This is a conforming mortgage, like VA loans or FHA loans. The term “conforming” is used to describe the bank and the guidelines the bank is required to adhere to to be eligible for insurance under that administration. If they plan to provide loans to anyone else it is required that the bank follows these guidelines.
An agent is a broker who is usually connected to various mortgage companies. This person helps people find the most competitive rates and offers and does not have a preference for only one lender.
Choosing between a bank or agent is often a difficult decision. For those who want the lowest price could benefit of working with an agent. But, using a credit union might be an excellent idea. Some credit unions offer better overall loan rates over other institutions. You may want to look at rates offered by other companies before proceeding looking for mortgage loan funds.
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