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How to buy a new home when you already own a house.
If you are looking to buy a new home, let's talk through your mortgage options and help find the best solution. Our process begins with a quick 10 minute, casual conversation. We will get a better understanding of your goals and get you on the right path to buying your next home.
Home Buyer Consultation Call
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Mortgage rates below the national average
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Mortgage Recast option
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Five-star service to guide you through the homebuying process
You deserve the best mortgage company.
We have an unwavering commitment to our clients. Read a few of our 200+ reviews on Google, they will tell you better than we can! You can can count on our commitment to being available when you need us, answering your questions, and handling your loan with the care it deserves. Our company is built around owners and stakeholders, rather than employees. Quite frankly, your satisfaction means more to us.
Our mission is to help you save. You work hard to afford your home, don't pay more than necessary. We monitor our rates everyday to make sure that we are giving you the best mortgage at the lowest rate possible. Since our company is built around owners, we have eliminated high sales commissions which results in lower rates for you.
Our family has over 50+ years of combined experience helping families buy homes. We have closed thousands of loans for people just like you, giving us the experience and expertise to close your loan quickly and efficiently.
Buying a home when you already own a house.
Buy before you sell and Recast
Assuming your can qualify with both house payments, and you have at least 5% in liquid funds for down payment, you can buy before you sell. Our Mortgage Recast feature allows you to pay down your new loan once your current home sells and lower your payment based on the updated balance.
Make a contingent offer
If you can't or don't want to carry two mortgages for a period of time, you can make a Contingent Offer on the new home. This simply means that your purchase of the new home is contingent on the sale of your current home. Once you get a contract on your new home, you can schedule the closing dates for both the sell and the purchase for the same day.
Turn your current home into a rental
Converting your current home to a rental property can be a great option if you like real estate investing. Once you have a secured tenant, you can use the rental income to offset your existing mortgage payment for qualification purposes.
Mortgage Rates for Home Buyers
Your mortgage rate is an important factor in your home buying affordability. Our company is built to offer lower mortgage rates which will help make your next home affordable.
On average, our mortgage rates are .326% lower than the national average. This equates to $23,836 in life of loan interest savings. See details on rate savings calculation here.
Popular Home Buyer Topics
Homebuying Logistics
Are you going to buy before you sell? Is a contingent offer more comfortable? We can discuss pros and cons for your options and determine what works best for your financial situation.
Program Qualification Requirements
We can discuss your particular financial picture to prepare you for the documentation and underwriting requirements specific to your situation.
New Home Affordability
One of the most important parts of the homebuying process is to determine your home buying budget. We can talk real numbers in regards to down payment and new monthly house payment.
A human experience with online ease.
1. Consultation
Our 10 minute consultation is quick and casual. Help us understand your goals so we can put you on the right path.
2. Application
Apply online or over the phone. We will give you a same day preapproval and get the loan process started.
3. Processing and Underwriting
Our loan process blends electronic document submission and automated updates with a human touch. We are always available to answer your questions.
4. Closing
Electronically sign some of the forms before closing, and then meet us at the closing attorney to sign the notarized documents.
Become our customer and we will make you a fan.
"answering every question we had"
Travis and Colton were so helpful in walking us through the loan process from start to finish and answering every question we had! They worked extremely hard for us to get us the best rate possible and ensure our loan closed on time!
"made the purchase so easy and seamless"
Worked closely with Travis and Chase on the purchase of a property in Collierville. Returning to Memphis from Washington DC was a heavy lift, but local mortgage made the purchase so easy and seamless. We were able to lock in a great rate and we cannot be more happy with the communication and process. Would highly recommend!
"professional, knowledgeable and incredibly responsive"
I had an outstanding experience with Local Mortgage! From start to finish, their team was professional, knowledgeable, and incredibly responsive. They guided me through every step of the process, ensuring everything went smoothly and on time.
Our Approved States
We are located in the heart of Memphis, Tennessee and proudly serve our hometown of Memphis and the surrounding areas. Being a local mortgage lender, we are able to provide the best mortgage at the lowest rate to the communities and neighborhoods where we work and live.
By investing in the best technology and committing to the highest levels of service, we are able to deliver our hometown service across a wider geographic footprint with no sacrifices. Home buyers and homeowners in the states listed here can also get the best rate and experience our five star service.
Colorado
Florida
Georgia
Mississippi
Tennessee
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