Buying local is a preference to purchase locally produced goods and services rather than those produced farther away. In Mississippi real estate, that includes using the services of a local lender rather than a company thousands of miles away in another state that is unfamiliar with the Mississippi real estate market and laws.

Buyers are often tempted to find an on-line lender to quickly get access to a prequalification letter to submit with an offer. What could possibly go wrong?

·         Your lender is factored into a decision to accept or reject your offer. A prequalification letter from a local lender fairs better in a bidding war because of the agent’s past experience with an out-of-state or on-line lender.

·         There is much more to selecting a lender than choosing the lowest interest rate. All mortgage lenders are not the same. Factors to consider:

o   Is the lender easy to reach by phone?

o   Do they promptly respond to questions via text, email or phone?

o   Do they provide a realistic estimate of what you will need to bring to closing?

o   Is the lender transparent with the loan original fees and application fees?

o   What do their past clients have to say about their level of service?

o   Do they have knowledge of different mortgage products and present an option that works best for you?

The agents at Right Size Realty have extensive experience working with reputable local lenders. Call us! We would be glad to refer you to several local lenders to help you with the prequalification process.

References:

Lisota, K. (June 27, 2013). Reasons why you shouldn’t use an out-of-state mortgage lender. Findwell Blob. Retrieved from: https://www.findwell.com/blog/mortgage/reasons-why-you-shouldnt-use-an-out-of-state-mortgage-lender/