Reviewed by Clint Aguon, CEO & Loan Officer · NMLS #1893008 · Updated September 2026
What does a mortgage broker do?
A mortgage broker compares loan programs and pricing from many lenders on your behalf, helps you choose, and manages the process through closing. A bank or retail lender can only offer its own products. LoanZilla works with dozens of wholesale lenders.
Does using a broker cost more?
Typically, no — the data points the other way. A 2024 study by Polygon Research, supported by United Wholesale Mortgage, analyzed 2023 federal mortgage data (HMDA) and found that borrowers who used an independent mortgage broker saved an average of $10,662 over the life of their loan compared with borrowers of nonbank retail lenders. VA borrowers saved an average of $13,432. Read the study announcement.
Brokers are paid by the lender or the borrower, never both on the same loan, and every cost is shown on your Loan Estimate, so you can compare our offer line by line with any other. Averages aren’t a guarantee; your savings depend on your loan and the market.
Do I need 20% down to buy a home?
No. Many programs are designed for smaller down payments, and some — like VA and USDA loans — require no down payment for eligible borrowers. Putting less than 20% down on a conventional loan usually means paying mortgage insurance.
What is private mortgage insurance (PMI)?
PMI protects the lender if a borrower stops paying on a conventional loan with less than 20% equity. You can ask to remove it once you reach 20% equity based on the original value, and it ends automatically at 22% if you're current on payments.
What credit score do I need?
It depends on the program. FHA loans allow lower scores than conventional loans, and jumbo loans usually need higher ones. We'll look at your full picture, not just the score.
Fixed or adjustable rate — which is better?
A fixed rate never changes, which suits buyers planning to stay put. An adjustable rate starts fixed for several years and then can change, which can make sense if you expect to move or refinance before then.
Can I use my 401(k) or IRA for a down payment?
Often, yes — through a withdrawal or, with some 401(k) plans, a loan. Taxes and penalties can apply, so check with your tax advisor first.
How long does pre-approval take?
Often a day or two once we have your application and documents.
How long does it take to close?
Often much faster than people expect. We routinely close purchases in as little as 10 to 14 days, and when everyone involved responds quickly, most of our loans are clear to close within about two weeks. Many lenders plan on 30 days or more.
Your timeline depends on your documents, the appraisal, title and the lender’s underwriting. Tell us your closing date up front and we’ll build the plan around it. See our loan process page for each step.
Can I get a mortgage if I'm self-employed?
Yes. Conventional loans use your tax returns, and bank statement programs can qualify you using deposits when your tax returns don't reflect your real income.
Can I finance an investment property?
Yes. We arrange conventional investment property loans, DSCR loans that qualify based on the property's rental income, and fix-and-flip and construction financing.
Do you offer HELOCs?
Yes. A home equity line of credit lets you borrow against your equity while keeping your first mortgage. We'll compare it with a cash-out refinance so you can choose.
Which states do you work in?
Washington, Oregon, Idaho, Georgia, Florida and Texas.