St. Louis Home Loan: 3 Simple Rules When Shopping
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.
Our goal is to help potential homeowners to avoid the obvious and not so obvious pitfalls of a mortgage
disaster. The Federal Reserve has released recommendations that we would like to echo at this time.
These home loan tips can help when applying for a St. Louis mortgage or refinancing loan.
1. The “Affordability” Clause
Maybe it’s not so much a clause but rest assured a vital point for you and your family to discuss… how
much can you afford. You must have a clear idea of this before you ever go out shopping for a home or
starting the mortgage process.
In fact, sit down right now and work out your household budget on a sheet of paper. Write down all you
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.
Don’t forget to put income aside for unexpected housing costs such as a new roof in a few years or that
leaking plumbing ordeal or when the hot water heater breaks down.
Believe me, this will undoubtedly help you to responsibly deal with your long term finances and could
very well mean the difference between a successful payment course or falling delinquent and possibly
into foreclosure.
2. Understanding the Different Types of St. Louis Home Mortgages
Due to the fact that there are so many different types of mortgages justifiably demands that you take the
time and discuss the pros and cons with a mortgage professional. When it comes to a fixed-rate
mortgage, would a new 30-year mortgage be the best for you and your family or perhaps a 15-year
home loan put you in a better financial condition?
An adjustable rate mortgage may be the best home loan for you today but have you taken into
consideration that your payments could increase in just a few short years?
This is another important reason why you must take the time and plan on spending more than just a
couple of minutes on the phone with a loan officer.
And remember to be patient and courteous at all times. Loans don’t happen overnight. Most mortgage
professionals sincerely want to assist you in reaching your home ownership goals. Working together
will make the whole loan process more efficient for everyone involved!
3. My Momma Told Me… You Better Shop Around
NOTE: This does not necessarily mean calling every banker or St. Louis mortgage broker in town and
wasting their time. Learn to take the time to do your own research first conveniently online or at the
library. Educating yourself will help you to ask the important questions. Not just the proverbial, “what is
your lowest interest rate.” There is much more involved with probably the largest purchase you will
ever make.
By following these 3 simple yet critically important steps, you will be ready to move forward with your
St. Louis home loan. Now would be the time to visit with your lender.
By the way, a mortgage broker can actually do all the shopping for you by obtaining various loan quotes
from various lenders thus saving you valuable time and money.
Liberty Lending Consultants is just one of many local brokers in St. Louis who have a long term and
successful track record in taking the needed time and care in making your St. Louis home loan a
prosperous financial journey. Call us now at 877-334-0210 and our St. Louis home loan experts will
assist you in getting the best mortgage for you and your family.
References and Resources:
http://www.google.com/profiles/floydjtapia
http://www.libertylendingconsultants.com
http://www.podcastalley.com/podcast_details.php?pod_id=88945
http://www.articlesbase.com/mortgage-articles/st-louis-mortgage-experts-release-5-more-clever-home-
buying-and-refinancing-tips-1939453.html
http://www.thefreelibrary.com/Get+the+Best+St+Louis+Home+Loan+with+These+5+Smart+Home+B
uying+Tips-a01074062992
http://www.libertylendingconsultants.com/St_Louis_Home_Loans
http://www.stlouisrefinancinggroup.com/st-louis-mortgage-news/st-louis-home-loan-analysts-say-11-3-
million-homes-underwater
http://www.articlesbase.com/finance-articles/get-the-best-st-louis-home-loan-with-these-5-smart-home-
buying-tips-1968362.html