SPECIAL FINANCING FOR
1234 Main Street
$450,000
$5,000
Max. Total Credits
Financing Options for This Home
This home listing is eligible for a Local Mortgage Lender Credit of 1% of the loan amount (up to $5,000).
This must be applied to the closing - but can be used in many ways such as; toward a buydown subsidy to reduce the rate temporarily or discount points to buy down the rate permanently, or for buyer's closing costs.
5%
DOWN
PAYMENT
30 Year Fixed Rate
CONVENTIONAL
1 discount point pd by seller
%
NOTE RATE
7.500
7.633
%
APR
1 discount point paid by seller and $2,500 Local Mortgage lender credit applied to discount points to reduce rate permanently.
Rates as of 10-25-23 - Subject to change.
3%
DOWN
PAYMENT
30 Year Fixed Rate
CONVENTIONAL
97% Financing
%
NOTE RATE
7.625
7.771
%
APR
1 discount point paid by seller and $2,500 Local Mortgage lender credit applied to discount points to reduce rate permanently.
Rates as of 10-25-23 - Subject to change.
5%
DOWN
PAYMENT
30 Year Fixed Rate
CONVENTIONAL
1/1 Temporary Buydown
%
START RATE
6.625
7.728
%
APR
Start rate in effect for first two years, then note rate of 7.625% applies thereafter. Buydown subsidy of $10,213 paid by: Seller $2,500; Lender Credit $2,500, Borrower cost $213.
Rates as of 10-25-23 - Subject to change.
FOR CURRENT RATES AND TERMS ON THE OPTIONS ABOVE, PLEASE CALL US AT 901.504.4663
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* Available exclusively on this and other specially-designated home listings registered by their listing agents in advance with Local Mortgage. Seller credits when expressed as a percentage are based on the sale price; Lender credits when expressed as a percentage are based on the loan amount. All loan program options shown for highly qualified, owner-occupant borrowers. Subject to qualification with applicable lending guidelines and regulations. Property insurance required.
Questions and Answers About Our Lender Credit
Q. How much is the credit?
A. It's one percent of your loan amount up to a maximum of $5,000.
Q. What can the credit be used for?
A. Paying for buyer's items at closing (other than down-payment) including: discount points, temporary buydown subsidies, closing costs, etc. May not be used for non-mortgage related expenses.
Q. Does receiving the credit mean my interest rate will be higher than if I didn't get a credit?
A. No. You'll still get our same low rates as any other borrower would. We reduce our margins to offer these credits on specially designated listings from our real estate industry partners.
Q. Why does Local Mortgage offer these credits when most other lenders do not?
A. In a word - marketing. Most mortgage lenders source their business from loan originators who are paid a commission (typically 1% of the loan amount) on each loan they close. Instead, we market directly to consumers and indirectly by partnering with professional real estate agents. In return for our offering these credits - which may make their listings more attractive to the marketplace, we require listing agents register each listing to participate as well as including our promotional materials in their listing information and flyers in their open houses. This places our marketing information in front of likely homebuyers which is well worth the expense of offering the credits to us.
Q. Is the credit available on other homes?
A. Possibly, but only if the home listing has been registered with us in advance by the listing agent and is participating in this promotion. Any licensed real estate agent may register a listing with us for participation, provided they comply with the marketing requirements of the offer and the listing is on the MLS system.
Please call us at 901.544.4663 with any other questions.
Great Service - No Compromises
We started Local Mortgage to bring something different to the mortgage market. For a while now, customers have had to choose between low rates with technology driven companies, generally sacrificing on service or getting typically higher rates from local loan officers that sometimes offer a higher level of service than their online counterparts. Not anymore…
If you want the best rates, great products and the right blend of technology with a human touch during your mortgage process, you are in the right place. When you are ready to buy a home, you will feel at home with Local Mortgage.
