St. Louis Refinancing Group is proud to announce their new page located at Facebook. We look forward to serving our St. Louis clients with more up-to-date news and tips in the home mortgage and in the homes for sale Saint Louis real estate fields. We invite all existing and new clients to visit and take part in discussions and upcoming events. We strive to keep St. Louisans aware of changes in this industry and always tries to find what’s important to them.

St. Louis Refinancing Group strongly recommends calling our associates at Liberty Lending Consultants – “The St. Louis Home Loan and Refinance Experts” for all your lending needs. Their number is (314) 698-4092. Steve Swan or Doug Stahlschmidt are ready to assist you in attaining your goals and making that dream home a reality!

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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 apply to purchasing a St. Louis new home or refinancing an existing mortgage.

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 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 and apply for your new St. Louis Home Loan today!  Apply for Your St. Louis Home Loan Right Here