Local lenders know the area, use local appraisers and work well with real estate agents to get things closed in a timely manor. But using smaller brokers will guarantee your mortgagee sold at closing. Using a major bank like Wells Fargo also has it’s advantage. They have many programs and also local mortgage reps. Depending on the programs they may keep your portfolio within Wells Fargo. Bottom line is who gives you the best rate and lowest fees. After closing, it’s just you and your monthly payment.

Using a local lender provides for a smooth transaction. It's also much smoother when your mortgage rep, the attorney and your real estate agent have continuously worked together as a team in the past and have a good working relationship when it comes to advocating for their mutual clients.

The important thing is to use a strong lender who will still be around in the future. The seller wants the best offer, not just the highest offer.