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St. Louis Vets are Seriously Underwater—and It’s Not Their Fault

With underwater homes in St. Louis and across the nation at their lowest rates in years, homeowners seem optimistic about the housing market, as any St. Louis mortgage broker would agree. However, one core group of Americans has not felt this relief, and in St. Louis, a closer look at the data tells a different story. The term “seriously underwater” is as grave as it sounds, and it applies to a shocking number of St. Louisans. “Seriously underwater” is here defined as a home where $1.25 is owed for every $1 the home is worth. In their year-end home equity...
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My credit score is low, but I don’t want a high-interest loan!

  Credit scores have a reputation for being rather complicated and frustrating. Whether or not you understand the details of how they work, it’s important to understand that credit scores determine your ability to take out loans. A bad credit score can prevent you from making important financial decisions. But before you have to worry about getting a loan in St. Louis with bad credit, let’s focus on the steps for establishing good credit.     It’s important to remember that ending up with bad credit is easier than you think. Just a couple of months of missed payments can...
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From Zero to Closing in Just 7 Steps

While it can be said that lenders have varied criteria regarding their approval or denial of loans, there are common threads between each. We’ve compiled a handy list of actions and things to be aware of during your mortgage approval process. Gather Documentation – Before applying for any type of mortgage loan, you can save time by gathering the necessary documentation beforehand. Any lending institution will have a list of required documents on their website, or they’ll have a toll-free number to call. It also helps to have a head start on documents that require some shipping or clerical work to...
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Liberty Lending’s Top 10 Tips!

Make sure a personal loan offers you the best deal. Check if there are other types of loans that could serve your needs better. For instance, you could take out a home equity loan or line of credit. Sources that offer personal loans include banks, credit unions, and online lenders. Each of these offers a range of interest rates, and their terms vary. That’s why you should shop around and find a lender whose loan best fits your needs. Look at ALL the expenses when you are budgeting for the house: When budgeting for the house, don’t stop with principal,...
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Monitor the Market and Strike While the Iron’s Hot!

A first time home buyer should be like a hawk—surveying the local and regional real estate market. By knowing how the market behaves, a first time home buyer can monitor the selling prices of comparable homes in their area, which thereby allows them to be a bit more knowledgeable when going to look at homes. Web sites such as Zillow can give a first time home buyer a general idea of what’s out there. Real estate listings are also abundant on the Internet, through sites like the National Association of Realtors®. It’s a good idea to create a few Google Alerts for when...
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Know Your Homebuyer’s Rights and Don’t Get Left Out!

It doesn’t take much to feel out of your depth when it comes to buying a home. Slick realtors and TV show tycoons are just itching to trick you and stick you with the bill—preferably with a hefty fee tacked on for them! But all of this can be avoided if you know your homebuyer’s rights! You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders. Look all around town, do your research: Liberty Lending has the best deals in town! You have the RIGHT to be informed...
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Conventional Loans Versus FHA Loans

This blog is a comparison between conventional loans, also called fixed-rate mortgages, and Federal Housing Authority Loans (FHA Loans). The other loan types–VA loans (for veterans) and USDA Loans (for rural development, or farms)–are a bit more straightforward in their intended audiences and qualifications.  Most people have an idea of what a conventional loan entails, but are less aware of the pros and cons of FHA loans. Since conventional loans are a good basis for comparison for any any other loan types, they’re a good way to understand exactly why one would opt for an FHA loan, if such an option presents itself. Definitions A conventional loan...
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What Do I Need to Refinance?

To some, the word “refinance” has a stigma attached to it similar to bankruptcy; the idea of it brings about concern over the desperate state of the homeowner using their house as a means to get out financial trouble.  This is inaccurate, of course. For many, refinancing is simply a smart move, either to take advantage of home equity, to lower monthly payments, and/or to shorten or extend the length of their original home loan. Whatever the reason, it’s a common practice among homeowners, so you needn’t feel overwhelmed at the prospect of refinancing.  That said, refinancing isn’t a light...
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