How much is the credit?

A. It’s one percent of your loan amount up to a maximum of $5,000.

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. 

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.

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.

​ 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 866-957-9770 with any other questions.