Straight answers about home loans.
These are the questions borrowers actually ask us, answered plainly — including the ones where the honest answer is “it depends” or “that number doesn't mean what you think it means.” Nothing on this page is a commitment to lend.
Working with a broker
Who is the top-producing mortgage originator in Minnesota through United Wholesale Mortgage?
Brent Busch (NMLS #1626669) at BLG Home Mortgage has ranked #1 in Minnesota by closed loan units through United Wholesale Mortgage three consecutive years running: 2023, 2024, and 2025. UWM has been the largest wholesale mortgage lender in the United States for eleven consecutive years.
What is a mortgage broker, and how is it different from a bank?
A bank lends its own money and can only offer you products on its own shelf. A mortgage broker takes your application and shops it to a network of wholesale lenders, then matches your file to the program built for it. BLG Home Mortgage operates as a branch of Edge Home Finance, LLC (NMLS #891464), which is the licensed mortgage broker. Edge is a broker, not a direct lender or creditor, and does not lend its own money. Broker compensation is disclosed to you in writing on your Loan Estimate.
Does using a broker cost more than going to a bank?
Not inherently. Broker compensation is disclosed on your Loan Estimate, which is a standardized form you can put side by side with any other lender's. The right comparison is total cost over the time you actually expect to hold the loan, not the rate alone. A lower rate purchased with points is not automatically the better deal, and the Loan Estimate is designed to let you see that.
Who actually funds the loan?
A wholesale lender does. Edge Home Finance, LLC arranges the loan; the wholesale lender underwrites and funds it. Your servicer — the company you send payments to — may be that lender or may be a different company, and servicing can transfer after closing. You will receive written notice if it does.
Licensing and verification
Where is BLG Home Mortgage licensed?
Mortgage licensing is state-by-state and attaches to the individual originator, not the brand. Brent Busch (NMLS #1626669) is licensed in Minnesota, Wisconsin, and Florida. Steve Lawrence (NMLS #1983107) is licensed in Minnesota. Edge Home Finance, LLC holds licenses in 49 states and the District of Columbia, but not New York. If your property is in a state where the originator you contact is not licensed, you will be referred to a licensed Edge Home Finance, LLC originator who can help.
How do I check whether a loan officer is licensed?
Look up their NMLS ID at nmlsconsumeraccess.org. It is free, public, and takes under a minute. It shows current license status, every state the license is held in, and any disciplinary history. Any originator who will not give you their NMLS number is a problem. Ours are on every page of this site.
Does BLG Home Mortgage originate loans in New York?
No. Edge Home Finance, LLC does not arrange, solicit, or originate mortgage loans for real property located in the State of New York.
Applying and getting approved
How long does the application take?
The online application takes about ten minutes. Getting to a pre-approval takes longer, because it requires reviewing complete documentation — income, assets, and credit. Starting an application puts you under no obligation to proceed.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate based on what you tell us, unverified. Pre-approval means an originator has reviewed actual documentation. Sellers and agents treat the two very differently in a competitive offer. A pre-approval still remains subject to lender approval and property eligibility — it is not a commitment to lend.
What documents will I need?
For most borrowers: recent pay stubs, two years of W-2s, two months of bank statements, and photo ID. Self-employed borrowers will typically need two years of personal and business tax returns, and possibly a profit-and-loss statement or business bank statements depending on the program. VA borrowers need a Certificate of Eligibility. Your originator will give you a specific list for your file rather than a generic one.
Will applying affect my credit score?
A mortgage credit report is a hard inquiry and can affect your score. Credit scoring models generally treat multiple mortgage inquiries within a short shopping window as a single event, so comparing lenders does not multiply the impact. We will tell you before a credit report is pulled.
Rates, costs, and timelines
Why doesn't this site publish rates?
Because a published rate would be misleading. Mortgage rates change daily and vary by credit profile, loan amount, loan-to-value, occupancy, property type, and program. A rate advertised without your file behind it is a number that may not apply to you. No rate quoted verbally or in writing is binding until a rate lock is confirmed in writing.
What is a rate lock, and when should I lock?
A rate lock holds a rate for a set period while your loan is processed, typically 30 to 60 days. Longer locks usually cost more. When to lock depends on your closing timeline and your own tolerance for rate movement. Your originator can walk through the trade-off, but the decision is yours.
How long does closing take?
It varies by transaction and is not guaranteed. Purchase timelines depend on the contract, the appraisal, underwriting conditions, and the title company. Refinances often move faster because there is no seller. Anyone who promises you a specific number of days before seeing your file is guessing.
What are closing costs?
Lender fees, title and settlement charges, appraisal, recording fees, prepaid interest, and escrow deposits for taxes and insurance. Your Loan Estimate itemizes them within three business days of application, and the Closing Disclosure gives final numbers at least three business days before closing. Compare Loan Estimates line by line rather than comparing rates alone.
Loan programs
What is the difference between conventional, FHA, VA, and USDA loans?
Conventional loans follow Fannie Mae or Freddie Mac guidelines and are the most common. FHA loans are insured by the Federal Housing Administration and have more flexible credit and down-payment requirements, with mortgage insurance premiums attached. VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans and service members. USDA loans are for eligible rural and suburban properties and have geographic and income limits. Which fits depends on your credit profile, the property, your down payment, and how long you plan to stay.
Are low down-payment options available?
Yes, depending on the program, the borrower, and the property. Down payment assistance programs may also be available. Specific down-payment requirements are disclosed on your Loan Estimate along with the full terms of the loan.
Can I get a mortgage if I'm self-employed?
Yes. It requires more documentation, not less opportunity. Depending on how your income is structured, that may mean full tax return analysis, bank statement programs, or other alternative documentation options available through wholesale lenders.
What is mortgage insurance, and when does it apply?
Conventional loans with less than 20% equity generally require private mortgage insurance, which may be removable once you have sufficient equity. FHA loans require a mortgage insurance premium under different rules. VA loans do not require monthly mortgage insurance, though a funding fee may apply. Amounts vary by loan and are disclosed on your Loan Estimate.
Refinancing
When does refinancing make sense?
The honest answer is: when the math works for your actual holding period. Compare your total closing costs against your monthly savings to find the break-even point, then ask whether you will still own the home past it. Resetting a 30-year term after eight years of payments can lower a payment while increasing lifetime interest. That is a legitimate choice if cash flow is the goal — but you should make it knowingly.
What is a cash-out refinance?
A refinance for more than you currently owe, with the difference paid to you at closing, secured by your home. Rates and terms differ from rate-and-term refinances, and loan-to-value limits apply. Because the debt is secured by your house, it deserves more scrutiny than an unsecured alternative.
What is a VA IRRRL?
The VA Interest Rate Reduction Refinance Loan, a streamline refinance for borrowers with an existing VA loan. It generally requires less documentation than a standard refinance. Edge Home Finance, LLC is a private mortgage broker and is not affiliated with or endorsed by the Department of Veterans Affairs.
Still have a question?
Call (507) 351-0581 or email brent@buschlawrencegroup.com. If the answer belongs on this page, we will add it.
You can also read about the two originators here: Brent Busch (Minnesota, Wisconsin, Florida) and Steve Lawrence (Minnesota).
Last reviewed: August 2026