Helping Home Buyers Get The Right Mortgage

Published 3:55 pm Friday, October 23, 2020

Sponsored by Bank of England Mortgage – Oxford

By Hayden Wiggs

When asked why he chose to work in Oxford, Mississippi, Jake Ott, an Ole Miss alumnae and Mississippi native, said that “Oxford is such a great place. I love this town and especially its people. I want to do what I can to help people call it home, build equity and achieve the American dream.”

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His passion for aiding clients compels him to inform each one of the pre-approval process. Pre-approval is a full application for a line for credit secured against a known or unknown property as collateral complete with all of the income, asset and credit information a lender needs to qualify a client for a home purchase.  Once pre-approved, the only remaining piece is the property, or collateral itself which is usually a formality.


With a pre-approval from a local lender like Ott on a client’s side, the home buying process becomes simple, streamlined and stress-free.  He says it is important to stay on top of the ever-changing rules and regulations (which are many), especially during these unprecedented times.  Also, all hurdles are crossed in the pre-approval process, as are establishing a specific budget, getting a firm grasp on the costs to be expected, and knowing exactly what to expect throughout the process.

“With a pre-approval in hand, clients are empowered with tons of knowledge which allows them to manage their own expectations as well as their family’s. Nobody wants to put ideas of a mansion in their partner’s mind when that might not be reality,” Ott joked. “That never works out well for anyone.”

He said the reverse is also true; you do not want to settle for just anything when your dream home could in fact be your reality. With a pre-approval, these things are all handled before even searching the web.

“Most of the time, we’re closing pre-approved deals within two weeks,” said Ott. “No big deal when pre-approved. If you are not, it could drag out for months.”

He then launched into a scenario, explaining the incorrect steps that people often take as they go through the home buying process. Ott cited mistakes such as unrealistic expectations and going straight to a paid advertisement-linked number to realtor on website while viewing a house they like.

“When people go home shopping without a pre-approval letter, they open themselves to myriad of challenges, surprises and obstacles,” Ott said. “Even the most seasoned and financially sound home-buyers run in to unforeseeable issues all the time.  This is why the first step is always to get pre-approved by an experienced, knowledgeable and local lender.  Let us take the stress and uncertainties out of the process before you even do a search.

Another thing is strengthening your offer with the pre-approval letter.  When there are competing offers as there often are in this smoking hot real estate market; the offer with the pre-approval letter attached wins every time.

Ott’s Bank of England branch is dedicated to ensuring that its Oxford customers experience this stress-free process by providing them transparent and professional services meant to serve the customer’s needs.

“When you come to the Jake Ott team at B.O.E. Ole Miss, you are coming to a team who knows every single player in the game, on all sides of every transaction,” said Ott. “We seamlessly interact and constantly communicate with every borrower, Realtor, insurance agent, the title attorney team and appraiser to ensure a seamless transaction. And, because I care about Oxford and I care about the people here, I take every file very, very personally, because it’s my livelihood and it’s your life.  It’s not work when you love what you do and all the players in this market.  Everyone we deal with is awesome around here, and it truly makes it a wonderful and rewarding thing to help people achieve home-ownership all while dealing with friends and great people all day.”

For Ott, the job is all about communicating with his clients.

“Even if you call me at a restaurant,” he said, “much to my girlfriend’s chagrin, I’m going to pick up the phone! We want to be accessible, and I want each client to feel like they’re my only client. I want them to know I’m there for them, to lay out all the information on the front end so they can relax until it’s time to close. That’s the name of the game.”

Ott’s extensive knowledge comes from his several years in the mortgage lending business. After receiving his M.B.A. from the University of New Orleans in 2011, Ott was brought into the New Orleans mortgage business by a dear friend and his dad

“At the time, I wasn’t even sure how to spell the word ‘mortgage,’ much less anything about the industry,” Ott joked.

Five years later, he moved to Oxford and later opened a branch for The Bank of England. While the company is slightly smaller than some of its national competitors, Ott considers this to be one of their strengths.

“It’s a wonderful company,” Ott said. “We have autonomy, and we have the ability to push loans through when necessary because we have a direct line to the people that run the

company and can make quick decisions. They work hand-in-hand with us to be sure we are all on the same page and are working towards perfecting our process and treating each client as if they are our only client.  Our team of six is incredible; we all work together on files and we have a good time helping folks make houses their homes. No matter what the challenges are, we keep it positive. We stick together, we’re a family and we will go to bat and fight harder than anyone for each and every client. That’s what sets us apart.”

With the Jake Ott team, home buying in Oxford has never been easier. Attentive staff, local lenders, and a business dedicated to its town and market make for a fast, stress-free experience.

For more information, please contact Jake Ott of Bank of England Mortgage by calling 662-832-4663, or emailing