Wachovia has announced that they will now imposed minimum credit scores on products they did not have one in place. They did not disclose the specific products or what the scores are, but this does mean that Wachovia is getting tighter on offering mortgage loans.

For those going directly to a bank, please consider that a bank has its limitations. If they do not have the mortgage loan you need (or are having trouble approving it) they are limited to just the select few mortgage products they have. A mortgage lender / broker will have several more options to work with and should one lender have certain areas they can not get past to approve your loan, a good lender / broker has the ability to place the loan elsewhere.

As far as higher fees and rates, my experience is that banks can actually cost you more than a good quality lender / broker. Why? For example, you do not see any stadium or ball parks named after Ed Nailor. However, there are many big bank names tied to major arenas. They have to cover those costs in their retail offerings. As someone that works in Wholesale money, I can get mortgage money that does not have all that extra fluff built in. This allows me to be more competitive that the big banks majority of the time!