St. Louis has become known for its competitive housing market and real estate, due to its amenities and affordability of living. Many of its residents are looking to buy a home in one of the famous St. Louis communities that are perfect for raising families. We are a St. Louis mortgage broker who can help you achieve that goal. Our loan officers help each customer out individually to meet their goal by handing out over $1 billion in loan options. It doesn’t matter if you are refinancing a loan option or searching for a new home loan, our customer service is designed to work directly with you to get the loan and the rate you need to get your dream home in St. Louis.

The number one goal of Liberty Lending St. Louis is always to save you money – so our mortgage brokers are trained to get you the lowest, fixed-rate mortgage possible based on your individual needs. We are a unique mortgage company, in that we constantly monitor interest rates to make sure that we always provide you with the most updated, low-interest rate possible. The St. Louis housing market is hot, and we understand more than anyone that efficiency and transparency to homeowners are paramount. To that end, we are always open and upfront about our mortgage interest rates to potential customers.

Throughout the entire process – from underwriting to closing – the loan officer or broker assigned to you will help you find the best mortgage lender for your needs. We have streamlined this process to ensure that you receive expert service from someone dedicated to learning everything about your situation in order to fulfill your needs. Allow Liberty Lending St. Louis to advocate for you while finding the best interest rate for your new home or refinancing your current loan.

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Home Buyers – First Time

As housing has become more affordable and with St. Louis providing a great quality of life, it can be exciting to choose between one of several great neighborhoods to settle down in. If you are a first-time home buyer, do not fear – we will provide you with a personal loan officer and mortgage broker who will stay with you throughout the entire loan process and ensure that you are matched with the mortgage lender to fits your needs. We have sixteen years of experience in the St. Louis housing market, which gives us an edge over our competitors while helping you find the best rate for your new home loan.

Home Refinancing

Mortgage refinancing could be an option to lower your monthly payments, receive money to pay for home improvements and/or college loans, build home equity quicker, or pay off bills. Our loan officers are here to work directly with you in finding the best loan program to meet your needs, and we always strive to find the lowest rates!

Unique Mortgages

We know St. Louis mortgage lenders who understand that each client is bound by a unique set of circumstances, so we process each loan individually. We know not everyone will want a conventional loan or VA loan. We will help you decide the best course of action by lowering your monthly mortgage payment, accessing your home equity, or both! Whether you want to buy a new home or refinance your current loan, our main goal is to provide you with the proper information and a process to do so.

Liberty Lending Consultants also pledges to help each customer not only achieve their dreams with their house purchase but also save money on their closing costs.

As a mortgage broker in St. Louis who has helped thousands of customers over the years, we have never wavered from our pledge to help find every one of our customers a solution for their residential or commercial lending needs. No matter what the current mortgage rate is, we have always been committed to getting you the rate that you can afford without having to manage multiple communications with direct lenders. Because of this commitment, we have seen many first-time clients turn into repeat clients – whether they are buying another home, refinancing their loan, or buying an investment or commercial property.

When you are buying your first home, there are certain things that you will need your mortgage lender to offer. First-time buyers often need more assistance than those who are already on the property ladder. The following tips can help you find mortgage bankers that will be able to meet all your needs as a first-time buyer.

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 Loan

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. As 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.