Mortgage Broker vs local Credit Union

[Okey Lawrence]

What would be the wise choice when looking for a mortgage on a personal residence  near Raleigh Nc. 

 Mortgage Broker or a local credit union? Pros and Cons? Any recommendations?

Persons Basic info

fair-good credit score

5-10% of down payment

Loan amount  $190-$220

Borrower will live in the home

[Chris Mason]

If curious for context on our end, odds are the product offerings will be very similar for vanilla 30YF. 

However, there are differences, and here are a few reasons I choose not to work for a depository institution (bank or cu)...

• Better speed at a mortgage-only firm. No non-mortgage distractions. Focused culture. 
• Better flexibility and reliability. Typically a bank or cu will have exactly one 30YF product for your loan amount, and it'll be riddled with ridiculous overlays that kill deals for no good reason. I don't look at XYZ Bank or ABC Credit Union guidelines when someone asks me "can we do it?" - I look at fanniemae.com and freddiemac.com directly to start with, and from there if necessary to some of our brokered portfolio products. That can't happen at a bank or cu where no one is licensed to broker mortgages and you have overlays (written and unwritten!) all over the place mucking things up as a captive vendor that can only offer one firm's products. 
• No cross selling. If you believed what typical management at a bank or cu tells you (& what they list in public job descriptions when positions are available), everyone that applies for a mortgage also needs a new car loan and 3 new credit cards. Some will even invoke the strategy of, at the last minute after all contingencies have been released, forcing you to switch your primary checking/savings over and set up direct deposit, or your deal is nixed and/or your interest rate is jacked up at the last minute. Screw all that, waste of everyone's time and destroys trust.