As far as your question is concerned... using either a bank, credit union, or even mortgage broker can yield the same results. The reason is that, for the most part, all of these loans wind up in the same place... these institutions roll up a bunch of these loans that they make and sell them on Wallstreet (which is why many times you get a loan from one place... then the loan is "sold" to another institution that takes over responsibility of sending you your monthly bill). This means that investors wanting to purchase these loans for the most part will require the same qualifications for borrowers.
As far as rates are concerned... again... rates can move daily, and won't stop until you lock your rate in. I normally advise clients to talk to people they know to see if they can recommend a good lender. (Someone that they have worked with before)
If you cannot get a solid referral for a lender, then talk to the bank and the credit union. For someone to say that one has lower rates or easier qualifications is just unknown. It truly differs from institution to institution.
Good luck and have a great weekend!
If this has bene helpful, I would appreciate some feedback.
But as far as you are concerned (the borrower) I think the real difference is essentially the cost of lending, and I don't believe there is an upside or downside as a hard and fast rule between the two types of institutions.
So I would simply compare rates and closing costs of each lender you go to and figure out which one offers you the best deal and run with that.
The only other thing I would say is this: Sometimes it is good to develop a relationship with a bank, especially if they DO hold your loan in-house (don't sell it to someone else), keep your accounts there, etc. In the future it may be easier to obtain loans through them.
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, WY 82070