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St Louis Home Mortgage 3 Simple Rules to Remember When Loan Shopping





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 mortgage 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 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.

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 becoming delinquent and possibly falling 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. The more information you have, the better decision you will make.

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 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.

Now would be the time to visit with your lender or mortgage broker. In fact, a mortgage broker can actually do all the shopping for you by obtaining various loan quotes from lenders thus saving you valuable time and money. With that being said, following these 3 simple rules when shopping for a St. Louis home mortgage loan will inevitably make your loan process easier and much more pleasant.
About Author Floyd J. Tapia :

Floyd J Tapia recommends Liberty Lending Consultants at (314) 698-4092. They are one of many St. Louis brokers who have an impressive track record in taking the needed time and care in making your St. Louis Home Mortgage Loan a reality! <a href="http://www.libertylendingconsultants.com" target="_blank">http://www.libertylendingconsultants.com</a>


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Article Added on Wednesday, December 30, 2009
LD
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