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Real-estate recommended mortgage broker or credit union?

My real estate agent recommended a mortgage broker to me to potentially use, and I contacted him (and he seems very helpful and thorough... I like him a lot so far). However, I am a member of a credit union, whom also have my car loan at a great rate and I have a good payment history with. I am trying to buy my first house, and I was thinking it would be wise to compare the recommended lenders rates with the credit unions. I was afraid though, if I look at both, will the lender whom I do not end up borrowing from try and charge me for going through the pre-approval process and getting my rate quote, etc.? Any ideas on what this can run?Does anyone think its worth checking the credit union also? With the recommended broker, he said he'd be trying to get me an FHA loan. Unsure what the credit union options even are right now, as I haven't asked yet. I am in Houston Texas.
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August 06 2012 - Houston
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Most loan officers do free loan preapprovals.
And it is wise to compare.
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August 07 2012
Relax and compare quotes from both. Neither can charge you an upfront fee other than for a credit report, until you decide which one to go forward with a loan application. Ask each for a quote on an FHA loan program at 3.5% 30 yr or 3% 15 yr, and compare closing cost figures from each. I would expect the cost would be with in a few hundred dollars of each other, so you will ultimately make your selection on other important factors.... expertise, experience, reputation, and past performance.  Include how long they take to close an FHA loan...........be sure to get pre approved by selected lender before you proceed to house hunt.  Good luck.
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August 06 2012
 
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