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St Louis Mortgage Consumers Here Are 5 More Innovative Home Buying and Refinance Tips





Although the St. Louis mortgage and real estate market has drastically changed over the last 18 months, there are ways that consumers can avoid or at least minimize the home buying stress factor.

The following five simple yet ingenious tactics will help in making your St. Louis home loan and home buying experience a better one that will yield positive results.

1. Do not make the mistake by waiting to apply for your loan -

Reports from Washington issued in early January announced that the Fed plans on halting all purchases involving mortgage-backed securities by March of 2010. This was not good news since experts feel this will undoubtedly raise interest rates costing homeowners thousands of dollars in savings.

2. Your credit report may no longer be the ideal factor concerning your loan -

The first thing you should immediately do is secure a copy of your credit report. You must analyze this report carefully and look for errors that could lead to lenders charging you higher fees, rates or completely denying your application. In today's mortgage world, a FICO score of 740 or higher will net you the best rates while anything under 620 may derail your buying plans.

3. Down payments are playing an important role in getting a loan -

Lenders all over the country are tightening their credit belts which means there is less money available for purchasing a home or a St. Louis refinancing. For those who have a down payment, lower rates are in your future. On the other hand, for consumers who have a low down payment or none what-so-ever must look at other options such as an FHA-insured mortgage, a VA or Rural Housing Service loan.

4. Try this when refinancing your home -

Most homeowners automatically think they must start all over again with a new 30-year St. Louis mortgage when refinancing. But this is not the case. Ask your lender or mortgage broker to amortize numbers allowing you to refinance with the remaining amount of years on your old loan. You will probably save even more money.

Of course all loans will vary with the situation at hand. Only those who are under financial strain and need a considerably less lower monthly payment should consider starting over with a new 30-year loan.

5. Taking advantage of the extended tax credit may or may not help -

The extension of the home buyer's tax credit would logically be a great reason to move forward with your impending home purchase decision. The savings are quite attractive.

Now having said this, be careful as to not rush into an unwise buying decision. This savings should be a "bonus" and not the deciding factor. Keep in mind that staying balanced in this matter is as equally important as not missing the tax savings and lower interest rates which may not happen again any time soon.

Smart home buyers always do some additional research and planning when buying a new home. And this really doesn't matter whether it is your first or fifth purchase, these five home buying suggestions will work for you as they have already worked for countless millions.

For those who have little money for a down payment or who suffer from a lower credit score should probably wait to apply for that new loan. Taking time to correct these financial inadequacies will save you an unbelievable amount of time and money and will ultimately make your future St. Louis home loan a success.
About Author Floyd J. Tapia :

Want to find out more about a <a href="http://www.libertylendingconsultants.com" target="_blank">St Louis mortgage</a>, then visit Floyd J. Tapia's site on how to choose the best <a href="http://www.articlesbase.com/authors/floyd-j.-tapia/271441.htm" target="_blank">St Louis home loan</a> for your needs.


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Article Added on Thursday, March 11, 2010
LD
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