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St. Louis Refinancing Group Recommends 3 Vital Tips When Shopping for a St. Louis Mortgage

St. Louis Refinancing Group Recommends 3 Vital Tips When Shopping for a St. Louis Mortgage


St. Louis Refinancing Group Recommends 3 Vital Tips When Shopping for a St. Louis Mortgage

by Floyd J. Tapia

For all those renting or simply wanting to upgrade their home, getting a St. Louis home loan to purchase their dream house is still the quintessential American dream.

Whether you have bought a home in the past or not, homeowners should know the precarious events that could lead to an unsuccessful St. Louis mortgage. These lending tips can actually be applied to a purchase or refinancing.

1. The "Affordability" Clause

The most important question you need to know the answer to before applying for any type of home loan is how much can you afford. In fact, shopping for a home would be a huge mistake before knowing what you can afford to pay and if you can get approved.

In fact, sit down right now and work out your household budget on a sheet of paper. Write down all your expenses including new ones that you'll be taking on such as home insurance, property taxes, etc. Next right down all sources of income that you'll be bringing to the lending table.

Expenses should include all unforeseen problems such as a new roof, water heater, or plumbing mishaps for example.

Many make the mistake of thinking that these expenses are far in the future when in actuality they could happen at any time. But this is not the end of the world. Just plan ahead financially and this will help you to avoid being short money which could lead to payment delinquencies.

2. Did You Take the Time to Discuss the Various St. Louis Home Loans Available to You

Take the needed time to sit down with a professional loan officer and talk about all the various loan options available to you. Would an ARM or fixed rate home loan be better for you? You really need to ask these types of questions before ever applying for that new mortgage loan.

For example, an adjustable rate mortgage may help you get into your home a bit easier compared to a fixed rate loan. Just keep in mind that each type of loan has their advantages and disadvantages depending on your goals.

The worst thing you can do is not take the needed time on the phone or in person with your mortgage professional.

So, don't rush your meeting with your loan officer. Loans no longer happen quickly. Let the professional do their job which in turn will help you get to the closing table faster with successful results.

3. My Momma Told Me... You Better Shop Around

No matter how much research you do, you will never know more than the mortgage broker sitting in front of you. You should appreciate this and use this to your advantage. Don't make the mistake of calling every bank in town and wasting their time. Choose a lender and work with them.

Educating yourself will help you to ask relevant and important questions. Not just the proverbial, "what is your lowest interest rate." There is much more involved with the largest purchase you may ever make.

Simply using these 3 ideas as a financial guideline or map will inevitably help you and your family to buy that dream home by securing the best St. Louis mortgage.

About the Author:
Want to find out more about getting the best St. Louis mortgage, then visit Floyd J. Tapia's site on how to choose the best St. Louis home loan for your needs.

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