The team · Buying a home

Mortgage broker / loan officer

The person who turns your finances into a number, and the rate that sets your monthly payment.

When · First

What they do

Both take your income, debts and credit and turn them into a pre-approval and a rate. A mortgage broker shops many lenders at once; a loan officer works for one bank or credit union. The broker earns their keep on complicated files, self-employed, thin credit, a co-borrower; a direct lender is often simpler and sometimes cheaper when your finances are straightforward.

When you need one

First, before you look at homes. A pre-approval is the boundary of every decision after it, and sellers take it far more seriously than a 'pre-qualification,' which is just a guess.

What to look for

A Loan Estimate, the standardised form that lets you compare rate and fees (look at the APR, not just the headline rate).
Responsiveness, underwriting runs on deadlines; a slow lender can cost you the house.
Options, a broker should show more than one path; a good loan officer will still explain the trade-offs.

What it costs

Brokers are paid by the lender or by you, disclosed on the Loan Estimate. Watch origination points and add-on fees. Over the life of the loan the rate usually matters more than the fees, so compare the whole picture, not one number.

Wiew's Borrowing Power lives in the app. It turns your finances into one number and keeps it current.See it in the app →