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To understand the impact of loans on your credit score, we must first take a step back to understand the foundation of loans and credit. When someone borrows a loan, they agree to make a certain number of payments for a certain amount by a particular date each month. A credit score represents the amount of trust lenders have that someone will be able to repay their debts and financial obligations on time. A good, or higher, score suggests they are very timely with payments, whereas a bad score suggests they are not very trustworthy with repaying what is owed.... Read More

Even if you’re ready to sign the papers and close the deal on your new dream home, it’s important to make sure one more thing gets done: the home inspection. Why get a home inspection BEFORE buying the home? While it might seem like overkill, getting a home inspection performed can help you avoid five pretty major mistakes moving forward. Losing Leverage The information you learn during a home inspection can help make sure that you have leverage when negotiating a deal moving forward. If you didn’t know that information before, it becomes more difficult to get the deal that... Read More

If you’re a veteran, you’ve probably heard of VA loans. But do you know exactly what it takes to get one? And what the benefits are when you do? Here at Liberty Lending, we’ve got years of experience providing veterans in the St. Louis area with VA loans, so we know how to break it down. Here’s the formula for VA loans: Service Record + Credit Score + Income Level = No Down Payment, 100% Financing, and Great Fixed Rates Let’s explore how everything comes together. First, this is what goes into a VA loan. Service Record When applying for... Read More

When applying for a loan, it can be difficult to get the information that you need to narrow down your options. Even once you’ve determined the type of loan you need, such as a USDA loan, the questions about qualifications can seem endless. Here at Liberty Lending, we want to make the mortgage process as clear as possible. Our highly-trained consultants are always ready to have a conversation that can help you figure out what works for you. If you’re interested in a USDA loan, here’s how a conversation with us might go: Homebuyer: So I think I’m finally ready... Read More

If you’ve started looking into getting a mortgage, you’ve probably realized that it’s a lot of work. But that’s no reason to worry – that’s why mortgage brokers exist. Every day they’re helping people just like you make the most of their mortgage. But before picking a partner that can help you do the same, it’s important to get a few answers. Here are some questions to ask any potential mortgage broker before you sign the dotted line. What is the application process like? Applying is more than half the battle when it comes to getting a mortgage, so you... Read More

Finding the right kind of mortgage that works for you is one of the earliest and most important parts of the home buying process. Before you find the home of your dreams,  you need to figure out the best way to pay for it. Conventional loans and Federal Housing Administration (FHA) loans are both common options, especially for first-time homebuyers. How do you decide which loan makes the most sense for you? Get started by understanding the differences between them so you can make the best choice for your financial future. Down Payment Both conventional and FHA loans require reasonable... Read More

Before making any major decision in life, it’s important to understand the rules that go along with it. Refinancing is no different. But sometimes, knowing which rules you don’t really need to follow can help you have the best results. So forget what you’ve been told: here are the rules you can break when refinancing your mortgage. (Don’t) Save at Least 1% You don’t need to save at least 1% on your interest rate for refinancing to be worth it. Lowering that percentage even just a little bit will help put money back in your pocket. It all depends on... Read More

Those who have made the sacrifice for our country deserve the opportunity to live in a home they’ve always dreamed of. That’s why we’re committed to providing competitive VA loans to veterans. The best part? It’s typically easier to qualify for VA loans than conventional mortgages, and with help from our expert loan consultants, we’ll make the process even easier. If you’re interested in a VA Loan in the St. Louis area, just check out the four-step process below.   1. Pre-qualification and Pre-approval Getting prequalified and approved is a simple but incredibly important step in the process. Pre-approval typically... Read More