What lender should you work with?
This is a question I get asked all the time. So much of the decision is based on what type of property you are purchasing, and your avaible cash to purchase combined with your personal credit scores. Lately ( 9/09) I am encouraging my Buying Clients to work with local banks versus the bigger national banks.
Why? The majority of the local banks , and credit unions, it seems did not have to ask for any kind of government bail outs. Many of them have their own local underwriting which makes the loan process so much simpler and managable. Atlthough they may not have THE very best of the rates offered, these local lending institutions are very familiar with their local area - values, trends, etc. Because they are smaller they look very closely at the investments they make. They are not some mega bank that thousands of employees working in hundreds of different locations/departments that are just "doing a job". Local banks and credit unions are filled with real people who can address real problems, and generally when you call them you will reach a live person not an automated receptionist and voicemail!
Of course there are times when working with a mortgage broker who shops loan products or a large national bank does become advantageous depending on the Buyers individual needs. I would say talk to a local bank with in house underwriting first and then if you don't like what you see, shop around.