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A mortgage lender is a financial institution that directly provides the funds for your home loan using their own money. They handle the entire process from application to closing. A mortgage broker, on the other hand, acts as an intermediary who shops around with multiple lenders to find you the best loan terms but doesn't provide the funds themselves.

Consider factors like interest rates, fees, loan terms, customer service reputation, processing time, and the types of loans they offer. Get quotes from multiple lenders, read reviews, and ask about their experience with borrowers in your situation. Also check if they service loans in-house or sell them to other companies.

Typically you'll need: recent pay stubs, W-2 forms from the last 2 years, tax returns, bank statements for the last 2-3 months, proof of assets, employment verification letter, and documentation of any additional income sources. Self-employed borrowers may need additional documentation like profit and loss statements.

The mortgage approval process typically takes 30-45 days from application to closing. However, this can vary based on the lender, loan type, and your financial situation. Some lenders offer expedited processing that can reduce this to 15-21 days for qualified borrowers.

Credit score requirements vary by loan type and lender. Conventional loans typically require a minimum score of 620, FHA loans may accept scores as low as 580 (or 500 with a larger down payment), and VA loans don't have a specific minimum but most lenders prefer 620+. Higher scores generally qualify for better interest rates.

Pre-approval is stronger than pre-qualification. Pre-qualification is an estimate based on basic financial information, while pre-approval involves a thorough review of your financial documents and credit check. Pre-approval gives you a more accurate loan amount and shows sellers you're a serious buyer.