First time buyer

Dave has good advice. One difference that will not be transparent is that the Mortgage Broker will have to disclose the Yield Spread (the amount the lender pays the mortgage broker to provide you with a higher interest rate) and a Mortgage Banker might not.  This can make it look like the Broker is taking advantage of you.

A Banker who charges a higher rate but doesn't disclose a Yield Spread is still receiving compensation above and beyond the Origination Fee. We both get our money from the same sources but are governed differently.

Origination Fee, Processing Fee and Yield Spread all contribute to Broker and Banker compensation.

Don't just look at the APR or Interest Rate/Closing Costs to make your decision. Realistically look at how long you see yourself in your home or that mortgage and determine what the Break even point is between the Estimates is. You might be surprised at the outcome.

Look for an experienced loan officer, whether it be a bank or mortgage company.  Most of the questionable mortgage companies that appeared during 2004 - 2006, when loans were flying out the door and risky loans were being sold, area gone.  Banks are somewhat limited to the various loan products on the market and some are still adjusting to some being bought out by others.  Mortgage companies usually have access to a wider variety of loan products.

Shop around and get estimates from more than one company or bank.