What do we mean when we use the term St. Louis home sale affordability?

It basicially means deciding how much house you and your family can afford which is a personal but important decision.  Consider these factors:  

How much can I borrow?  How much can I put toward my down payment?  What size monthly payment can I afford? 

At Liberty Lending, we take all the time necessary to help you understand the various options you have available to you when considering houses in St. Louis for sale.  For example, if you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments. 

If, on the other hand, you plan on a 15 year mortgage, although you'll be making less payments over time, you may want to make a larger down payment to keep your monthly payments in line with what you can afford.

How large a down payment can I make?

Many buyers look at their cash on hand as their only source for their down payment.  However, there are other avenues that are often forgotten.  One way to fund or partially fund a down payment is by using a "gift."   Parents, grandparents and other family members are often eager to help by making a cash gift toward the purchase of your home. 

There are also down payment assistance charities that can help you.  And, of course, if you are selling a home, the equity you've built up can be applied to your down payment.

But these are not your only St. Louis lending options.  We can help you explore all your down payment options, including low down payment and 100% mortgage financing options that might be right for you. 

What size monthly payment can I afford?

When determining what size monthly payment you can afford, you'll want to consider what other monthly expenses you have.   Tangible expenses such as car payments, day care and utility bills, all play a role in how large a monthly payment you can afford. 

There are also the intangible expenses or lifestyle expenses that you'll want to consider.  Things such as dining out, travel and when you buy your next car can effect how much you can afford for whatever St. Louis home mortgage you're considering. 

How much can I borrow?

This is a question you'll want to get answered before you begin your home search.   This is something that we're here to help you with.  Our mortgage calculators will help you see how your down payment, monthly payment and the amount you borrow are all interrelated. 

We can answer any questions you may have about the mortgage process.  But the best way we can help is by getting you pre-qualified or pre-approved for a St. Louis home mortgage.  To get started, simply complete the form below to let us know a good time to contact you.  We look forward to helping you make your dream home sale affordable. 

(Fill in our safe and confidential short form below to start your lending process!)