How much cash do I need beyond the down payment?
Plan separately for loan charges, title and settlement costs, applicable taxes and recording fees, prepaid interest, insurance and any initial escrow deposit. Your Loan Estimate brings these categories together; deposits and applicable credits affect the final cash-to-close amount.
Also keep a separate household cushion for moving, repairs and emergencies. That personal reserve is not necessarily a closing charge. Use the cash-to-close planner, then replace assumptions with your written estimates.
How do I prepare for pre-approval?
Gather income and asset records first, then ask your loan officer which documents your program requires. The open checklist on our resources page is available without providing an email address. Submit personal records only through a verified secure application channel.
A pre-approval is conditional. Property review, updated financial information and the lender’s underwriting requirements still apply; it is not a promise to fund a loan.
What are the 2026 King and Snohomish conforming loan limits?
FHFA lists a 2026 one-unit conforming loan limit of $1,063,750 in both King County and Snohomish County, Washington. This is a loan-amount limit, not a home-price limit or an approval amount. Verified against FHFA’s county list on September 20, 2026; FHFA announced the 2026 limits on November 25, 2025.
Confirm county, property unit count and applicable year. FHA uses its own limits; do not substitute this conventional figure for an FHA transaction. Our county guides connect the financing questions to local property research.
How do I check an originator before applying?
Look up the individual and company in NMLS Consumer Access. Match the name, NMLS number and state authorization to the person handling your loan. Ask who will communicate with you, what fees may be due and which conditions could change the offer.
- For Enrique, check individual NMLS #131435 and Loan Factory company NMLS #320841.
- Ask whether a credit inquiry is needed at this step and obtain an explanation before proceeding.
- Confirm document and payment instructions using contact information you independently verified.
Should I buy now or wait for lower rates?
Start with whether the payment and ownership costs work with your present income and savings. A future refinance is uncertain and carries costs. Do not make today’s purchase depend on a rate decrease or rising home value.
Use the Buy Now or Wait tool to test different prices, rates, rent and waiting periods. Treat every scenario as an assumption, then compare the cash remaining and monthly budget under an unfavorable outcome too.
A few common questions
No. Compare written offers with equivalent assumptions and include fees and credits, not only the interest rate.
Yes. The resources page includes the document list in plain text and a free optional PDF download.
No. Ask how the offer is priced and review all loan and closing charges. Who pays compensation does not by itself establish your total cost.
Put the guidance to work
Open document checklist · Cash-to-close planner · Loan Estimate review · Buy Now or Wait
King County guide · Snohomish County guide · Washington local guides
Read the original sources
Program rules and lender requirements can change. Confirm current terms before acting.
- CFPB: Broker and lender roles (reviewed December 11, 2024) ↗
- CFPB: How loan officers and brokers are paid (reviewed January 7, 2025) ↗
- CFPB: Comparing loan offers ↗
- CFPB: Preparing to shop and deciding when to buy ↗
- FHFA: 2026 county loan limits ↗
- NMLS Consumer Access: verify individual and company records ↗