What will we look at in your quote?
Start with the same loan amount, property use, term, down payment and lock period. We will separate lender charges and points from third-party estimates, taxes, insurance and prepaid items so a lower cash-to-close number does not hide different assumptions.
Through our partnerships, MLG has access to more than 200 wholesale lenders. That does not mean every lender is available for your transaction or that every one is quoted. Ask which relevant options were considered and why. Keep your bank or credit-union quote in the comparison.
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.
A practical shopping checklist: ask every lender the same questions
Use one written scenario for every quote: the same property, loan amount, down payment, credit assumptions, loan type, term and lock period. Request offers close together in time. Then ask each lender to explain any difference before deciding which offer is better.
- Ask for any revised offer in writing. A waived fee is useful only after checking whether the rate or another charge changed.
- Keep both affordability and cost in view: cash needed today, the full housing payment, money left in savings and the loan balance when you expect to leave.
| What to compare | What to ask |
|---|---|
| Rate and upfront cost | Can you show a zero-discount-point option beside the option with points or lender credits? Zero points does not mean zero fees. |
| Fees and credits | Which charges are yours, which are required third-party charges, and which services can I shop for? What is the total after lender credits? |
| Taxes, insurance and escrow | Are both offers using the same realistic estimates? A smaller escrow estimate does not make the lender cheaper. |
| Rate lock | Is this rate locked? When does the lock expire, and what would an extension cost? |
| Time you will keep the loan | Show costs and the remaining balance if I sell or refinance in two, five or seven years. These are comparison scenarios, not predictions. |
| Closing and service | Who owns my file, what conditions remain, and what happens if the closing date changes? |
When does paying extra for a lower rate make sense?
Illustration only: if one otherwise comparable offer costs $3,000 more upfront and reduces principal-and-interest payments by $75 a month, the simple payment break-even is 40 months ($3,000 ÷ $75). Selling or refinancing sooner may leave that upfront expense unrecovered through those payment savings.
That shortcut is not a complete cost comparison. Ask for the remaining loan balance at your planned exit date, especially if the loan amounts or terms differ. Also consider mortgage insurance and whether the extra upfront cash would leave you short on reserves. Test a shorter holding period as well as your preferred one; a future refinance is not assured.
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 Mortgage Lending Group LLC (NMLS #1157983). 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 Mortgage Lending Group LLC company NMLS #1157983.
- 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.
Compare different prices, rates, rent and waiting periods with your loan officer. Treat every scenario as an assumption, then compare the cash remaining and monthly budget under an unfavorable outcome too.
A few common questions
It can be, if the loan options and help you receive justify the total cost. Ask which lenders the broker will compare, what work is included and who pays the compensation. Compare the resulting offer with a bank or credit union using the same loan assumptions. A broker is not automatically cheaper, and lender-paid compensation does not mean the mortgage has no costs. A useful question is: “Show me what makes this offer worth choosing after all fees and credits.”
The loan amount alone cannot tell you. For illustration only, a compensation agreement of 1% on a $500,000 loan would equal $5,000. That is arithmetic, not a typical fee, a legal maximum or a quote from Enrique or Mortgage Lending Group LLC. Actual arrangements may use a fixed amount, a percentage or other permitted pay structures. Compensation received by a brokerage is not necessarily the individual loan officer’s take-home pay; expenses and compensation splits can differ. Ask for the actual amount, who pays it and the relevant disclosures in writing. Compare the complete loan offer too: a smaller commission alone does not prove that your rate and total costs are lower.
Neither is always cheaper. Compare Loan Estimates for the same loan amount, loan type, term and lock period, requested close together in time. Look at the rate, points, origination charges, lender credits, mortgage insurance and APR. Separate differences in loan pricing from estimates for taxes, insurance and settlement costs. Compare upfront costs and costs over the time you expect to keep the loan, not just the monthly payment. Ask both for a zero-discount-point option to make the starting comparison easier, then evaluate any points or credits separately.
A broker’s available lenders may not include every option, and access to several lenders does not guarantee the best offer. Ask which lenders were considered, how compensation works and who handles underwriting questions and closing coordination. Compare an outside offer yourself, and ask what happens if the selected lender cannot meet your deadline. Ask: “Which alternatives did you rule out, and why?” The explanation should relate to your needs and actual options.
Choose the offer and service that fit your situation. A broker can help compare participating lenders; your bank may have a relationship or portfolio option worth asking about. Request written offers from both. Then weigh total costs, program fit, communication and the proposed closing timeline. An existing bank relationship is a starting point for comparison, not a reason to skip shopping. If a relationship discount requires deposits or other accounts, ask about the balance requirement, fees and whether moving that money fits your plans.
There is no phrase you need to avoid to qualify. Give accurate information about income, debts, employment, where your funds come from and how you plan to use the property. Do not invent figures or hide a change because you think it may hurt approval. If you are unsure, say so and ask what documentation is needed. Tell your advisor about changes during the application, and ask questions before signing anything you do not understand. Send sensitive documents through a verified secure channel rather than a public comment or chat. Be direct about shopping: “I am comparing offers. Please explain your fees, compensation and the tradeoffs.” You can ask for clarity without committing to an offer.
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 whether “no cost” means fees are covered by a lender credit, added to the loan balance, waived, or still paid separately. Request the rate, loan amount and itemized charges for each option. Lender-paid broker compensation alone does not make financing free.
YOUR NEXT DECISION
Turn this answer into a plan.
How do I compare offers fairly?
Match the loan amount, term, property and lock period. Compare points, lender credits, fees and cash to close alongside the monthly payment.
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 ↗
- CFPB: Loan Estimate explainer (source checked September 20, 2026) ↗
- FTC: Shopping for a Mortgage FAQs (August 2022; source checked September 20, 2026) ↗
- CFPB: Review documents before closing (updated August 21, 2025; source checked September 20, 2026) ↗
- CFPB: Submitting documents and answering lender requests (updated December 12, 2024; source checked September 20, 2026) ↗
- CFPB: Compare and negotiate loan offers (source checked September 20, 2026) ↗
- CFPB: Points and lender credits (reviewed October 19, 2023; updated October 1, 2024; source checked September 20, 2026) ↗