bank or broker? what is best option?
Personally, I would that a broker is a better choice. Brokers usually have relationships with several banks and lenders and therefore can offer more choices. Also, if you work with an honest broker, like myself, they will educate you on the entire process, including fees, etc. Example: I charge 1%...

Do I have to wait for the purchase contract to apply for a mortgage loan?
Yes. Just about all lenders are now requiring a purchase contract prior to allowing a loan to be submitted. This is due to the new Good Faith law. I have one lender who will a "To be determined" application. Let me know if I can be of further assistance.I hope this helps.Tracy KellyKelly Mortgage...

Will a refinance negatively affect my credit score ( FICO)
No, refinancing your property should not negatively affect your credit score. There are several things that can, and do, affect your FICO scores. Losing points for voluntarily closing accounts is just one of the unexpected ways you can hurt your credit scores, those three-digit numbers that...