St. Louis Mortgage Lender
St. Louis Home Loans and Mortgage Refinancing
At Liberty Lending Consultants, our unrelenting commitment is to help as many mortgage customers as possible achieve their financial dreams while helping them save money on their closing costs.
As a St. Louis mortgage broker who has helped thousands of consumers over the years, it is our unwavering mission to help provide a funding solution for all your residential or commercial lending needs. No matter what the current interest rates are, Liberty Lending Consultants is a St. Louis mortgage company that will make sure you receive the mortgage rate you deserve. That’s why thousands of consumers trust us when buying their first or second home, their commercial or investment property, or when closing on a refinancing loan. We know there are many St. Louis mortgage refinancing companies, and we truly appreciate your business.
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Missouri’s Source for Mortgage, Finance, Home Loan, and Refinancing Assistance
At Liberty Lending Consultants, we’re committed to helping our mortgage customers achieve their financial dreams while saving them money on their closing costs. Whether you’re purchasing your first home or investment property, or a second, or third, we have several lending solutions to meet your individual needs.
The Homebuying Process
1. Review Your Credit History And Score
Your credit score and history are really important pieces of information that St. Louis mortgage lenders will use in assessing your application. It is a good idea to review these before you make your application so that you can see what the mortgage lender will see when they are looking at your application.
One of the most important things to check is your debt-to-income ratio. This will play a large part in determining how much lenders are prepared to let you borrow and it also affects your credit score. Just because you could be offered a certain figure, this doesn’t mean that it would be affordable and so this is something to think about.
If your credit score is lower than you would like, then there are things you can do to improve it, so don’t panic. Your credit score shows a potential lender how good you might be at paying back a loan. The range of a credit score is approximately 300 to 850, with a credit score above 700 being good and a credit score above 800 being excellent.
2. Ask About Programs For First-Time Home Loans
Some lenders will work with state agencies to offer programs that can help first-time homeowners. Borrowers may be offered a discount on the rate or assistance with the mortgage loan down payment. They may make this available to you by the bank if you are a veteran or public servant, or if you have student loans.
The programs are often marketed by state agencies for housing and finance, but this doesn’t mean that you won’t be able to use the services of St. Louis mortgage companies. Many of these loans are actually managed by just this type of company.
Doing research on this topic will save you time, money, and hassle. It will also help you feel less overwhelmed over time. After all, the purchase of a first home is a big step and it’s important to get the financing portion correct. In addition to veteran status and student loans, other financial criteria are evaluated. A credit score is an important factor, as well as total income and possible debt.
One of the next decisions will revolve around paying off the loan. Learning the difference between a fixed or floating rate is important. The other consideration is the size of the down payment. This is the upfront cost you will pay when you close on the home. It is based on a percentage of the total loan. Finally, with those pieces of information in place, it’s time to calculate the number of years until the loan is paid off. As you’ll read about in the next section, choosing a loan type is next. For a first-time home buyer, FHA is a prime option followed closely by VA and USDA loans.
3. Choose a Lender That Offers a VA Loan, FHA Loan, and a USDA Loan
You may also find that you qualify for a program that is offered by the government. Depending on your circumstances you could receive a home loan from the Department of Veteran Affairs, the Federal Housing Administration, or the Department of Agriculture. The requirements to qualify for one of these loans are often relaxed, so it is more likely that you will be accepted by the lender depending on your credit.
VA loans and USDA loans often do not require you to make a down payment. You will have to make a 3.5% deposit with FHA loans, but this is lower than you would get with other lenders. All three of these loans will also have a lower minimum credit score required to be accepted. The downside is that the total amount you can borrow also tends to be less than other lenders. Your monthly payment is also likely to include mortgage insurance and this can make it higher.
The loan from the Department of Veterans Affairs is the VA loan. This is associated with military members or their families. These loans are actually guaranteed. As long as a vendor is qualified, the VA guarantees this type of mortgage. It usually does not require a down payment. The Federal Housing Administration loan would be for an FHA arrangement or first-time homebuyer. A home loan coming from the Department of Agriculture would be the USDA path.
4. Compare Interest Rates And Other Financial Details
There are many rate comparison tools that you can use to see what mortgage rates different companies are offering. While looking at APR can be a useful basis for comparison, it is not all that you need to think about.
A residential mortgage loan may come with fees for various aspects of the application, and these should also be compared. These can vary quite considerably between lenders and so you should always ask for a full list of all their costs and fees. If they try to explain it to you verbally, then you can always ask for the information in writing. This is often the best option because it ensures that nothing is forgotten.
If you feel that a lender is trying to push you into a decision, then this could be a warning sign. You need to be given enough time and space to think everything through, and a good broker will respect this.
5. Get Pre-approved Before You Start Looking For Houses
A mortgage loan officer will often give you pre-approval for a loan product, which means they will give you a figure that they will be prepared to lend you. It is a good idea to have this in place before you start looking for a property so that you know what your budget is. You will also get some idea of what your mortgage repayments will be.
You may be able to get pre-approval from brokers without having to visit their office as they will allow you to upload digital documents. However, others will want to meet you face to face. When you are choosing from multiple lenders you may want to factor in whether their criteria for pre-approval will work with your schedule.
If you have a low credit score, or your income is inconsistent, then this could be a barrier to you getting pre-approval. Many lenders can work around this though, so it is always worth asking if there is anything they can do to help.
Is Your Home Seriously Underwater?
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 company would agree. However, 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 report, ATTOM Data Solutions revealed that despite “high equity” homes reaching all-time highs, communities like St. Louis had some notable exceptions.
Altogether, upwards of 10,000 St. Louisans’ mortgages are seriously underwater, and many more are at risk. St. Louisans who default on their mortgages takes a big hit to their credit rating and FICO score, which can make it difficult or impossible to find a reliable lender of any kind. They may find searching for work difficult as well, as a poor credit rating or bad debt can show up on routine background checks that many employers require.
All this means choosing your home loan provider is an extremely important decision, and can shape your financial future as well as your career. Liberty Lending Consultants, a St. Louis mortgage company, works with St. Louisans to ensure your unique loan is handled with care. Liberty Lending respects the challenges homeowners face and provides a bevy of mortgage benefits including no PMI, a low down payment, great fixed rates, and fast turnaround times. Liberty Lending Consultants is committed to helping St. Louisans become homeowners with competitive home loans. With all the St. Louis mortgage refinancing companies out there, trust us with your lending needs and visit us at 1950 Craig Rd #100CT, St. Louis, MO 63146.