Why use a local mortgage loan service provider instead of one of the "Big Name" lenders you hear advertised all over the TV, radio and Internet? The ads sound great with incredibly low interest rates, fast approvals and more.
Local lending professionals are highly recommended when you are buying your new home. For one thing, local lenders live and work in the communities you are looking to move to. They know the financing dynamics for our areas as opposed to someone in an office in California.
Perhaps one of the primary advantages of using a local lender is so that you can have all loan options available to you for your home purchase and not just the "traditional" financing options. Another tremendous advantage in today's competitive buying market is because sellers and their listing agents are more confident in local lenders. Finally, a local loan officer is available to meet with you face to face to discuss the various loan options available to you. Most of us do not buy a home every year, and lending guidelines can often change several times a year so having a friendly face to walk you through from application to closing can be invaluable. Finally, the entire loan process is often handled locally and not another state.
A Focus on Down Payments.....
Did you know that most home buyers do NOT have to have the traditional 20% down payment in order to purchase a home? What does that mean? Well, on a $200,000 home, a 20% down payment would be $40,000. Many buyers, particularly first time home buyers, do not have that much cash saved for a down payment. Local lenders know about loan programs with as little as 3% down. Even better, some local lenders have partnerships that allow a buyer to purchase a home with no money down. That is $0 dollars for a down payment! (Closing costs, pre-paids, etc. are different but even those costs can be lowered significantly for the home buyer. Call Lisa or Stephanie for more information on this.)
For example, some Memphis homes and buyers may qualify for a $15,000 grant that can be used for the down payment, closing costs and pre-paid items (subject to availability). Mississippi offers a grant of up to $7000 that can be used for a down payment, closing costs and pre-paid items. Our local lenders have access to these programs and are happy to help our home buyers.
If you have a 20% down payment - GREAT! You most likely will not have to pay any mortgage insurance AND your loan may be somewhat easier to approve. Feel free to call Lisa or Stephanie to discuss your overall goals. We will be delighted to match you with lenders we think will be able to provide you with the best service possible.
A Focus on Confidence.....
In today's market, sellers are often receiving 5-10 offers on their home within 24-48 hours of listing it for sale. What does that mean for buyers? It means that you offer better be very strong in order to be considered seriously by sellers. One aspect of a strong offer is the pre-approval letter and the lender that issues it. The more well known (and well respected) the loan officer and company are in the market, the better chance you have of getting your offer accepted. Some sellers will consider a lower sales price for their home if they are confident that the loan officer has done a thorough job in their pre-approval process. The last thing the seller wants is to take their house off the market, move out, and find out five days before closing that their buyer cannot get the loan. Even worse, as a buyer, you don't want to spend money on an appraisal, home inspection and various other inspections just to be told you cannot qualify for the home at the last minute either.
Our local lenders want to see you get the home of your dreams and they want to make the process as pain free as possible. Stephanie and Lisa would be happy to go over your goals and recommend professional mortgage loan consultants to you.
Check out some of our recommended local loan officers below. Go ahead and give them a call. There is no charge for the consultation. Be sure to tell them we referred you too!