Don't do banks. They're slow as hell and many have lost homes in escrow due to the bank dragging their feet. Sellers don't like buyers who insist on using a bank.
Don't do credit unions including those that people like for credit cards like Navy. Navy is good for cards and cars. Not for mortgages. They're just another terrible call center lender as far as home loans. Small credit unions may be good for portfolio non-QM situations where regular QM won't work. I cry everytime I see a post on this forum from someone asking about getting a mortgage from Navy.
Don't do mortgage companies that advertise on TV or radio including the one with the rocket. Somebody has to pay for the high marketing costs. And they cut costs by using call center loan officers that have no previous experience. They profit on volume from leads generated by TV and radio.
Go with a good mortgage broker who will connect you with the best mortgage lender for your financial situation. You get a low rate and costs that are within distance of the absolute lowest cost possible. Online lenders may be good for those who are refi only and have a squeaky clean W-2 profile free of any self employment, credit blemishes, frequent job hopping, etc.
The main takeaway is to just say no to banks and large credit unions.
Starting Score: 640
