There seems to be some confusion. Just because you have great credit, that's only one aspect of the equation.

I've seen folks with great credit who had a Bankruptcy in their history less than a decade before. You can also have great credit but have a balance of income and debts that leave you with a riskier profile to the typical lender's underwriter (whose making the decision on what program-and what rate-you're going to get ultimately).

If you make great income, or bad income, and have bills like credit cards, boat loans, ATV's, installment loans, appliances financed, etc., that stretch you fairly thin when you factor them in along with a potential house-note, then you can believe you will be considered riskier from a credit perspective. That risk for lender's is expressed in how much of an interest rate you pay.

The lower the risk of the loan, the more the lender is willing to entice and reward you for that lowered risk via a lower interest rate. Conversely, the riskier you are to a lender, the higher the interest rate.

Loans-especially mortgages-are all about the collateral and the ability to repay. The house, the price, the down payment, your credit, your income, the debt-to-income, the loan-to-value...they're all boiled down into those two big-picture categories. What is the collateral, and what is your ability to repay as a potential borrower?

Now another factor that has nothing to do with your income, the house you're looking for, the neighborhood you're shopping in, etc....is the lender themselves. Some local credit unions and banks want no part of complicated borrowers that don't fit into very, very small profiles or sweet spots that they will offer conforming (read: low) interest rates to.

They want huge down payments. They want great income. They want fantastic credit. They don't want any bills on your bureaus. They want cookie cutter. If they don't get it, you are going to pay with a high % rate.

Also, most banks or lending institutions are what are considered "bank-line," products, or that they're line of capital they're lending to you is all their own. They only have a certain number of products, and that restriction means they don't have as much versatility to offer you a program that may reward you with a lower % rate. What they have is what they have in essence. If you can't get a low rate with it, them's the breaks.

In my personal opinion, a broker is going to give you the best opportunity to shop for bank-line products (many have relationships with larger, national banks and their mortgage arms-ala Chase, etc) as well as niche lenders that may specialize in loans that are tailored to customers that present your unique credit and risk profiles.

When a loan officer that works for a broker can shop around multiple different lenders for the best rates and pull in account executives that they work with and can have them compete for his business, it results in lower prices. It's a basic aspect of capitalism in a sense. Competition tends to lower price.

Brokers enjoy this benefit where traditional brick-and=-mortar lenders like a bank or credit union often do not.

So I'd suggest making sure you have the right mortgage professional that has the capability to shop around and find the right fit for the right price (read: Interest rate) for you based on what you want.

If low rate is all-important to you, then let them know. If high loan-to-value (so you can lower your down payment and pay for furniture, appliances, or work on the house) is important, then let them know. Once you give them a picture of what's important then that helps them narrow down the targets for you.

...and the more you tell them, the closer to the mark a good broker will get you in my opinion.

Good luck.